Canaccord Adams Reiterates a 'Buy' on HeartWare International (HTWR); Raises PT & Estimates

November 6, 2009 1:10 PM EST

Canaccord Adams reiterates a 'Buy' on HeartWare International (Nasdaq: HTWR), raises price target to $42.

Canaccord analyst says, "Growth initiatives are gaining traction. 22 centers were participating in its BTT trial exiting Q3, and FDA approval was recently granted to expand to 40 sites; this compares to 16 implanting centers at the end of August. We believe the high number of new centers in just one month reflects management’s proactive stance to minimize the bureaucratic hurdles for centers to begin implanting (going from IRB approval to purchase authorization to training to implantation). In addition, we have long believed that HVAD’s compelling attributes, namely implantation in the pericardial space, would translate into strong demand for the device. Q3 results are, we believe, early evidence of this...Our 2009 revenue/EPS targets are $18M /$(2.34) from $14.4M/$(2.64). Our 2010 revenue/EPS targets are $32M (+75% Y/Y)/$(1.95) from $31M/$(2.01)...Upcoming catalysts: DT IDE to be filed in Q4/09E; completion of enrollment in the BTT trial (April ‘10E up from mid-‘10E) and start of the DT trial (April ‘10E up from mid-‘10E); presentation on OUS results at AHA; and THOR DT data (Nov. 17 at AHA)."

To see more analyst ratings on HTWR Click Here.

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