Cardiovascular Systems (CSII) MEDCAC Outcomes Likely Benign, Leerink Partners Says

Leerink Partners analyst Danielle Antalffy reiterated an Outperform rating and $45 price target on Cardiovascular Systems (NASDAQ: CSII) after hosting a call with Chief Healthcare Policy Officer of CSII, Bob Thatcher, to walk through the MEDCAC panel process, the data to be presented supporting peripheral interventions below-the-knee broadly and atherectomy specifically, and potential -- and likely -- outcomes.

Antalffy said the key takeaways from the call were: 1) In CSII's view -- and in our view -- the most likely outcome is a benign panel with no change to coverage based on precedent; 2) CSII is well-armed with incremental data generated on top of that included in a 2013 AHRQ technology assessment report, with even more robust data coming over the next 12-24 months from CSII's own LIBERTY 360 clinical trial and other ongoing registries; and 3) Even a worst-case scenario appears likely to be less bad than feared, with Thatcher highlighting the likeliest worst-case scenario as a National Coverage Decision (NCD) in the claudicant patient population that could require physicians to jump through a few more hoops, i.e. enrollment of patients in already-ongoing registries.

"While CSII shares could remain rangebound into the panel on July 22nd, we believe shares should move meaningfully higher once this overhang is removed," the analyst said.

For an analyst ratings summary and ratings history on Cardiovascular Systems click here. For more ratings news on Cardiovascular Systems click here.

Shares of Cardiovascular Systems closed at $29.53 yesterday.

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