Highlights From Canaccord Genuity Cardiovascular, Aesthestics & Metabolic Disorders Conference Part II

December 7, 2011 10:18 AM EST
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Highlights From Canaccord Genuity Cardiovascular, Aesthestics & Metabolic Disorders Conference by Jason Mills

HeartWare (NASDAQ: HTWR) (Maintain BUY) - We remain bullish about LVAD growth potential both near- and long-term. We think the Street is underestimating the probability approval for HVAD could come sans a Panel. We (and the Street) formally model a Q1/12 Panel and late Q2/12 approval, but we think there’s a one-third chance of no panel.

IMRIS (NASDAQ: IMRS) (Maintain BUY) - Ability to take intraoperative images can change surgical strategy. In 54% of glioma cases at Barnes-Jewish Hospital, additional tumor was resected after iMRI had been performed. In addition, 93% of glioma procedures had gross or near total tumor resection using IMRS’ systems versus only 65% when iMRI was not performed. In a separate study, length of hospital stay decreased 54.9% for patients who had iMRI during brain tumor resections...Although IMRS is a “show-me” company that must deliver on continued promises of a full sales “funnel,” our checks continue to suggest IMRS VISIUS Surgical theatres provide a meaningful value proposition to hospitals.

Insulet (NASDAQ: PODD) (Reiterate BUY) - The 510(k) for the next-generation Eros OmniPod was submitted in the Q2/11. Insulet received and clarified questions by the FDA, filed its official response on 11/21/2011, and expects an updated FDA response by YE/11, with 510(k) clearance expected in the Q1/12. This is in line with our previous expectations; however we note that prompt follow-up from the FDA could mean approval as early as Q1/12...Guidance for full year revenues of $150M-$155M for the F2011. Management also noted it expects to be break-even as defined by positive adjusted EBITDA in the Q2/12-Q3/12.

LeMaitre Vascular (NASDAQ: LMAT) (Maintain BUY) - The company is nearly finished with its key strategic initiatives (exiting stent grafts to focus on Vascular, consolidating into one factory, moving to direct distribution in additional geographies) and we think these initiatives will set LeMaitre on a more profitable growth trajectory beginning in 2012. While exit from the stent graft business (which reduces 2012 revenue) had been announced a while ago, we had not fully taken this into account in our model. Excluding the impact from this divestiture, LMAT projects organic growth of 8%, which we view as solid in this environment.

Obagi Medical Products (NASDAQ: OMPI) (Maintain BUY) - Obagi is #1 in the physician-dispensed topical skin care market, with strong brand recognition among aesthetic and dermatological physicians...The company is investing in the Obagi brand domestically and focused on driving US and OUS growth. OUS growth is likely to come from focusing on improving its distribution channels...Obagi currently has ~$27M in cash on its balance sheet...Full year 2011 guidance for revenues was reiterated to be in the range of $114M-$116M with EPS of $0.75-$0.78.

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