Medtronic (MDT): Clinical Data Shows Solid Durability and Efficacy for In.Pact DCB - UBS
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UBS analyst, Matt Miksic, reiterated his Buy rating on shares of Medtronic, Inc. (NYSE: MDT) after In.Pact DCB demonstrated a durable primary patency rate of 69.5% (vs.45.1% with PTA) in the 331-patient SFA trial vs. the PTA arm. Days to a second procedure for In.Pact were 542.9 on average, vs. 302.9 for PTA.
The analyst estimates that the DCB segment of the market will reach $1 bil by 2020. He expects MDT to remain the market leader with ~60-70% share given its favorable patency and re-intervention rates, both of which are superior to PTA. He also expects differentiation and clinical data to continue to drive share and leadership in the new and attractive market. The only other DCB in the U.S. market is C.R. Bard’s Lutonix, which does not have 3-year DCB data yet.
No change to the a price target of $96.
Shares of Medtronic, Inc. closed at $85.99 yesterday.
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