Susquehanna Maintains a 'Positive' on Given Imaging (GIVN); Still Possible Acquisition Target
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Susquehanna maintains a 'Positive' rating on Given Imaging Ltd. (Nasdaq: GIVN), raises price target to $19.
Susquehanna analyst says, "We are maintaining our Positive rating on GIVN following the release of 3Q09 results...Overall, worldwide PillCam sales were decent (53.8K units versus our 55.6K) and the recently acquired Bravo pH monitoring system was slightly above our thinking at $3.9 mln in sales. The strongest region for PillCam growth was again EMEA, benefitted by France (recall, GIVN received national reimbursement here in late 2008), but sales in Japan continue to lag a bit as new distributor Fuji continues to ramp up (real impact expected in 2H09). Management now expects to be at the low end of its prior 2009 guidance range of $141 mln-$148 mln (+13-18% Y/Y) in sales, but also raised its EPS expectations to $0.42-$0.46 from $0.20-$0.28. GIVN maintains a very strong balance sheet with $83.3 mln in cash (and generated $3.3 mln in cash from ops in the quarter), a large component of high margin disposables (more than 80% of sales), a relatively large SB opportunity in Japan (despite some distributor issues in the region), a new complementary diagnostic product (the Bravo pH monitoring device), and will pay no taxes for years. These factors in conjunction with potentially positive PillCam COLON2 data on the horizon (expected at the end of November) the stock could warrant a fresh look by investors, as well as attract some of the larger diagnostic/imaging companies from an acquisition standpoint, in our opinion."
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Given Imaging Ltd. develops, manufactures, and markets diagnostic products for the visualization and detection of disorders of the gastrointestinal tract.
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