Piper Jaffray Downgrades Hansen Medical (HNSN) to Neutral; Another Disappointing Quarter
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Piper Jaffray downgrades Hansen Medical (Nasdaq: HNSN) from Overweight to Neutral. Price target lowered from $5 to $3.75.
Piper analyst says, "Hansen reported another disappointing quarter with system placements falling short of our thinking. In addition, the impact of the financial restatement was bigger than we expected particularly on the installed base of systems. With the stock at $2.73, we think the downside is limited. As the hospital capital spending environment improves, we suspect Hansen will ultimately benefit. However, near term sales visibility continues to be limited and there are other small cap med tech stocks in our universe that we think offer more attractive risk/reward profiles...Hansen announced that it has completed the audit and restatement of its historical financials. The extent of the restatement appears to be greater than our initial thinking. The total installed base of systems at the end of Q2:09 has been reduced from 68 to 55 with revenue from 13 systems reclassified as deferred revenue on the balance sheet. It's unclear to us if the deferred systems are just sitting as some distributor's inventory or are catheter-utilizing systems."
To see more analyst ratings on HNSN Click Here.
Hansen Medical, Inc. develops, manufactures, and markets medical robotics designed for accurate positioning, manipulation, and stable control of catheters and catheter-based technologies.
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