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Leerink Affirms HeartWare (HTWR) at 'Outperform' Amid Prelim. Q4 Numbers, ENDURANCE Ambitions

January 12, 2016 8:50 AM EST
Get Alerts HTWR Hot Sheet
Price: $57.98 --0%

Rating Summary:
    5 Buy, 14 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Leerink reaffirms HeartWare International, Inc. (Nasdaq: HTWR) at Outperform with a price target of $60 after the company announced preliminary results Monday night.

Analyst Danielle Antalffy commented, ...though yet another MVAD delay appears to be negative, HTWR is submitting its ENDURANCE trial data for approval in DT (Destination Therapy) indication 6 months ahead of the schedule with the completion of trial enrollment in 3Q15 - which should drive accelerating growth in our view as the likely timeline for U.S. DT approval accelerates and launch moves to 2Q17. And though we expect stock to be under pressure today we are reiterating our OP rating and believe that with the stock trading near 2X EV/2017 sales without Valtech sales and 2.5X including Valtech sales, the earlier-than-expected DT submission and expansion into the $300 million U.S. DT market gives us confidence in the company with its sales growing 21% and 30% in 2017E and 2018E respectively and as HTWR LVAD market share increasing to 30% and 39% by 2017E and 2018E.

For an analyst ratings summary and ratings history on Heartware Int'l click here. For more ratings news on Heartware Int'l click here.



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