Highlights From Canaccord Genuity Cardiovascular, Aesthetics & Metabolic Disorders Conference Part III
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Price: $2.92 --0%
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
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Highlights From Canaccord Genuity Cardiovascular, Aesthetics & Metabolic Disorders Conference by Jason Mills
Solta Medical (NASDAQ: SLTM) (Reiterate BUY) - Solta anticipates a full commercial launch of LipoSonix early in Q1/12 and is currently manufacturing inventory to support its launch efforts. Management has previously noted that LipoSonix has the potential to account for greater than 15% of net sales for F2011, or ~$17M. LipoSonix presents a significant cross-selling opportunity to current customers. Crossselling among Solta’s Thermage, Fraxel and Isolaz systems currently represents ~40% of annual revenues.
Spectranetics (NASDAQ: SPNC) (Reiterates BUY) - The company estimates that its end markets are large and under-penetrated. Its Vascular Intervention (VI) business targets peripheral artery disease, which it estimates affects 10 million people in the US although only 740,000 are treated. With respect to Lead Management (LM), it estimates that 120,000 leads could be removed annually in the US but less than 20% actually are...The EXCITE in-stent restenosis (ISR) trial is currently enrolling patients. SPNC has first-mover advantage here – there are no medical devices with an FDA approved ISR indication.
Thoratec (NASDAQ: THOR) (Maintain HOLD) - Believe the US target patient population totals 50-100K patients...Over 40 open heart (non transplant) centers implanting HM2 now; expect >200 such centers by 2015E...Japan represents a very significant opportunity for THOR over next few years...ROADMAP study commenced; will study "less sick" Class IIIb/early Class IV (INTERMACS 5-7). Enrolled 1st patient 2 weeks ago...FIM for fully implantable LVAD late 2013E.
Vascular Solutions (NASDAQ: VASC) (Maintains BUY - PT $14.50) - Acquired SmartNeedle product line in May 2010. Immediately accretive. Acquired Elite snare product in October 2010 (VASC had been distributing it previously). VASC has hired business development manager to look for additional tuck-ins in 2012...We continue to believe VASC’s business model will deliver OM leverage and expect the company to layer in tuck-in acquisitions to augment growth/margins. We viewed initial 2012 revenue guidance for 9% growth as underwhelming, albeit decent relative to a sluggish broad med-tech market at present. VASC continues to generate cash and has a solid B/S.
Volcano (NASDAQ: VOLC) (Maintain HOLD) - Platform company – guiding and optimizing the placement of minimally invasive technologies. Growing through both market and product line expansion. $2.5B market opportunity for IVUS and functional management. Also moving into $1.5B opportunity with microcatheters and OCT...VOLC has won 87% of new IVUS systems (against BSX). Continuing to take share on system placements and then disposables. Has 79% of installed FFR base in US vs. St. Jude (NYSE: STJ)...What’s coming in US PCI? There’s greater scrutiny with regard to whether patients should be stented. VOLC believes that that’s good for the use of IVUS and FFR. Medicare RACs announced this Friday relates to prepayment reviews for PCI cases. Provides an opportunity for VOLC to talk to hospitals about using FFR to assess patients for stenting and to use as necessary documentation for RACs for PCIs...Lower guidance for Q4 and 2012 (set on Q3 earnings call), coupled with difficult macro challenges, put us on the sidelines for now.
Solta Medical (NASDAQ: SLTM) (Reiterate BUY) - Solta anticipates a full commercial launch of LipoSonix early in Q1/12 and is currently manufacturing inventory to support its launch efforts. Management has previously noted that LipoSonix has the potential to account for greater than 15% of net sales for F2011, or ~$17M. LipoSonix presents a significant cross-selling opportunity to current customers. Crossselling among Solta’s Thermage, Fraxel and Isolaz systems currently represents ~40% of annual revenues.
Spectranetics (NASDAQ: SPNC) (Reiterates BUY) - The company estimates that its end markets are large and under-penetrated. Its Vascular Intervention (VI) business targets peripheral artery disease, which it estimates affects 10 million people in the US although only 740,000 are treated. With respect to Lead Management (LM), it estimates that 120,000 leads could be removed annually in the US but less than 20% actually are...The EXCITE in-stent restenosis (ISR) trial is currently enrolling patients. SPNC has first-mover advantage here – there are no medical devices with an FDA approved ISR indication.
Thoratec (NASDAQ: THOR) (Maintain HOLD) - Believe the US target patient population totals 50-100K patients...Over 40 open heart (non transplant) centers implanting HM2 now; expect >200 such centers by 2015E...Japan represents a very significant opportunity for THOR over next few years...ROADMAP study commenced; will study "less sick" Class IIIb/early Class IV (INTERMACS 5-7). Enrolled 1st patient 2 weeks ago...FIM for fully implantable LVAD late 2013E.
Vascular Solutions (NASDAQ: VASC) (Maintains BUY - PT $14.50) - Acquired SmartNeedle product line in May 2010. Immediately accretive. Acquired Elite snare product in October 2010 (VASC had been distributing it previously). VASC has hired business development manager to look for additional tuck-ins in 2012...We continue to believe VASC’s business model will deliver OM leverage and expect the company to layer in tuck-in acquisitions to augment growth/margins. We viewed initial 2012 revenue guidance for 9% growth as underwhelming, albeit decent relative to a sluggish broad med-tech market at present. VASC continues to generate cash and has a solid B/S.
Volcano (NASDAQ: VOLC) (Maintain HOLD) - Platform company – guiding and optimizing the placement of minimally invasive technologies. Growing through both market and product line expansion. $2.5B market opportunity for IVUS and functional management. Also moving into $1.5B opportunity with microcatheters and OCT...VOLC has won 87% of new IVUS systems (against BSX). Continuing to take share on system placements and then disposables. Has 79% of installed FFR base in US vs. St. Jude (NYSE: STJ)...What’s coming in US PCI? There’s greater scrutiny with regard to whether patients should be stented. VOLC believes that that’s good for the use of IVUS and FFR. Medicare RACs announced this Friday relates to prepayment reviews for PCI cases. Provides an opportunity for VOLC to talk to hospitals about using FFR to assess patients for stenting and to use as necessary documentation for RACs for PCIs...Lower guidance for Q4 and 2012 (set on Q3 earnings call), coupled with difficult macro challenges, put us on the sidelines for now.
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