ABIOMED (ABMD) Physician Survey - Jefferies
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Jefferies analyst Anthony Petrone reiterated an Outperform rating and $425.00 price target on ABIOMED (NASDAQ: ABMD) after the analyst conducted a physician survey to better gauge how the pending ECP launch and potential Class I guideline inclusion in HRPCI will
impact Impella utilization over the next 3-5Y.
The analyst stated "Prior to the onset of the pandemic, Impella growth decelerated on a confluence of idiosyncratic impacts. However, we see the eventual launch of the smaller ECP heart pump and PROTECT IV high-risk PCI (HRPCI) data as key drivers capable of re-invigorating growth back to the 25%+ level. Our survey found that: 1) 74% of docs have not shifted Impella utilization in response to 2019 & 2021 randomized studies, 2) nearly 80% see ECP addressing elevated AE incidence and 3) Class I guidelines will drive HRPCI utilization +30% post inclusion. Our upwardly revised F2025 top-line forecast is now Street high at $1.8B. In addition, our updated Impella tracker suggests that volumes remain resilient despite the impact from the delta variant."
Shares of ABIOMED closed at $313.87 yesterday.
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