Medtronic's Less-Invasive HVAD Implant System Gets CE Mark
Zacks Investment Research | Nov 30, 2016 07:38AM ET
Medtronic plc (NYSE:MDT) , a major player in the medical device space, recently announced the receipt of CE mark for its HVAD System left ventricular assist device (LVAD). The HVAD System is the only centrifugal LVAD approved for a less-invasive implant procedure in patients with advanced heart failure.
Over the last six months, Medtronic has surpassed the broader industry trend with respect to price performance. The trend, however, was disturbed in the middle of November when the company released mixed second-quarter fiscal 2017 results. While earnings exceeded the Zacks Consensus Estimate, revenues missed the mark. The lowered guidance for fiscal 2017 was also disappointing.
Since the quarterly report, the company witnessed a dip in its share price, significantly lower than the broader Medical Products Market. Accordingly, as per the last share movement, the stock is down 8.8%, much wider than the -5.8% for the broader industry of Medical Products over the last six months. Adding to this is the Medtronic’s estimate revision trend for the full year which is clearly bearish. There have been 13 downward revisions with no upward revision for last one month. Similarly, for the same period, current year estimates have slipped by 8 cents from $4.65 to $4.57.
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