Medtronic Endurant II/IIs Stent Graft System Wins CE Mark
Zacks Investment Research | Dec 06, 2016 08:12PM ET
Medtronic plc (NYSE:MDT) , a leading player in the medical device and technology space, recently won CE mark for its Endurant II/IIs stent graft system to treat abdominal aortic aneurysm (AAA) patients through a ChEVAR procedure. ChEVAR is a parallel graft chimney method that uses commercially available balloon expandable covered stents combined with a standard aortic stent graft.
This development is expected to boost Medtronic’saortic and peripheral vascular (APV) group business, particularly in Europe.
Medtronic has been doing quite well in the last six months, outperforming the Zacks categorized Medical Products industry trend with respect to share price. However, the trend was disturbed by the company’s mixed second-quarter fiscal 2017 results. Since the release, the stock has lost 14.0%, much wider than the Medical Products industry’s decline of 8.2%. Additionally, the company’s estimates for the full year reflect an unfavorable trend. There have been 18 downward revisions with no upward revision for the last one month. Similarly, for the same period, current year estimates have slipped by 8 cents to $4.57. The narrowed outlook for fiscal 2017 also adds to the concerns.
On a positive note, Medtronic recorded a CAGR of 15.5% over the last five years for revenues, reflecting strong fundamentals. We believe Medtronic’s initiatives like product launches and regulatory approvals may boost the share price in the near future.
We note that the Endurant II/IIs stent graft system is based on Medtronic`s leading Endurant stent graft system under the APV group. The graft system is used for almost one of every two endovascular AAA repairs globally and has resulted in more than 250,000 successful implants. The original version of Endurant system received the CE Mark in Jun 2008.
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