Medtronic announces U.S. launch of InterStim Micro » 07:5208/0508/05/20
Medtronic announced that…
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Intersect ENT price target raised to $17 from $14 at Piper Sandler » 13:2708/0408/04/20
Piper Sandler analyst…
Piper Sandler analyst Matt O'Brien raised the firm's price target on Intersect ENT to $17 from $14 and keeps a Neutral rating on the shares following the company's Q2 results. COVID-19 has impacted the business, but management is being appropriately focused on reducing the burden of SINUVA and shifting PROPEL into the office setting, O'Brien tells investors in a research note. However, the analyst adds that in spite of Intersect ENT's "positive momentum," he's looking for sustained execution post-pandemic before becoming more constructive on the shares.
Intersect ENT reports Q2 adj. EPS (65c), consensus (56c) » 07:0608/0408/04/20
Reports Q2 revenue $9.8M,…
Reports Q2 revenue $9.8M, consensus $5.41M. "While well below last year, we achieved stronger than expected second quarter revenues led by the return of sinus surgery procedures using PROPEL as the U.S. market began to overcome the challenges of the COVID-19 pandemic," said Thomas West, president and CEO. "Our revenue performance reflected increasing momentum in the quarter with May stronger than a very soft April and June stronger than May. This momentum stemmed from the continued refinement, investment and improvement in our commercial execution on top of the pent-up demand of untreated patients awaiting care for chronic rhinosinusitis. In addition to steadily improving PROPEL volumes, SINUVA patient referrals also experienced a progressive rise throughout the quarter. We anticipate continued increases in elective sinus procedures that will drive sequential revenue growth during the second half of 2020, a trend we are already seeing as evidenced by our strong revenue performance in July."
Piper says Axonics positioned for continued share taking despite Medtronic nod » 10:1908/0308/03/20
After Medtronic (MDT)…
After Medtronic (MDT) announced that it received FDA approval for its next-gen InterStim Micro device for the treatment of overactive bladder, fecal incontinence and non-obstructive urinary retention, Piper Sandler analyst Adam Maeder said he believes the FDA nod should help the company narrow the competitive gap some from a technology standpoint, but he still sees Axonics (AXNX) having the better product and being well-positioned for continued, "meaningful, durable" share capture. Maeder, who reiterates an Overweight rating and $45 price target on Axonics shares, would recommend investors buy on any weakness following the Medtronic news.
Medtronic gets FDA approval for InterStim Micro, InterStim SureScan MRI leads » 07:1508/0308/03/20
Medtronic announced it…
Medtronic announced it has received approval from the United States Food and Drug Administration for its InterStim Micro neurostimulator and InterStim SureScan MRI leads. InterStim Micro - the market's smallest rechargeable device to deliver sacral neuromodulation therapy - is used for treating overactive bladder, fecal incontinence and non-obstructive urinary retention. The InterStim SureScan MRI leads are used with InterStim Micro and with the recharge-free InterStim II, and allow full-body 1.5 and 3 Tesla MRI-conditional scans. The two new products make Medtronic the only company to offer patients and physicians a choice in SNM systems to match their preferences, lifestyle and treatment goals. Product is available for order immediately and will be delivered for patient procedures within days. The new InterStim Micro: Is 50% smaller than the market's other rechargeable SNM device, making it the world's smallest. Allows patients to choose how and when they want to charge their device - from a quick charge once a week, or as infrequent as once per month, depending on the patient's preference or device settings. Features SureScan MRI technology, which does not require impedance checks prior to an MRI scan, providing more efficiency in patient care versus the other SNM system on the market. Can recharge from zero to 100% in less than an hour, making it the fastest battery available. Reduces the need for battery replacement surgeries due to its life of 15 years. SureScan MRI technology is a known and trusted brand by MRI technicians. Built on more than 19 years of full-body MRI research, 10 million simulated patient scans, and more than 1.2 million unique scanning scenarios, Medtronic SureScan MRI systems prioritize patient safety. Medtronic has seen rapid adoption of the new InterStim portfolio in Europe since receiving CE mark in January 2020.
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Axonics data 'strong and consistent' with one-year results, says Piper Sandler » 09:5207/2707/27/20
Piper Sandler analyst…
Piper Sandler analyst Adam Maeder reiterates an Overweight rating on Axonics Modulation Technologies with a $45 price target saying the two-year top-line results from its ARTISAN-SNM U.S. pivotal trial appear "strong and consistent" with the one-year results. At two years, 88% of all implanted patients were therapy responders, which compares to the one-year responder rate of 89%, Maeder tells investors in a research note. It is encouraging to see the durable treatment effect with r-SNM at two years, says the analyst, who views ARTISAN-SNM as the "most compelling" clinical evidence in the sacral neuromodulation category to date. Given that Medtronic (MDT) elected to not run a U.S. pivotal trial to support regulatory approval for InterStim Micro, the ARTISAN-SNM data will likely be a primary selling point and competitive advantage for Axonics in the field, contends Maeder.
MannKind appoints Alejandro Galindo as CCO » 09:0707/2007/20/20
MannKind Corporation (MNKD) announced that effective August 4, 2020, Alejandro Galindo, M.B.A, M.S., will be leading MannKind's commercial operations as CCO. Galindo will report directly to Michael Castagna, CEO and will serve on the company's executive leadership team. Galindo spent the past six years at Medtronic (MDT) as Vice President and President of the Advanced Insulin Management Business Unit.
B. Riley FBR starts ClearPoint at Buy, sees potential takeover » 09:0907/1707/17/20
CLPT, MDT, ABT
B. Riley FBR analyst…
B. Riley FBR analyst Andrew D'Silva initiated coverage of ClearPoint Neuro (CLPT) with a Buy rating and $8 price target. The company is a leading provider of intra-procedural magnetic resonance imaging guided devices for the treatment and biopsy of intracranial neurological conditions, D'Silva tells investors in a research note. He believes a "best-in-class" technology, favorable industry backdrop, positive data, and "substantial momentum" indicate ClearPoint is reaching an inflection point, which will likely result in strong growth, a meaningful increase to gross margins, and share price appreciation. Further, ClearPoint Neuro could be an attractive acquisition target by larger players in the space, such as Medtronic (MDT) and Abbott (ABT), that may look to potentially limit market share erosion by integrating the company's disruptive" MRI-guided solutions, says D'Silva.
J&J robot delay seen as 'significant positive' for incumbent Intuitive Surgical » 11:3907/1607/16/20
JNJ, MDT, ISRG
During the company's…
J&J delay to robotic surgery program a positive for Intuitive, says Goldman » 10:2307/1607/16/20
ISRG, MDT, JNJ
Goldman Sachs analyst…
Goldman Sachs analyst Amit Hazan said Johnson & Johnson (JNJ) confirmed a "major delay" in its robotic surgery program, which is now targeting first in human trials in the second half of 2022. J&J also acknowledged, "perhaps even more importantly," that the FDA filing will no longer be a 510-k, but a PMA, which Hazan sees as "a major new barrier to entry for robotics" likely to impact Medtronic's (MDT) U.S. robotic timelines as well, he tells investors. The analyst, who views the news as a significant positive for Intuitive Surgical (ISRG), keeps a Buy rating on its shares and a Sell rating on Medtronic.