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Medtronic's FDA Nod for Riptide Aspiration System Boosts RTG
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Medtronic plc (MDT - Free Report) recently announced FDA approval for the Riptide Aspiration System under the Neurovascular unit within the broader Restorative Therapies Group (“RTG”). This adds a valuable tool to the company’s Acute Ischemic Stroke (AIS) product portfolio.
According to Medtronic, the Riptide Aspiration System is designed to retrieve thrombus (or blood clot) through the Arc Catheter and restore blood flow in patients experiencing blockage of an artery in the brain, known as an ischemic stroke.
RTG at a Glance
The RTG business currently includes the Spine, Brain Therapies, Specialty Therapies and Pain Therapies divisions. Notably, in the last reported second quarter of fiscal 2018, revenues at this segment increased 2% year over year (same at CER). The improvement was drivenby low double-digit growth in Brain Therapies, offsetting declines in Spine, Specialty Therapies and Pain Therapies. RTG contributed 26.4% to total revenues in the last reported quarter.
Market Prospects
Per a report by Transparency Market Research, the global AIS diagnosis and treatment market will see a CAGR of 6.3% in the 2014-2020 period. The market is expected to reach a worth of $1.869 billion before the end of 2020. So, the latest development is strategic taking the bountiful opportunities in this niche space into consideration.
Stock Performance & Estimate Revision
Over the last three months, Medtronic has outperformed the broader industry. The stock has gained 9.7% compared with the 3.9% gain of the broader industry.
Also, the estimate revision trend for the current year remains favorable with 11 estimates moving north over the last two months, compared with three movements in the opposite direction. Estimate moved up 1.5% to $4.77.
Zacks Rank & Key Picks
Medtronic carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical sector are Amedisys, Inc. (AMED - Free Report) , Bio-Rad Laboratories, Inc. (BIO - Free Report) and Intuitive Surgical, Inc. (ISRG - Free Report) .
Amedisys has a long-term expected earnings growth rate of 18.5%. The stock carries a Zacks Rank #2 (Buy).
Intuitive Surgical has a long-term expected earnings growth rate of 9.6%. The stock has a Zacks Rank #2.
Zacks Top 10 Stocks for 2018
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2018?
Last year's 2017 Zacks Top 10 Stocks portfolio produced double-digit winners, including FMC Corp. and VMware which racked up stellar gains of +67.9% and +61%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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Medtronic's FDA Nod for Riptide Aspiration System Boosts RTG
Medtronic plc (MDT - Free Report) recently announced FDA approval for the Riptide Aspiration System under the Neurovascular unit within the broader Restorative Therapies Group (“RTG”). This adds a valuable tool to the company’s Acute Ischemic Stroke (AIS) product portfolio.
According to Medtronic, the Riptide Aspiration System is designed to retrieve thrombus (or blood clot) through the Arc Catheter and restore blood flow in patients experiencing blockage of an artery in the brain, known as an ischemic stroke.
RTG at a Glance
The RTG business currently includes the Spine, Brain Therapies, Specialty Therapies and Pain Therapies divisions. Notably, in the last reported second quarter of fiscal 2018, revenues at this segment increased 2% year over year (same at CER). The improvement was drivenby low double-digit growth in Brain Therapies, offsetting declines in Spine, Specialty Therapies and Pain Therapies. RTG contributed 26.4% to total revenues in the last reported quarter.
Market Prospects
Per a report by Transparency Market Research, the global AIS diagnosis and treatment market will see a CAGR of 6.3% in the 2014-2020 period. The market is expected to reach a worth of $1.869 billion before the end of 2020. So, the latest development is strategic taking the bountiful opportunities in this niche space into consideration.
Stock Performance & Estimate Revision
Over the last three months, Medtronic has outperformed the broader industry. The stock has gained 9.7% compared with the 3.9% gain of the broader industry.
Also, the estimate revision trend for the current year remains favorable with 11 estimates moving north over the last two months, compared with three movements in the opposite direction. Estimate moved up 1.5% to $4.77.
Zacks Rank & Key Picks
Medtronic carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical sector are Amedisys, Inc. (AMED - Free Report) , Bio-Rad Laboratories, Inc. (BIO - Free Report) and Intuitive Surgical, Inc. (ISRG - Free Report) .
Bio-Rad Laboratories sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. The company has a long-term expected earnings growth rate of 25%.
Amedisys has a long-term expected earnings growth rate of 18.5%. The stock carries a Zacks Rank #2 (Buy).
Intuitive Surgical has a long-term expected earnings growth rate of 9.6%. The stock has a Zacks Rank #2.
Zacks Top 10 Stocks for 2018
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2018?
Last year's 2017 Zacks Top 10 Stocks portfolio produced double-digit winners, including FMC Corp. and VMware which racked up stellar gains of +67.9% and +61%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2018 today >>