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Abbott Gets FDA Nod for Masters HP 15mm, Boosts Portfolio
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Abbott (ABT - Free Report) has been in the limelight since the receipt of FDA approval for the world’s smallest rotatable, bileaflet mechanical heart valve — Masters HP 15mm.
Notably, Abbott’s breakthrough pediatric mechanical heart valve will help treat newborns and infants with congenital heart defects (CHD) and in need of a valve replacement procedure. Moreover, with approval, the company has expanded the Masters Series portfolio under the Structural Heart business. Interestingly, the Masters Series line now offers seven valves with diameter sizes varying from 15-27mm.
Furthermore, the approval can be majorly attributed to positive results from a clinical trial on patients with a damaged, diseased or malfunctioning heart valve aged five years or below.
Apart from widening the portfolio, the approval will allow Abbott to timely cater to unmet needs in the niche market.
A Glimpse of the Structural Heart Business
Abbott’s Medical Device segment presently comprises the new Cardiovascular and Neuromodulation, Heart Failure, Electrophysiology, Structural Heart, Rhythm Management, Vascular businesses along with the Diabetes Care business.
Sales growth at this segment was driven by double-digit growth in Heart Failure, Electrophysiology, Structural Heart, Neuromodulation and Diabetes Care in the last reported quarter.
Notably, the Structural Heart business accounted for 9.3% of total revenues in the Medical devices segment. The upside was led by continued double-digit growth of MitraClip, the company’s market-leading device for the repair of mitral regurgitation.
Last November, the company announced the receipt of Japan's Ministry of Health, Labour and Welfare (MHLW) approval for the same. We believe the latest development will help the company boost top-line contributions from this business.
Market Prospects
Per a report by Research and Markets and published by Cardiovascular Business, the global pediatric interventional cardiology market is expected to see a CAGR of 9% between 2016 and 2022. Per the company, about 40,000 children are born with CHD in the United States every year. Thus, the addition of Masters HP 15mm will help Abbott cash in on the abundant opportunities in the pediatric interventional cardiology market.
Share Price Movement
Over the past three months, Abbott has been outperforming its industry. The stock has gained 11.3% compared with the industry's 4.7%.
Zacks Rank & Key Picks
Abbott carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical sector are Bio-Rad Laboratories (BIO - Free Report) , PetMed Express (PETS - Free Report) and PerkinElmer .
PetMed has a long-term expected earnings growth rate of 10% and a Zacks Rank #1.
PerkinElmer has a long-term expected earnings growth rate of 12.3%. The stock carries a Zacks Rank #2 (Buy).
Breaking News: Cryptocurrencies Now Bigger than Visa
The total market cap of all cryptos recently surpassed $700 billion – more than a 3,800% increase in the previous 12 months. They’re now bigger than Morgan Stanley, Goldman Sachs and even Visa! The new asset class may expand even more rapidly in 2018 as new investors continue pouring in and Wall Street becomes increasingly involved.
Zacks has just named 4 companies that enable investors to take advantage of the explosive growth of cryptocurrencies via the stock market.
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Abbott Gets FDA Nod for Masters HP 15mm, Boosts Portfolio
Abbott (ABT - Free Report) has been in the limelight since the receipt of FDA approval for the world’s smallest rotatable, bileaflet mechanical heart valve — Masters HP 15mm.
Notably, Abbott’s breakthrough pediatric mechanical heart valve will help treat newborns and infants with congenital heart defects (CHD) and in need of a valve replacement procedure. Moreover, with approval, the company has expanded the Masters Series portfolio under the Structural Heart business. Interestingly, the Masters Series line now offers seven valves with diameter sizes varying from 15-27mm.
Furthermore, the approval can be majorly attributed to positive results from a clinical trial on patients with a damaged, diseased or malfunctioning heart valve aged five years or below.
Apart from widening the portfolio, the approval will allow Abbott to timely cater to unmet needs in the niche market.
A Glimpse of the Structural Heart Business
Abbott’s Medical Device segment presently comprises the new Cardiovascular and Neuromodulation, Heart Failure, Electrophysiology, Structural Heart, Rhythm Management, Vascular businesses along with the Diabetes Care business.
Sales growth at this segment was driven by double-digit growth in Heart Failure, Electrophysiology, Structural Heart, Neuromodulation and Diabetes Care in the last reported quarter.
Notably, the Structural Heart business accounted for 9.3% of total revenues in the Medical devices segment. The upside was led by continued double-digit growth of MitraClip, the company’s market-leading device for the repair of mitral regurgitation.
Last November, the company announced the receipt of Japan's Ministry of Health, Labour and Welfare (MHLW) approval for the same. We believe the latest development will help the company boost top-line contributions from this business.
Market Prospects
Per a report by Research and Markets and published by Cardiovascular Business, the global pediatric interventional cardiology market is expected to see a CAGR of 9% between 2016 and 2022. Per the company, about 40,000 children are born with CHD in the United States every year. Thus, the addition of Masters HP 15mm will help Abbott cash in on the abundant opportunities in the pediatric interventional cardiology market.
Share Price Movement
Over the past three months, Abbott has been outperforming its industry. The stock has gained 11.3% compared with the industry's 4.7%.
Zacks Rank & Key Picks
Abbott carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical sector are Bio-Rad Laboratories (BIO - Free Report) , PetMed Express (PETS - Free Report) and PerkinElmer .
Bio-Rad Laboratories sports a Zacks Rank of 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 20%.
PetMed has a long-term expected earnings growth rate of 10% and a Zacks Rank #1.
PerkinElmer has a long-term expected earnings growth rate of 12.3%. The stock carries a Zacks Rank #2 (Buy).
Breaking News: Cryptocurrencies Now Bigger than Visa
The total market cap of all cryptos recently surpassed $700 billion – more than a 3,800% increase in the previous 12 months. They’re now bigger than Morgan Stanley, Goldman Sachs and even Visa! The new asset class may expand even more rapidly in 2018 as new investors continue pouring in and Wall Street becomes increasingly involved.
Zacks has just named 4 companies that enable investors to take advantage of the explosive growth of cryptocurrencies via the stock market.
Click here to access these stocks>>