Abbott Laboratories (ABT - Free Report) recently announced that its flagship platform — MitraClip transcatheter clip-based device — has received FDA approval for the treatment of secondary or functional mitral regurgitation (“MR”).
The approval closely follows Abbott’s favorable results from a two-year clinical trial called COAPT (Cardiovascular Outcomes Assessment of the MitraClip Percutaneous Therapy). The study showed that Abbott’s MitraClip performs better than any traditional treatment for functional MR available in the market.
This regulatory go-ahead is expected to strengthen the company’s Structural Heart business.
MitraClip — a Strong Growth Driver
MitraClip is the world's first minimally-invasive mitral valve repair device. It provides instant symptom relief and ensures swift discharge of patients.
For investors’ notice, MitraClip has been a significant top-line contributor. In fact, the platform registered year-over-year growth of about 30% in the fourth quarter of 2018.
In 2013, MitraClip was approved as a repair device for primary MR.
Structural Heart Unit Strengthens
Abbott's structural heart business is a leader in occlusion devices that treat or close openings in the heart caused by congenital defects.
The company witnessed double-digit growth in the business in the fourth quarter of 2018. Growth was driven by several product areas, including AMPLATZERPFO Occluder and MitraClip.
Market Prospects
Per Allied market research, the global market for transcatheter heart valve replacement and repair is projected to reach a worth of $8.13 billion, at a CAGR of 13.8% in the 2017-2025 period.
About 6.5 million people suffer heart failure in the United States. Abbott expects MitraClip to reach a market worth of $4 billion in the Unites States.
Favorable Regulatory Tidings
In January 2019, Abbott received FDA approval for its TactiCath Contact Force Ablation Catheter, which has been designed for the treatment of atrial fibrillation. The FDA also approved Abbott’s minimally-invasive transcatheter for the treatment of premature babies and newborns with an opening in their heart.
Last October, Abbott’s HeartMate 3 heart pump was approved by the FDA for patients with advanced heart failure.
Just a month prior to that, real-world research proved that Abbott’s Portico transcatheter aortic valve was equipped to treat severe aortic stenosis.
Meanwhile, the Zacks Consensus Estimate for the company’s 2019 earnings per share is pegged at $3.20, reflecting a year-over-year increase of 11.1%. The same for revenues is pinned at $31.8 billion, indicating an increase of 4% year over year.
Zacks Rank & Key Picks
Abbott has a Zacks Rank of #3 (Hold). A few better-ranked stocks in the broader medical space are ABIOMED, Inc., , Varian Medical Systems, Inc. and Masimo, Inc. (MASI - Free Report) . Each of these stocks currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ABIOMED’s long-term earnings growth rate is expected at 27.67%.
Varian’s long-term earnings growth rate is projected at 8.00%.
Masimo’s long-term earnings are projected to grow 15.60%.
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Abbott Laboratories (ABT - Free Report) recently announced that its flagship platform — MitraClip transcatheter clip-based device — has received FDA approval for the treatment of secondary or functional mitral regurgitation (“MR”).
The approval closely follows Abbott’s favorable results from a two-year clinical trial called COAPT (Cardiovascular Outcomes Assessment of the MitraClip Percutaneous Therapy). The study showed that Abbott’s MitraClip performs better than any traditional treatment for functional MR available in the market.
This regulatory go-ahead is expected to strengthen the company’s Structural Heart business.
MitraClip — a Strong Growth Driver
MitraClip is the world's first minimally-invasive mitral valve repair device. It provides instant symptom relief and ensures swift discharge of patients.
For investors’ notice, MitraClip has been a significant top-line contributor. In fact, the platform registered year-over-year growth of about 30% in the fourth quarter of 2018.
In 2013, MitraClip was approved as a repair device for primary MR.
Structural Heart Unit Strengthens
Abbott's structural heart business is a leader in occlusion devices that treat or close openings in the heart caused by congenital defects.
The company witnessed double-digit growth in the business in the fourth quarter of 2018. Growth was driven by several product areas, including AMPLATZERPFO Occluder and MitraClip.
Market Prospects
Per Allied market research, the global market for transcatheter heart valve replacement and repair is projected to reach a worth of $8.13 billion, at a CAGR of 13.8% in the 2017-2025 period.
About 6.5 million people suffer heart failure in the United States. Abbott expects MitraClip to reach a market worth of $4 billion in the Unites States.
Favorable Regulatory Tidings
In January 2019, Abbott received FDA approval for its TactiCath Contact Force Ablation Catheter, which has been designed for the treatment of atrial fibrillation. The FDA also approved Abbott’s minimally-invasive transcatheter for the treatment of premature babies and newborns with an opening in their heart.
Last October, Abbott’s HeartMate 3 heart pump was approved by the FDA for patients with advanced heart failure.
Just a month prior to that, real-world research proved that Abbott’s Portico transcatheter aortic valve was equipped to treat severe aortic stenosis.
Meanwhile, the Zacks Consensus Estimate for the company’s 2019 earnings per share is pegged at $3.20, reflecting a year-over-year increase of 11.1%. The same for revenues is pinned at $31.8 billion, indicating an increase of 4% year over year.
Zacks Rank & Key Picks
Abbott has a Zacks Rank of #3 (Hold). A few better-ranked stocks in the broader medical space are ABIOMED, Inc., , Varian Medical Systems, Inc. and Masimo, Inc. (MASI - Free Report) . Each of these stocks currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ABIOMED’s long-term earnings growth rate is expected at 27.67%.
Varian’s long-term earnings growth rate is projected at 8.00%.
Masimo’s long-term earnings are projected to grow 15.60%.
Is Your Investment Advisor Fumbling Your Financial Future?
See how you can more effectively safeguard your retirement with a new Special Report, “4 Warning Signs Your Investment Advisor Might Be Sabotaging Your Financial Future.”
Click to get it free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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