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Haemonetics (HAE) to Offer Two VASCADE Devices in the EU
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Haemonetics Corporation (HAE - Free Report) recently gained CE mark certification for the VASCADE vascular closure and VASCADE MVP venous vascular closure systems. The VASCADE system is intended for ‘small-bore’ femoral arterial and venous closure. It is typically used in interventional cardiology and peripheral vascular procedures. Meanwhile, the VASCADE MVP system, intended for ‘mid-bore’ multi-access femoral venous closure, is generally utilized during electrophysiology procedures.
The CE marking will facilitate the country-specific entrance of both products within the European Union (EU). It will also serve as a basis for entry into other regions that accept CE marking.
Per management, the latest CE mark certification of the VASCADE portfolio will help the company improve hospital operations across the EU while advancing its goal of raising the standard of care for patients worldwide.
More on the VASCADE Devices
The VASCADE MVP is the first and only vascular closure device to have gained FDA indication for same-day discharge post atrial fibrillation ablation procedures. It requires two or more access sites within the same limb. All patients will benefit from the rapid time to ambulation and lowered discomfort provided by the VASCADE MVP, despite not all EU nations being able to offer same-day discharge to patients.
Image Source: Zacks Investment Research
The VASCADE and VASCADE MVP use a proprietary collapsible disc technology and resorbable collagen patch to attain hemostasis. These devices have been developed to save time for hospital staff and help patients reach hemostasis more quickly with lesser complications on average.
Industry Prospects
Per a report published in MarketsandMarkets, the global vascular closure devices market is expected to see a CAGR of 7% during 2021-2026. The growing number of approvals for vascular closure devices, increasing incidence of cardiovascular diseases and obesity, a surge in the geriatric population and favorable reimbursement scenarios for interventional radiology procedures, among other factors, can be attributable to market growth.
Given the market prospects, Haemonetics’ latest regulatory approval seems well-timed.
Other Developments in the Hospital Business
In the first quarter of fiscal 2023, Hospital revenues rose 12.7% on robust performances across the Hemostasis Management and Vascular Closure product lines.
Hemostasis Management saw revenue growth of 4.1% on a reported basis, with 11% growth in North America, the company’s largest market. Within Europe, the company won a national tender and delivered capital and disposables shipments for the ClotPro, a viscoelastic elastic diagnostic device, in the fiscal first quarter. The recently-acquired Vascular Closure business also continued to excel, with revenues growing 36% year over year.
Based on these results, the company is enthusiastic about its Hospital business’ performance and potential and expects revenue growth of 19-22% in fiscal 2023.
Share Price Performance
The stock has outperformed its industry in the past year. It has declined 16% against the industry’s 48.4% surge.
Zacks Rank and Key Picks
Currently, Haemonetics carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space that investors can consider are AMN Healthcare Services, Inc. (AMN - Free Report) , ShockWave Medical, Inc. (SWAV - Free Report) and McKesson Corporation (MCK - Free Report) .
AMN Healthcare has a long-term earnings growth rate of 3.2%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 15.7%, on average. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AMN Healthcare has outperformed its industry in the past year. AMN has lost 8.4% against the industry’s 35.5% fall.
ShockWave Medical, sporting a Zacks Rank #1 at present, has an estimated growth rate of 33.1% for 2023. The company’s earnings surpassed estimates in all the trailing four quarters, the average beat being 180.1%.
ShockWave Medical has outperformed its industry in the past year. SWAV has gained 36.6% against the industry’s 29.8% fall over the past year.
McKesson has an estimated long-term growth rate of 9.9%. The company surpassed earnings estimates in the trailing three quarters and missed in one, delivering a surprise of 13%, on average. It currently carries a Zacks Rank #2 (Buy).
McKesson has outperformed its industry in the past year. MCK has gained 66.4% against the industry’s 15.1% fall.
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Haemonetics (HAE) to Offer Two VASCADE Devices in the EU
Haemonetics Corporation (HAE - Free Report) recently gained CE mark certification for the VASCADE vascular closure and VASCADE MVP venous vascular closure systems. The VASCADE system is intended for ‘small-bore’ femoral arterial and venous closure. It is typically used in interventional cardiology and peripheral vascular procedures. Meanwhile, the VASCADE MVP system, intended for ‘mid-bore’ multi-access femoral venous closure, is generally utilized during electrophysiology procedures.
The CE marking will facilitate the country-specific entrance of both products within the European Union (EU). It will also serve as a basis for entry into other regions that accept CE marking.
Per management, the latest CE mark certification of the VASCADE portfolio will help the company improve hospital operations across the EU while advancing its goal of raising the standard of care for patients worldwide.
More on the VASCADE Devices
The VASCADE MVP is the first and only vascular closure device to have gained FDA indication for same-day discharge post atrial fibrillation ablation procedures. It requires two or more access sites within the same limb. All patients will benefit from the rapid time to ambulation and lowered discomfort provided by the VASCADE MVP, despite not all EU nations being able to offer same-day discharge to patients.
Image Source: Zacks Investment Research
The VASCADE and VASCADE MVP use a proprietary collapsible disc technology and resorbable collagen patch to attain hemostasis. These devices have been developed to save time for hospital staff and help patients reach hemostasis more quickly with lesser complications on average.
Industry Prospects
Per a report published in MarketsandMarkets, the global vascular closure devices market is expected to see a CAGR of 7% during 2021-2026. The growing number of approvals for vascular closure devices, increasing incidence of cardiovascular diseases and obesity, a surge in the geriatric population and favorable reimbursement scenarios for interventional radiology procedures, among other factors, can be attributable to market growth.
Given the market prospects, Haemonetics’ latest regulatory approval seems well-timed.
Other Developments in the Hospital Business
In the first quarter of fiscal 2023, Hospital revenues rose 12.7% on robust performances across the Hemostasis Management and Vascular Closure product lines.
Hemostasis Management saw revenue growth of 4.1% on a reported basis, with 11% growth in North America, the company’s largest market. Within Europe, the company won a national tender and delivered capital and disposables shipments for the ClotPro, a viscoelastic elastic diagnostic device, in the fiscal first quarter. The recently-acquired Vascular Closure business also continued to excel, with revenues growing 36% year over year.
Based on these results, the company is enthusiastic about its Hospital business’ performance and potential and expects revenue growth of 19-22% in fiscal 2023.
Share Price Performance
The stock has outperformed its industry in the past year. It has declined 16% against the industry’s 48.4% surge.
Zacks Rank and Key Picks
Currently, Haemonetics carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space that investors can consider are AMN Healthcare Services, Inc. (AMN - Free Report) , ShockWave Medical, Inc. (SWAV - Free Report) and McKesson Corporation (MCK - Free Report) .
AMN Healthcare has a long-term earnings growth rate of 3.2%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 15.7%, on average. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AMN Healthcare has outperformed its industry in the past year. AMN has lost 8.4% against the industry’s 35.5% fall.
ShockWave Medical, sporting a Zacks Rank #1 at present, has an estimated growth rate of 33.1% for 2023. The company’s earnings surpassed estimates in all the trailing four quarters, the average beat being 180.1%.
ShockWave Medical has outperformed its industry in the past year. SWAV has gained 36.6% against the industry’s 29.8% fall over the past year.
McKesson has an estimated long-term growth rate of 9.9%. The company surpassed earnings estimates in the trailing three quarters and missed in one, delivering a surprise of 13%, on average. It currently carries a Zacks Rank #2 (Buy).
McKesson has outperformed its industry in the past year. MCK has gained 66.4% against the industry’s 15.1% fall.