Medtronic plc (MDT - Free Report) continues to expand its core Coronary and Structural Heart business. The company recently announced Onyx ONE Clear Study in the United States and Japan. This study will evaluate one-month dual antiplatelet therapy (DAPT) in high bleeding risk patients implanted with the Resolute Onyx Drug-Eluting Stent (DES) during percutaneous coronary intervention (PCI) procedures.
Dual antiplatelet therapy is a combination of aspirin and anti-clotting medication. Notably, Resolute Onyx DES is the first DES, which works on Core Wire Technology, an evolution of Continuous Sinusoid Technology (CST). Resolute Onyx DES provides enhanced visibility to surgeons, delivering superior clinical performance.
According to Medtronic, following a DAPT interruption or discontinuation at one month with a next generation DES, the Onyx ONE Clear Study investigates risk of cardiac death, heart attack and stent thrombosis. The company expects this study to provide an insight on the efficacy of one-month DAPT after Resolute Onyx in minimizing stent thrombosis and other complications.
The company noted that Onyx ONE Clear Study has been designed in a manner similar to the randomized Onyx ONE Global Study, which began enrollment in late 2017. Both the studies have been built on the Medtronic Onyx ONE Month DAPT Program that will enroll approximately 2,700 patients at up to 140 sites worldwide.
Taking into consideration the huge and growing global coronary stent market, we believe the latest initiative by Medtronic is well timed. Per a report by Transparency Market Research, the global coronary stents market is expected to witness CAGR of 6.6% from 2013 to 2019.
Recent Developments in Coronary Stent Space
Medtronic has been doing extremely well in Coronary and Structural Heart (CHS) of late, banking on strong adoption of the Resolute Onyx drug-eluting stent. In the last-reported quarter, Onyx registered low 30s growth in the United States leading to an all-time high share for the coronary business. Apart from Resolute Onyx, the company is also demonstrating improved trend in transcatheter valves driven by sustained global demand for Evolut PRO valve.
Share Price Performance
Over the last three months, Medtronic has outperformed the industry it belongs to. The company has gained 10.8% compared with the industry’s 6.3% gain.
Zacks Rank & Stocks to Consider
Medtronic currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are Integer Holdings Corporation (ITGR - Free Report) , Intuitive Surgical (ISRG - Free Report) and Masimo Corporation (MASI - Free Report) .
Integer Holdings’ expected long-term earnings growth rate is 15%. The stock has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Intuitive Surgical’s long-term expected earnings growth rate is 14.7%. The stock carries a Zacks Rank of 1currently.
Masimo’s long-term expected earnings growth rate is 14.8%. Currently, the stock holds a Zacks Rank #2.
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