Abiomed, Inc.’s (ABMD - Free Report) Impella Quality (IQ) Database recently showed a 24% increase in survival rates of patients from acute myocardial infarction (AMI) cardiogenic shock. Notably, this followed the FDA post-market approval of Impella to treat cardiogenic shock. Furthermore, the success rate nearly doubled at the number of hospital centers using Impella.
The latest development fortifies Abiomed’s hold in the cardiovascular devices market.
Following the announcement, shares of Abiomed rose 10% to $419.61 at close. Over the past year, the stock has skyrocketed 161.7% compared with the industry’s 29.2% rise. The current level is also higher than the S&P 500 index’s increase of 17.5%.
The stock currently has a Zacks Rank #3 (Hold).
Earlier, the Massachusetts-based MedTech giant announced that it will highlight the recently expanded FDA indications for Impella for treating high-risk PCI (percutaneous coronary intervention) and cardiogenic shock.
In fact, in July, Abiomed’s Impella 2.5, Impella CP and Impella 5.0 heart pumps received the Central Drugs Standard Control Organization (CDSCO) approval in India. (Read More: Abiomed Gets CDSCO Nod for Impella Heart Pumps in India)
Impella, the world’s smallest heart pump, is Abiomed’s flagship product line. The company’s Impella 2.5, Impella RP, Impella 5.0 and Automated Impella Controller deserve a mention in this regard.
Notably, the product has been driving the company’s top line since inception.
In fact, in the last reported quarter, Impella adoption in the Protected PCI and cardiogenic shock indications grew 24% and 37%, respectively. Additionally, Impella contributed $2.6 million in revenues.
Per research by CDC, nearly 610,000 people die from heart diseases each year in the United States.
Statista validates that the U.S. cardiovascular devices market is expected to reach $15.7 billion by 2021.
Thus, the latest development has been a well-timed one for Abiomed.
Some better-ranked stocks in the broader medical space are athenahealth (ATHN - Free Report) , Masimo Corporation (MASI - Free Report) and Veeva Systems (VEEV - Free Report) .
athenahealth has a long-term expected earnings growth rate of 17.6%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Masimo’s long-term earnings growth rate is projected at 14.8%. The stock carries a Zacks Rank #2 (Buy).
Veeva Systems’ long-term earnings growth rate is estimated at 19.3%. The stock carries a Zacks Rank #1.
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