Abbott Laboratories (ABT - Free Report) recently announced favorable results from two distinctly-conducted analyses of the two-year long COAPT (Cardiovascular Outcomes Assessment of the MitraClip Percutaneous Therapy for Heart Failure Patients with Functional Mitral Regurgitation) clinical trial.
The study sheds light on the additional benefits of the company’s mitral valve repair device, the MitraClip. The positive data sets prove that the MitraClip ensures the sustenance of long-term quality of life for patients of secondary or functional mitral regurgitation (MR).
Results of COAPT Trial Study
Both sets of data were presented at the American College of Cardiology. Based on the results of the COAPT trial data, the FDA gave its approval for the expanded use of MitraClip in the treatment of secondary mitral regurgitation. In 2013, MitraClip was approved as a repair device for primary MR.
The study revealed that Abbott’s MitraClip performs better than any traditional treatment for functional MR available in the market. A second round of sub-analysis compared the baseline characteristics of advanced heart failure patients, before and after their enrollment in the study. The results testified that all sub-groups of patients, who enrolled in the study, received long-term benefits from the application of MitraClip.
Results show that the device provides instant symptom relief and also ensures swift discharge of patients. In fact, the study noted that MitraClip alleviates the risk of hospitalization, prolongs life term and enhances the quality of life of patients affected with severe MR.
This two-year data by Abbott can be treated as a major development in the field of the complicated secondary mitral regurgitation. Per a Star Tribune report, in a recent study, two-thirds of the people, taking the maximum recommended doses of drugs for severe forms of secondary MR, were either hospitalized or dead within two years. The report, however, claims that at the late-breaking sessions of the American College of Cardiology, researchers noted that the rate of hospitalization and death dropped to 46% in patients implanted with a MitraClip device.
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% during the 2017-2025 period. Abbott expects MitraClip to reach a market worth of $4 billion in the United States, where about 6.5 million people suffer heart failure.
Other Researches by Abbott
New late-breaking Momentum 3 data has highlighted the efficiency of Abbott’s recently-approved HeartMate 3 left ventricular assist device in treating advanced heart failure.
This February, the company announced real-world research findings that highlighted the global impact of its FreeStyle Libre flash glucose monitoring system on health outcomes for people affected with diabetes.
Earlier in January, Abbott presented study-based data which proved the benefits of the BURSTDR spinal cord stimulation for people suffering from chronic pain.
In September 2018, real-world research proved that Abbott’s Portico transcatheter aortic valve was equipped to treat severe aortic stenosis. Later that November, Abbott started conducting studies to assess the efficacy of ablation in treating patients suffering from complex cardiac arrythmia.
Over the past year, Abbott’s shares have outperformed the industry it belongs to. The stock has rallied 27.7% compared with the industry’s rise of 6.6%.
Zacks Rank & Other Key Picks
Currently, Abbott has a Zacks Rank of #2 (Buy).
A few other top-ranked stocks in the broader medical space are Penumbra, Inc., PEN, Varian Medical Systems, Inc. (VAR - Free Report) and Masimo, Inc. (MASI - Free Report) . Each of these stocks currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Penumbra's long-term earnings growth rate is expected at 20.93%.
Varian’s long-term earnings growth rate is projected at 8.00%.
Masimo’s long-term earnings are projected to grow 15.60%.
(We are reissuing this article to correct a mistake. The original article, issued on March 19, 2019, should no longer be relied upon.)