Leading medical devices player Medtronic (MDT) presented favorable data for Resolute drug-eluting stent (DES) at EuroPCR 2011. It was observed that Resolute provided safe and effective outcome for patients with both heart diseases and diabetes.
Analysis revealed an exceptionally low rate of adverse events after one year in this patient population. The Resolute DES is available in several countries outside the US. However, the product is yet to receive approval from the US Food and Drug Administration (FDA).
In another development, Medtronic presented data for its CoreValve system, which improved immediate and long term health of patients. The study was conducted on 126 patients spread across Europe and Canada who were implanted with the CoreValve system.
Earlier, the company had presented positive two-year performance data of CoreValve that further emphasizes the importance of the product. This is a minimally invasive, non-surgical treatment option for patients requiring aortic valve replacement for ones who are considered to be at high risk of surgery.
During the last reported quarter, Medtronic began the US pivotal study of its CoreValve, which is delivered through transcatheter aortic valve implantation (TAVI) rather than open-heart surgery.
The CoreValve system has been implanted in more than 12,000 patients outside the US since it received CE Mark approval in March 2007. It is estimated that about 300,000 people are diagnosed with the disease globally, of which one-third are unfit to undergo open-heart surgery. Consequently, huge potential exists in the TAVI market.
Medtronic has been witnessing lower sales for its largest segments, CRDM. However, breaking the trend of the past few quarters, the Spinal segment recorded higher revenues. Meanwhile, the company is increasing its focus on emerging markets and emerging therapies and expects these to be major growth drivers going ahead.
Although the company is progressing well with its CoreValve trial in the US, it will take some time to be launched. Moreover, Edwards Lifesciences (EW) will be better placed in the US market as its Sapien transcatheter heart valve is expected to receive FDA approval by the end of 2011.
We are currently Neutral on Medtronic, which also corresponds to the Zacks #3 Rank (Hold) in the short-term.
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