On Dec 23, Zacks Investment Research raised Merit Medical Systems, Inc. MMSI to a Zacks Rank #1 (Strong Buy) on new regulatory approvals and an encouraging product pipeline.
Why the Upgrade?
Merit Medical recently announced the receipt of regulatory approvals for four new products.
Merit Medical’s Centros Dialysis Catheter has gained CE Marking, upon which the company now markets the product in European territories. It is to be noted that the device has been available in the U.S. for quite some time. Merit Medical also received CE Marking for HepaSphere Microspheres with Irinotecan indication, which is expected to complement the doxorubicin indication.
In the U.S., Merit Medical received FDA approval for the Elation Wireguided Balloon Dilation Catheter with biliary indication, which is touted to complement the company’s esophageal indication. Additionally, the company’s Prelude SNAP Splittable Hydrophilic Sheath gained approval from the FDA and is expected to complement its existing uncoated sheath.
The four new approvals are expected to considerably strengthen the company’s product portfolio. We believe, upon successful launch of these products, the company will be able to achieve greater market penetration, which will in turn drive top-line growth. Merit Medical also boasts an encouraging product pipeline, which includes safety centesis catheter, the PAL Planner and the 40 atm basixTOUCH Inflation Syringe.
Estimate Revision
The Zacks Consensus Estimate for fiscal 2016 has remained steady at 86 cents over the past 30 days, reflecting a year-over-year increase of 9.9%. Similarly, the Zacks Consensus Estimate for fiscal 2017 stand at 97 cents, reflecting year-over-year growth of 12.5%.
Other Stocks to Consider
Other favorably ranked stocks include Masimo MASI, Steris Plc STE and Abiomed ABMD. While Masimo and Steris sport a Zacks Rank #1 (Strong Buy), Abiomed has a Zacks Rank #2 (Buy).
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