Canaccord Adams Reiterates a 'Buy' on HeartWare International (HTWR); Adjusts Price Target & Estimates
February 8, 2010 9:17 AM EST
Canaccord Adams reiterates a 'Buy' rating on HeartWare International (Nasdaq: HTWR), raises price target to $45.
Canaccord analyst says, "HTWR completed the sale of 1.8M shares, which puts the company in position to complete its clinical trials and ultimately execute a full worldwide launch of HVAD for both BTT and DT indication, in our view...We think HTWR now has adequate funds to fund a full HVAD roll-out in Europe, run both the BTT trial ongoing currently as well as a DT trial estimated to begin in H1/10, and continue with product development of the ?next? next-generation MVAD technologies. We estimate the target end-stage heart failure patient population applicable for LVAD therapy remains very under-penetrated. We believe the market opportunity exceeds 30K patients per year, for a $3B potential market opportunity in the US alone. Our US LVAD market model estimates the domestic LVAD market will expand from approximately $230M in 2008 to $750M+ in 2015, driven in large part by new technology approvals (HM-II DT, HVAD, HM-III and MVAD) and accelerating referrals...We now model 2009 revenue/EPS of $21.2M/$(2.26) from $18.4M/$(2.34). For 2010, we see $40.1M(+89% Y/Y)/$(1.59) from $32.3M /$(1.95)."
To see all the upgrades/downgrades on shares of HTWR, visit our Analyst Ratings page.
HeartWare International, Inc. (HeartWare), formerly HeartWare Limited, along with its subsidiaries, is a medical device company focused on developing small implantable pumps for the treatment of advanced heart failure.http://www.streetinsider.com/Upgrades/Canaccord+Adams+Reiterates+a+Buy+on+HeartWare+International+(HTWR)%3B+Adjusts+Price+Target+&+Estimates/5316554.html
HIN Price at posting:
$1.20 Sentiment: LT Buy Disclosure: Held
