For Immediate Release
Chicago, IL – January 26, 2012 – Zacks.com announces the list of
stocks featured in the Analyst Blog. Every day the Zacks Equity
Research analysts discuss the latest news and events impacting
stocks and the financial markets. Stocks recently featured in the
blog include Medtronic (MDT),
Edwards Lifesciences (EW), Boston
Scientific (BSX), St Jude Medical (STJ)
and CA Inc. (CA).
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Here are highlights from Wednesday’s Analyst
Blog:
Medtronic Advances CoreValve Trial
Leading medical devices player, Medtronic (MDT)
has taken one step forward in its CoreValve US pivotal trial with
completion of enrollment in the extreme risk category of
patients.
The company has also received approval from the US Food and Drug
Administration (“FDA”) to continue enrolling extreme risk patients
for further investigation under a Continued Access Study protocol.
Medtronic is conducting another study with high risk patients,
enrollment of which is scheduled for completion by year end.
The CoreValve trial in the US is studying Medtronic’s
self-expanding CoreValve system in three sizes of 26mm, 29mm and 31
mm through three delivery routes – transfemoral, subclavian and
directly through the aorta.
The CoreValve System is designed to replace diseased aortic
valves without open-heart surgery. Globally, approximately 300,000
people have been diagnosed with this condition and roughly
one-third of these patients are deemed at too high a risk for
open-heart surgery.
The trial plans to enroll more than 1,500 patients, with
two-thirds of patients in the high risk study. Patients in the
extreme risk category are being evaluated against a performance
goal while those in the high risk group are randomized equally to
receive either transcatheter aortic valve implantation with the
CoreValve System or to surgical aortic valve replacement.
Although Medtronic is working on getting the US approval for
CoreValve, the device is already approved in Europe since 2007.
During the most recent quarter, the company recorded robust growth
in the Structural Heart portfolio driven by strong adoption of
CoreValve in the international markets. The company is witnessing
strong early adoption of the 31mm CoreValve that received CE Mark
approval in July and anticipates receiving CE Mark approval for the
23 mm CoreValve in the second half of fiscal 2012.
Our Take
We are impressed with the company’s regulatory progress of
CoreValve in the US market. However, Edwards
Lifesciences (EW) has the first mover advantage in this
region with FDA approval of Sapien clinched in November last
year.
Over the last few quarters Medtronic reported weaker sales from
its two largest segments – defibrillators and spinal implants. The
challenges witnessed in the US ICD market have also been felt
across the board and impacted Medtronic’s competitors,
Boston Scientific (BSX) and St Jude
Medical (STJ). To overcome these challenges, Medtronic is
trying every means to revive growth. This includes penetration of
international markets, portfolio expansion, focus on high-potential
segments and restructuring initiatives. These should benefit the
company over the long term.
Medtronic currently retains a Zacks #3 Rank (short-term Hold
rating). We also maintain our long-term Neutral recommendation on
the stock.
CA Delivers Impressive Quarter
CA Inc. (CA) reported third quarter 2012
adjusted earnings per share (EPS) of 60 cents, well ahead of the
Zacks Consensus Estimate of 51 cents.
Revenue
Total revenue in the reported quarter came in at $1.26 billion,
up 10.4% from $1.14 billion in the year-ago quarter. Around 8
percentage points of this growth was organic, while the remaining
came from acquisitions. Moreover, the company also witnessed a
$20.0 million upside in perpetual sales associated with Enterprise
Solution products, including $10.0 million of products that were
eligible for upfront recognition during the quarter.
Subscription and Maintenance revenue crept up 3.3% year over
year to $1.00 billion. Professional Services revenue stood at
$103.0 million, up 17.0% year over year. Software Fees and Other
revenues shot up 87.8% to $154.0 million from $82.0 million a year
ago.
North America generated revenues of $791.0 million, up 15.3%
year over year while international revenue was $472 million, up
3.0% from the prior-year quarter.
Guidance
For fiscal 2012, the company expects total revenue of about $4.8
billion. GAAP diluted earnings per share growth is expected in the
range of 11.0% to 13.0% in constant currency, compared with the
previous outlook of 6.0% to 9.0%. This translates to GAAP
diluted earnings per share of $1.86 to $1.90.
Non-GAAP diluted earnings per share growth have been raised to a
range of 11.0% to 13.0% in constant currency from the previous
outlook of 7.0% to 10.0% for the full year. This translates to
reported non-GAAP diluted earnings per share of $2.21 to $2.25.
Cash flow from operations is expected to be in the range of
$1.44 billion to $1.47 billion for fiscal 2012.
Conclusion
CA Inc. posted decent third quarter results exceeding the
earnings estimates. Revenue also improved on a year-over-year
basis. However, the product demand trend was moderate in the
reported quarter. We believe that the company provided conservative
fiscal 2012 guidance.
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BOSTON SCIENTIF (BSX): Free Stock Analysis Report
CA INC (CA): Free Stock Analysis Report
EDWARDS LIFESCI (EW): Free Stock Analysis Report
MEDTRONIC (MDT): Free Stock Analysis Report
ST JUDE MEDICAL (STJ): Free Stock Analysis Report
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