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【出版时间及名称】：2010年3月美国医疗设备行业研究报告
【作者】：瑞士信贷
【文件格式】：PDF
【页数】：88
【目录或简介】：
Conference season is coming up. We’ve designed this report to be a guide
for investors on what to listen for and questions to ask at upcoming company
presentations and meetings. We’ve also included an updated catalyst
calendar and provide some brief comments on upcoming medical
conferences.
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Big picture themes: We would listen for management commentaries on the
overall landscape when it come to volume, mix, and pricing. Over the past
few quarters there are increasing signs that MedTech players are facing
incremental pricing pressures, particularly within implantable device
categories such as stents and cardiac rhythm management.
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There are several notable industry conferences including the American
Academy of Orthopedic Surgeons (March 9-13), the American College of
Cardiology (March 13-16) meetings, and the International Plasma Proteins
Congress, Berlin Germany (March 16-17). There are also a few FDA
Advisory meetings including Medtronic’s deep brain stimulator for epilepsy
(March 12) , Boston Scientific’s review of the MADIT-CRT data (March 18),
and Medtronic’s REVO (MRI-compatible) pacemaker (March 19).
■
We continue to prefer MDT, EW, and COV, all rated Outperform. Of our
Neutral rated stocks, we prefer BAX..
Table of contents
Recent Stock Performance 3
2010 Road Map 4
Big Picture Topics 6
Healthcare Reform 7
The FDA/Regulatory Environment 12
New Products 14
Macroeconomic Trends 18
Pricing and Hospital Cost Containment Efforts 21
M&A Potential 24
Foreign Currency Rates 26
Company Sections 28
Bard (BCR-Neutral) 29
Baxter (BAX-Neutral) 34
Becton Dickinson (BDX-Neutral) 39
Boston Scientific (BSX-Neutral) 43
CareFusion (CFN-Neutral) 48
Covidien (COV-Outperform) 52
Edwards Lifesciences (EW-Outperform) 56
Medtronic (MDT-Outperform) 61
Nanosphere (NSPH-Outperform) 67
St. Jude Medical (STJ-Neutral) 69
Stryker (SYK-Neutral) 74
Zimmer (ZMH-Neutral) 78
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