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【出版时间及名称】：2010年4月美国医疗行业研究报告
【作者】：瑞士信贷
【文件格式】：pdf
【页数】：80
【目录或简介】：
We’ve designed this report to be a guide for investors attending upcoming
company presentations and meetings. For each company we include a short
stock performance review, an updated catalyst calendar, a review of the
most recent quarterly report, and questions to ask management.
■
Most MedTech companies have reported earnings, though there are some
stragglers. Several MedTech companies reported weaker-than-expected (or
hoped for) trends. The economy continues to dampen volume trends. Some
of the for-profit hospitals have reported thus far have noted lower admission
and inpatients surgical trends, validating come of the claims of companies
citing more macro factors as reasons for weakness (like Covidien). The
managed care companies have also reported lower medical loss ratios. We
continue to see hospitals pushing back on supply costs. Several MedTech
companies are continuing to see negative pricing and in some cases
negative net price/mix, particularly the implantable device companies.
■
The more controversial names this reporting season were Baxter and
Boston Scientific due to their lower EPS guidance as well as Covidien given
it’s slower top line performance this past quarter.
■
There are a couple of industry conferences coming up over the next couple
months. The Heart Rhythm Society meeting (relevant for the cardiac rhythm
companies) will be held on May 12-15. No major data is slated for release
but there will be plenty to talk about with Boston Scientific’s return to the
market, as well as Medtronic and St. Jude’s pipelines. The EuroPCR
conference, which is May 25-28, will be more interesting and potentially
stock moving. There will be several notable drug-eluting stent trials including
MDT’s RESOLUTE, J&J’s RES Elution I, and ABT’s SPIRIT V and XIENCE
V USA. There will be transcatheter valve updates as well, including EW’s
SOURCE registry, several country registries (EW and CoreValve data),
along with updates on ABT’s MitraClip transcatheter mitral repair program.
Table of Contents
Recent Stock Performance 3
Earnings Lessons Learned (So Far) 4
What’s Ahead in MedTech 6
Company Overviews 9
Bard (BCR-Neutral) 10
Baxter (BAX-Neutral) 15
Becton Dickinson (BDX-Neutral) 25
Boston Scientific (BSX-Neutral) 29
CareFusion (CFN-Neutral) 38
Covidien (COV-Outperform) 43
Edwards Lifesciences (EW-Outperform) 48
Medtronic (MDT-Outperform) 54
Nanosphere (NSPH-Outperform) 61
St. Jude Medical (STJ-Neutral) 64
Stryker (SYK-Neutral) 69
Zimmer (ZMH-Neutral) 73
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