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【出版时间及名称】：2010年5月美国医疗行业研究报告
【作者】：瑞士信贷
【文件格式】：pdf
【页数】：94
【目录或简介】：
What’s new? This edition is an update from last week’s edition. This report includes additional earnings recaps along with updated questions after reviewing the 10Qs filed for several companies within our universe and for company specific events (such as Baxter’s recall). Given the recent strengthening of the U.S. dollar, we also updated our charts from our monthly Analyzer highlighting each company’s currency exposure. STJ and COV are the most exposed to a stronger US dollar, while MDT should see the least impact due to its hedging program. We would ask managements for their updated thoughts on how currency may impact the bottom line and to what extent they have sovereign risk.
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Earnings: All companies, except Medtronic, have reported earnings. Several reported weaker-than-expected (or hoped for) results driven by a number of factors including the economy dampening volumes, pricing pressures, and a less robust flu season. The more controversial names this quarter were Baxter and Boston Scientific due to their lower EPS guidance, Covidien due to its slower top line, and CareFusion due to its F3Q10 miss and lack of a guidance raise.
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Upcoming events: The Heart Rhythm Society meeting is 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. Medtronic reports on May 25. The EuroPCR conference is May 25-28 and will be more interesting with stock moving news. There are 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
The Strong Dollar Driving Weakness 5
Earnings: Lessons Learned 7
What’s Ahead in MedTech 11
Company Overviews 13
Bard (BCR-Neutral) 14
Baxter (BAX-Neutral) 21
Becton Dickinson (BDX-Neutral) 33
Boston Scientific (BSX-Neutral) 38
CareFusion (CFN-Neutral) 48
Covidien (COV-Outperform) 53
Edwards Lifesciences (EW-Outperform) 59
Medtronic (MDT-Outperform) 66
Nanosphere (NSPH-Outperform) 73
St. Jude Medical (STJ-Neutral) 76
Stryker (SYK-Neutral) 82
Zimmer (ZMH-Neutral) 87
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