Edwards Lifesciences (EW): THV Is The Key, Raising PT - Leerink

Leerink Partners analyst, Danielle Antalffy, reiterated her Outperform rating on shares of Edwards Lifesciences (NYSE: EW) after the company reported better than-expected sales (9th consecutive quarter of sales outperformance) -- with 2Q16 adjusted sales of $759.3M (+22.1% y/y, +22.9% ex. FX), ~$35M ahead of consensus. She also raised her price target to $130.00 (from $125.00).

The analyst stated: "With THV now over 55% of total EW sales and projected to grow at a midteens sales CAGR over the 2015-2021 timeframe, THV is key to the long-term EW growth story. And with the expected Intermediate Risk approval moved up yet again to sometime in 3Q16, the near- to medium-term growth outlook improves even further, with potential for incremental upside from rapid adoption in this much-larger indication representing the size of at least high risk + inoperable combined. To us, better-than-expected growth for now 9 quarters in a row despite ramping competition both in the U.S. and Europe signifies that: (1) The TAVR market is clearly growing seemingly sustainably faster than expected, which we now expect to exceed $5.3B by 2021 (+22% over the 2015-2021 timeframe); and (2) EW's Sapien 3 is best-in-class, particularly now with data demonstrating overwhelming superiority vs. surgery in intermediate risk patients."

For an analyst ratings summary and ratings history on Edwards Lifesciences click here. For more ratings news on Edwards Lifesciences click here.

Shares of Edwards Lifesciences closed at $108.35 yesterday.

You May Also Be Interested In

• Morgan Stanley Upgrades QIAGEN NV (QIA:GR) (QGEN) to Overweight
• UBS Upgrades Intermedia Capital Group (ICG:LN) (ICGUF) to Buy
• Bernstein SocGen Group Upgrades X-Fab Silicon Foundries SE (XFAB:FP) to Outperform