Zacks Investment Research upgraded Edwards Lifesciences Corp. (NYSE: EW) to a Zacks Rank #2 (Buy) on May 27, 2014.
Why the Upgrade?
Shares of this medical device major rallied upward since it reported financial results for the first quarter of 2014 and subsequently hit a new 52-week high of $87.03 on May 20.
The company delivered mixed first-quarter 2014 results with a bottom-line beat and a top-line miss.
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However, Edwards Lifesciences has managed to be in the news since the beginning of 2014. The company kick-started the year with the receipt of CE mark for its SAPIEN 3 in January and SAPIEN XT in February followed by the INTUITY Elite Valve System winning the same in April. The company is also positive on the expected U.S. Food and Drug Administration (FDA) approval of the Sapien XT valve by the second quarter of this year.
In addition, the enrollment of 1,000 intermediate risk patients in the U.S. SAPIEN 3 trial is on track and is expected to be completed by the end of this year. To date, the company has launched many new products, demonstrated strong clinical data and made significant progress on several key developments indicating sustainable future growth.
Outside the U.S., Transcatheter Heart Valves (THV) sales grew 33% in the last reported quarter, driven by exceptionally strong growth in Europe and the ongoing rollout of SAPIEN XT in Japan. Edwards Lifesciences expects the positive procedural growth trends in Europe to further strengthen this year.
With the favorable court ruling against Medtronic Inc. (NYSE: MDT) announced in April 2014 and next-generation transcatheter valve SAPIEN XT in the company's pipeline, Edwards Lifesciences is well positioned to continue dominating and consolidating its foothold in the U.S. transcatheter aortic heart valve market.
Other Stocks to Consider
Edwards Lifesciences currently has $8.52 billion worth of market capitalization. Other stocks that are worth a look in the industry are Masimo Corporation (NASDAQ: MASI) and Natus Medical Inc. (NASDAQ: BABY). Both the companies carry a similar Zacks Rank #2 (Buy).
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NATUS MEDICAL (NASDAQ: BABY): Free Stock Analysis Report
EDWARDS LIFESCI (NYSE:
MASIMO CORP (NASDAQ: MASI): Free Stock Analysis Report
MEDTRONIC (NYSE: MDT): Free Stock Analysis Report
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