Jeffries的Edwards Lifesciences因TAVR增长放缓而下调评级

2024-09-18 21:51

Jefferies downgraded Edwards Lifesciences (NYSE:EW) to hold from buy citing citing slowing growth in its transcatheter aortic valve replacement (TAVR) business.
The firm lowered its price target to $70 from $85 (~4% upside based on Sept. 18 close).
Analyst Matthew Taylor noted that in the first half of 2024, TAVR growth was only 6%, leading to a guide of 5-7% TAVR growth for H2. Consensus is 5.5%. The firm also sees 5% growth for July.
Jefferies noted that based on recent checks with doctors, they are facing challenges including staffing and lab access, which could negatively impact TAVR growth.
"In the future, EW's algorithm depends on growth from TMTT (Transcatheter Mitral and Tricuspid Therapies), which means more procedures need to go through the same hands/physical space," Taylor wrote, adding that while he sees good growth prospects for TMTT, that has already been modeled into estimates.
Edwards Lifesciences also faces competitive headwinds, with Taylor singling out Boston Scientific (BSX) given it is likely to launch two new TAVRs, the Acurate neo2 and Acurate Prime, in the U.S. in 2025.

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