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U.S. Equity Research News
Wuensch Starts ev3 (EVVV) at MARKET PERFORM
March 12, 2009
Joanne K. Wuensch, senior research analyst covering Medical Technology, has today initiated coverage of ev3 (EVVV) with a MARKET PERFORM rating.
From Wuensch's note: "ev3 is a leader in the peripheral vascular (64% of total revenue) and neurovascular (31% of total revenue) markets, with one of the largest direct sales forces, and a broad product bag. It is also a classic turnaround story, after a series of financial missteps, in a difficult time. Although ev3 has made progress, it still faces challenges. The company has hired a new and experienced CEO and CFO, it has initiated several clinical trials to support its products (e.g., the DEFINITIVE trials to evaluate its SilverHawk atherectomy devices), and is launching several new products (including the AXIUM PGLA Coil and the AXIUM Nylon Coil). However, it competes against larger market participants, its atherectomy business is flagging, and despite a $402 million revenue product run rate it has not delivered positive EPS, leading us to a MARKET PERFORM rating at this valuation."
To receive a full copy of the report or for more information, please contact your BMO Capital Markets representative.
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