FY18 consensus $817.8M. Cites the strong performance of the business in the third quarter to date. Guidance excludes the impact of the Cartiva acquisition. Wright will provide updated full-year 2018 guidance, including the impact of the Cartiva acquisition, following the closing of the transaction. Assuming a close of the transaction in 2018, Wright anticipates the acquisition to increase 2019 net sales by approximately $47M and non-GAAP adjusted EBITDA from continuing operations by approximately $20 million, which the company anticipates will be approximately 100 basis points accretive to the company’s pro forma net sales growth rate (on a constant currency basis) and approximately 100 basis points accretive to non-GAAP adjusted EBITDA margin from continuing operations.
Monday, August 27, 2018
Wright Medical to host conference call
Conference call to discuss agreement to acquire Cartiva, Inc. will be held on August 27 at 8 am
AbbVie: FDA approves IMBRUVICA plus RITUXAN for treatment of WM
AbbVie (ABBV) announced that the U.S. FDA approved IMBRUVICA plus RITUXAN for the treatment of adult patients with Waldenstrom’s macroglobulinemia, a rare and incurable type of non-Hodgkin’s lymphoma. With this approval, the IMBRUVICA prescribing information now includes combination use with rituximab, representing the first and only chemotherapy-free combination treatment specifically indicated for the disease. IMBRUVICA was first approved as a single agent therapy for WM in January 2015. IMBRUVICA is a first-in-class Bruton’s tyrosine kinase inhibitor jointly developed and commercialized by Pharmacyclics LLC, an AbbVie company, and Janssen Biotech (JNJ).
Sensus Healthcare initiated with a Buy at H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju started Sensus Healthcare with a Buy rating and $14 price target. Superficial radiation therapy provides a better aesthetic outcome than surgical options in non-melanoma skin cancers, Selvaraju tells investors in a research note. He calls Sensus a commercial-stage medical device company with growing revenues.
Teladoc price target raised to $90 from $74 at KeyBanc
KeyBanc analyst Donald Hooker raised his price target for Teladoc (TDOC) to $90 form $74 after hosting a series of investor meetings with management. The analyst sees upside to consensus estimates in 2019 and 2020 given the company’s progress achieving synergies from recent acquisitions and signs of momentum with its multimedia member engagement strategy. Hooker also sees emerging accelerants to growth, including pending RFPs with UnitedHealth Group (UNH) and new opportunities in Medicare Advantage. He reiterates an Overweight rating on Teladoc’s shares.
Aldeyra nearing two meaningful clinical milestones, says Cantor Fitzgerald
Cantor Fitzgerald analyst Elemer Piros says Aldeyra Therapeutics is approaching two meaningful near-term clinical milestones in dry eye and mesothelioma. Each event individually could create a “significant catalyst” for the shares, Piros tells investors in a research note. The analyst reiterates an Overweight rating on Aldeyra with a $23 price target. He believes Aldeyra’s reproxalap could advance to late-stage dry eye development with “relative ease,” based on criteria for advancement and the drug’s data to date. Such an event would be transformative, given the significant market potential and number of differentiated advantages of the drug, Piros contends. Further, he notes that while intent for ADX-1612’s licensing is in autoimmune conditions, a near-term readout in an investigator-sponsored mesothelioma study in late September “creates distinct optionality in oncology.”
Pfizer data hit higher end of expectations, says Cantor Fitzgerald
Cantor Fitzgerald analyst Louise Chen believes Pfizer’s additional Phase 3 data this morning for Tafamidis hit the higher end of expectations, which was 10%-30% based on her work. The data showed a 30% reduction in the risk of mortality and a 32% reduction in the rate of cardiovascular-related hospitalizations with Tafamidis in people with transthyretin amyloid cardiomyopathy versus placebo, Chen points out. She believes the data are good news for Pfizer because it underscores that the market opportunity for Tafamidis is underappreciated. The analyst estimates that Tafamidis has peak sales potential of $1B-plus. Chen has an Overweight rating on Pfizer with a $45 price target.
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