Stock Analysis Medical Devices
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Abiomed and Thoratec are medical device companies. Abiomed's Impella is the world's smallest heart pump used for high-risk patients after surgery or heart attack. Thoratec's Heartmate II is a ventricular assist device for advanced heart failure. Both companies see growth opportunities in expanding their applications and markets. Thoratec has higher revenue growth, profitability, and valuation multiples, but also higher debt levels than the debt-free Abiomed, which has seen renewed optimism from recent sales growth of its Impella pump.
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Stock Analysis Medical Devices
- 1. Stock Analysis of Medical Devices Abiomed Inc. (ABMD) Thoratec Corp. (THOR) Impella - World’s smallest pump for left ventricle Heartmate II LVAD DePaul University FIN 524 Wanda Hartmann Oehrli
- 2. Outline ABMD and THOR company’s values Abiomed Inc. (ABMD) Recovering Hearts. Saving LivesThoratec Corp. (THOR) Life Restored Description & competitive environment Valuation of Medical Instruments & Supplies Industry More attractively valued company
- 4. Impella – world’s smallest heart pump
- 5. Protect, support, assist in recovery after surgery or heart attack
- 6. High risk patient
- 8. Medical Devices Competitive Environment Estimated worldwide sales > $300 B (2011) U.S. -largest market - estimated sales of roughly $95B (2010) Cardiology, Oncology, Neuro, Orthopedic, Aesthetic Devices and Healthcare IT Aging population & lifestyle diseases (heart disease, obesity) Healthcare reform/ FDA policy & regulations Ave Financial Info Profit Margin 20% EV/Sales Multiple 3.5x EBITDA Multiple 12.8 Zacks Investment Report http://finance.yahoo.com/news/Medical-Devices-Industry-zacks-1123678571.html?x=0&.v=1 http://www.fool.com/investing/general/2011/02/25/the-magic-formula-for-these-medical-device-stocks.aspx http://www.nytimes.com/2009/11/05/business/05device.html http://www.horizonviewpartners.com/index.php?p=1_8_Medical-Device-Market
- 9. Comparison ABMD stock is up 68% yet EBITDA, Operating Margin and Net Income are Negative? Renewed optimism around sales of Abiomed'sImpella heart pump has been a key factor behind the market run-up. Read more: CEO of red-hot Abiomed sells $1.1M in stock | Boston Business Journal
- 10. New generation of heart pumps Stock up 68% since start of year Great December Quarter 2010 More Patient increase 77% 7th consecutive quarter of triple digit reorder revenue Non-GAAP profitable quarter – first time in a long time Generated $5 M $60M in Cash No debt Abiomed
- 11. ABMD Income Statement Revenue growth 22% ave increasing less negative less negative EBITA = Rev – COGS - SG&A + D&A= EBITDA : neg
- 13. ABMD Balance Sheet Current Ratio = 4.58 No Debt
- 14. ABMD Balance Sheet Long Term Debt to Equity = 0 Debt to Equity = 0 Total Debt = 0 License Leverage = TA =129570 = 1.2 TE 107956 Quick(Acid Test) = 3.74 = 4788 + 53477+13516 18,064 Cash = 3.23 = 4788 + 53477 18,064 ROE = NI/SE= N/A P/E = Price /earnings = N/A EPS = N/A EBITDA MULT= __EV___= N/A EBITDA Sales Mult = 646.54M/95.60M = 6.76
- 15. ABMD Cash Flow less negative increasing increasing
- 16. ABMD Cash Flow increasing decreasing increasing
- 17. THOR Income Statement Revenue Growth 39% increasing increasing increasing EBITA = Rev – COGS - SG&A + D&A= EBITDA :126.44M
- 18. THOR Balance Sheet increasing Current Ratio = 3.16 increasing same
- 19. THOR Balance Sheet Long Term Debt to Equity = 0 Debt to Equity = TD = 138,165 = 0.22 TE 621360 Total Debt =TD= 138,165= 0.16 TA 837,743 License Leverage = TA = 837,743 = 1.35 TE 621,360 Quick(Acid Test) =2.80 = 524571 187017 Cash =2.40 = 448,143 187017 ROE = NI/SE= 58,166M/621,360 = 9% return P/E = Price/earnings = 35.18 EBITDA MULT= __EV___= 11.79 EBITDA Sales multiple = market cap/revenue = 1.80B/ 382.97M = 4.7
- 20. THOR Cash Flows increasing increasing decreasing
- 21. Conclusion: Which is More Valuable? http://biz.yahoo.com/p/s_ttmu.html
- 22. THOR SNP ABIOMED