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<p>[QUOTE="Anonymous, post: 4096429"]St. Jude Medical (STJ)</p><p>How Do You Solve a Problem Like Riata?</p><p>Key Takeaway</p><p>Concern is growing over STJ's Riata Lead. The 7F ICD lead is no longer implanted</p><p>and the failure rate suggested by the company is quite low, but some clinicians</p><p>that are seeing increasing failures with the lead and are again questioning the</p><p>safety of smaller leads, with some reports of centers not implanting down-sized</p><p>leads at all. This is of particular issue for St. Jude, as they do not offer a larger</p><p>lead in their current portfolio.</p><p>Focus on Riata appears to be increasing on the heels of clinical papers and</p><p>physician awareness of potential issues. The recent abstract presented at European</p><p>Society of Cardiology in late August has gained traction, with some clinicians and investors</p><p>concerned about the potential for increasing failure rates with the St. Jude Riata lead model.</p><p>The issue is being worsened by the company denying any problem exists — all the way from</p><p>tech support to the investor relations department — which is creating a level of frustration</p><p>from those seeking additional information or guidance on how to address this issue. There</p><p>are reports that some centers have stopped implanting smaller sized leads, which essentially</p><p>blocks out St. Jude as they offer only 7F sized leads in their current portfolio.</p><p>On December 10, 2010, St. Jude issued a Dear Doctor letter to physicians indicating</p><p>the discontinuation of the silicone Riata lead and noted the worldwide failure rate due</p><p>to insulation breaches is 0.47% taking into consideration 227,000 silicone Riata leads</p><p>implanted. While the published failure rate remains quite small, some clinicians are now</p><p>indicating they believe the failure rate could be trending higher as the leads age and</p><p>physicians start to proactively inspect the leads via fluoroscopy, which should detect any</p><p>potential insulation breaches.</p><p>To be clear, the issues seen with the Riata lead to date appear to be more cosmetic, with lead</p><p>insulation breaches, rather than catastrophic failure of the lead. However the lack of clarity</p><p>on how to manage this issue is creating concern among the clinical community.</p><p>Valuation/Risks</p><p>We use 12x our 2012 EPS to arrive at a one-year price of $44 (from $55). The 12x multiple is in</p><p>line with current levels and reflects the uncertainty growing in the company's ICD franchise.</p><p>Other risks include slower CRM share gains, slowing in overseas growth, and regulatory risk[/QUOTE]</p><p><br /></p>
[QUOTE="Anonymous, post: 4096429"]St. Jude Medical (STJ) How Do You Solve a Problem Like Riata? Key Takeaway Concern is growing over STJ's Riata Lead. The 7F ICD lead is no longer implanted and the failure rate suggested by the company is quite low, but some clinicians that are seeing increasing failures with the lead and are again questioning the safety of smaller leads, with some reports of centers not implanting down-sized leads at all. This is of particular issue for St. Jude, as they do not offer a larger lead in their current portfolio. Focus on Riata appears to be increasing on the heels of clinical papers and physician awareness of potential issues. The recent abstract presented at European Society of Cardiology in late August has gained traction, with some clinicians and investors concerned about the potential for increasing failure rates with the St. Jude Riata lead model. The issue is being worsened by the company denying any problem exists — all the way from tech support to the investor relations department — which is creating a level of frustration from those seeking additional information or guidance on how to address this issue. There are reports that some centers have stopped implanting smaller sized leads, which essentially blocks out St. Jude as they offer only 7F sized leads in their current portfolio. On December 10, 2010, St. Jude issued a Dear Doctor letter to physicians indicating the discontinuation of the silicone Riata lead and noted the worldwide failure rate due to insulation breaches is 0.47% taking into consideration 227,000 silicone Riata leads implanted. While the published failure rate remains quite small, some clinicians are now indicating they believe the failure rate could be trending higher as the leads age and physicians start to proactively inspect the leads via fluoroscopy, which should detect any potential insulation breaches. To be clear, the issues seen with the Riata lead to date appear to be more cosmetic, with lead insulation breaches, rather than catastrophic failure of the lead. However the lack of clarity on how to manage this issue is creating concern among the clinical community. Valuation/Risks We use 12x our 2012 EPS to arrive at a one-year price of $44 (from $55). The 12x multiple is in line with current levels and reflects the uncertainty growing in the company's ICD franchise. Other risks include slower CRM share gains, slowing in overseas growth, and regulatory risk[/QUOTE]
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Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Medical Equipment/Device Sales
>
St Jude Medical
>
Riata / Durata More Bad News!!!!
>
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Medical Equipment/Device Sales
>
St Jude Medical
>
Riata / Durata More Bad News!!!!
>