Canaccord sticking with "own both" strategy in LVAD duopoly amid thrombosis risk


Canaccord isn't overly concerned about the effect two manuscripts published in the NEJM and JHLT are likely to have on the outlook for shares of Thoratec (THOR) and HeartWare (HTWR).

"Our initial thought is 'we are not surprised,'" writes analyst Jason Mills, who adds that Cannacord "reported on a perceived increase in HM2 device exchanges via thrombus approximately two years ago."

Mills says he wouldn't be surprised to see near-term weakness in THOR and strength in HTWR but notes that "the totality of data on both of these devices suggest they are both excellent solutions for end-stage heart failure patients in need of LV support relative to the alternatives, of which there are virtually none."

Finally, Canaccord thinks the manuscripts may help to "offset the negative view of HTWR in some investors’ minds as a result of the higher stroke rates reported in the IFUs for HTWR's HVAD upon the FDA approval in November 2012."

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