Upcoming AWS Coverage on Align Technology Post-Earnings Results
LONDON, UK / ACCESSWIRE / November 29, 2016 / Active Wall St. blog coverage looks at the headline from Edwards Lifesciences Corp. (NYSE: EW) as the company announced on November 28, 2016, that it has entered into a definitive acquisition agreement with Valtech Cardio Ltd ("Valtech") for approximately $340 million in stock and cash at closing. While Edwards Lifesciences is the global leader in the treatment and development of heart valve and hemodynamic monitoring, Valtech, a privately held firm based in Israel, is a developer of Cardioband System for transcatheter repair of the main valves of the heart, the mitral, and tricuspid valve. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/
One of Edwards Lifesciences' competitors within the Medical Appliances & Equipment space, Align Technology, Inc. (NASDAQ: ALGN), reported on November 08, 2016, financial results for the third quarter ended September 30, 2016. AWS will be initiating a research report on Align Technology in the coming days.
Today, AWS is promoting its blog coverage on EW; touching on ALGN. Get all of our free blog coverage and more by clicking on the link below:
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The Cardioband Systema
A majority of valve reconstructions involve the tedious, and often fatal, open-heart surgery. This flagship technology from Valtech offers reconstruction of the mitral valve without the need of open-heart surgery where direct annuloplasty is used and delivered transfemorally. The cardioband is fluoroscopy and echo guided which slashes out the chances of any mishap in the procedure.
The cardioband ensures safety of the individual through transfemoral transseptal venous access with no interaction in the left ventricle. The native anatomy of the valves is preserved in the treatment, hence, minimizing future cardiac intervention hassles. Cardioband transseptal mitral repair system was approved with a CE Mark for sale in European nations in the year 2015. A similar tricuspid application of a version of the Cardioband is under CE Mark trials, awaiting the official confirmation regarding its viability.
The heart treatment portfolio
Edwards Lifesciences, in recent years, has aimed to bring multiple heart treatment solutions under a single platform. Be it the acquisition of CardiAQ on August 26, 2015, or this valve repair merger with Valtech, Edwards Lifesciences has seemingly viewed a portfolio expansion potential through strategic acquisitions.
The acquisition of CardiAQ was valued at $350 million cash with an additional $50 million upon execution of European regulatory milestone. The acquisition brought several valuable therapies to Edwards Lifesciences' portfolio, with development of a transformational solution for patients suffering from mitral valve disorders. The flagship FORTIS mitral replacement system from Edwards Lifesciences turned out to be complementary with the solution from CardiAQ and brought necessary advancements for the patients.
This acquisition of Valtech, which is yet to be executed, is a clear indication of the firm's motivation to establish itself as the sole leader in valve repair solutions segment.
According to Michael A. Mussallem, Edwards Lifesciences' chairman and CEO:
"We recognize that physicians will likely need a toolbox of options to treat their patients most effectively. We believe the addition of Valtech's talented team and mitral and tricuspid technologies will present even more opportunities to help patients."
The deal is expected to fetch around $340 million in stock and cash, at the final closing. An additional $350 million will be garnered subject to completion of some pre-specified milestone-driven payments for the tenure of the next 10 years.
Additionally, Edwards Lifesciences' Board of Directors issued a new share repurchase program to acquire an additional $1 billion of the company's outstanding common shares. Edwards Lifesciences holds $270 million from the original $750 million share repurchases, which was authorized in July 2014.
Stock Performance
Edwards Lifesciences' stock dropped by 1.75%, closing Monday's session at $84.30 on volume of 3.08 million shares, which was higher than the 3 months average volume of 1.93 million shares. The company's shares gained 6.74% since the beginning of the year. Additionally, the stock has advanced 2.11% in the last twelve months. The company's shares are trading at a PE ratio of 33.33.
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