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Accuray Incorporated ARAY is well-poised for growth in the coming quarters, courtesy of continued robust demand for its products. The optimism, led by robust international performance in fourth-quarter fiscal 2024 performance and potential in the Precision Treatment Planning System (TPS) and Radiosurgery Market, is expected to contribute further. However, reimbursement uncertainties and stiff competition are concerning.
This Zacks Rank #3 (Hold) company has lost 23% in the year-to-date period against 9.2% growth of the industry. The S&P 500 has witnessed 17.8% growth in the said time frame.
The renowned radiation oncology company has a market capitalization of $217.4 million. Accuray projects 93.8% growth for fiscal 2025 and expects to maintain its strong performance going forward. The company has a P/S ratio of 0.5 compared with the industry’s 4.6.
Reasons Favoring Accuray’s Growth
Potential in Precision TPS: We are optimistic about the Accuray Precision TPS, which offers an efficient way for clinicians to create high-quality radiation therapy treatment plans for various cases. It includes features such as multi-modality image fusion with a unique deformable image registration algorithm, a comprehensive set of contouring tools and options for AutoSegmentation auto contouring for specific body areas.
In June, Accuray announced that the registration dossier for the Accuray Precision TPS had been approved by the Chinese National Medical Products Administration. The Accuray Precision TPS is now available for use with the CNNC-Accuray joint venture Tomo C radiation therapy system.
Potential in Radiosurgery Market: Accuray’s CyberKnife System is a robotic radiosurgery system capable of treating tumors throughout the body. There is an extensive body of published literature supporting the use of the CyberKnife System in the treatment of various targets, including cancers, benign tumors, or functional diseases. With more than two decades of clinical evidence, the CyberKnife System offers distinct advantages in the treatment of diseases in the head, base of the skull, and spine.
During the fiscal fourth quarter, management commented on the strong customer adoption of the CyberKnife system. The company witnessed 31% year-over-year growth in CyberKnife system orders. Per management, the rapidly growing clinical trends toward shorter courses of the latest treatments from one to five sessions, backed by clinical data over the long term for areas like prostate, lung, and neuro treatments, is driving the increase in CyberKnife system demand.
Robust Product Demand: Accuray’s products have been registering robust customer adoption over the past few months. During the fiscal fourth quarter, Accuray implemented the first installations of the VitalHold surface-guided radiation therapy (SGRT) on the Radixact System in Japan. In September, Accuray announced that Gifu Prefectural General Medical Center is setting a new standard in cancer care in Japan as the first hospital in the country to treat patients with SGRT using the company's Radixact Radiation Delivery System and VitalHold package.
In August, Accuray announced that Halifax Health in Florida is the first in the United States to treat cancer patients using the Accuray Radixact Radiation Delivery System and VitalHold Technology.
In June, Accuray announced today that long-term customer Heidelberg University Hospital in Heidelberg, Germany, has selected the company's Radixact System, equipped with its proprietary ClearRT, Synchrony and VOLO Ultra Optimizer solutions, to help transform its approach to cancer care.
Strong Revenue Growth: Per management, Product revenues contributed materially to growth in the fiscal fourth quarter, up approximately 28% year over year. The growth was driven by strong demand in China where product revenues grew 55% and orders increased 80% compared with the prior year. On the fourth quarter of fiscal 2024 earnings call in August, management commented that its EIMEA (Europe, India, the Middle East and Africa) region’s product revenues increased 27%. Per Accuray, the Latin America region witnessed order growth of more than 400% in the fiscal fourth quarter.
On the fiscal fourth-quarter earnings call, management announced that it had received CE Mark for Accuray Helix, a CT-guided helical radiotherapy system designed to provide high performance and high throughput. Management also confirmed that it is continuing with early market launch efforts for Helix (Accuray’s non-China access product) first in India.
Factors That May Offset the Gains for ARAY
Tough Competition: Rapid technological advancements and strong competition characterize the medical device sector in general and the non-invasive cancer treatment sector in particular.
Accuray needs to convince physicians and other healthcare decision-makers about the benefits of its products and technology. To compete successfully, the company has to highlight the advantages of its products over other well-established alternatives.
Reimbursement Uncertainties: Accuray’s customers rely significantly on reimbursement from public and private third-party payors for the CyberKnife and TomoTherapy platform procedures. The company’s ability to commercialize its products successfully and increase market acceptance of the same will significantly depend on the extent to which public and private third-party payors provide adequate coverage and reimbursement for procedures that are performed with Accuray’s products and the extent to which patients who are treated by its products continue to be covered by health insurance. Third-party payors may establish or change the reimbursement for medical products and services that could significantly influence the purchase of the same.
Estimate Trend
Accuray has been witnessing a stable estimate revision trend for fiscal 2025. Over the past seven days, the Zacks Consensus Estimate for earnings has remained stable at a loss of 1 cent per share.
The Zacks Consensus Estimate for first-quarter fiscal 2025 revenues is pegged at $98.1 million, suggesting a 5.6% decline from the year-ago reported number.
Key Picks
Some better-ranked stocks in the broader medical space are Universal Health Service UHS, Quest Diagnostics DGX and ABM Industries ABM. While Universal Health Service sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Service has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Service has gained 56.1% compared with the industry's 48.1% rise so far this year.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have gained 13.9% so far this year compared with the industry’s 17.9% rise.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 27.4% so far this year compared with the industry’s 17% growth.
Zacks Investment Research
InspireMD NSPR recently announced that it has submitted a Premarket Approval (PMA) application to the FDA seeking marketing approval for the CGuard Prime carotid stent system in the United States.
NSPR’s quest for U.S. approval of its next-generation CGuard Prime stent, which offers best-in-class clinical outcomes to treat carotid artery disease and stroke prevention, has advanced significantly with the submission of the PMA application to the FDA.
Upon successful marketing approval of the CGuard Prime carotid stent system in the United States, the company is likely to launch the product in the first half of 2025 commercially. The stent system is expected to contribute significantly to boosting the top-line growth of the company.
However, shares of NSPR have lost 2.23% in the pre-market session on Sept. 17.
More on NSPR’s PMA Application
The PMA application is based on the overwhelmingly positive one-year data from the company’s C-GUARDIANS pivotal clinical trial that was presented at the Leipzig Interventional Course (LINC) 2024 in May. The C-GUARDIANS clinical trial evaluated the safety and efficacy of CGuard for the treatment of carotid artery stenosis. The study enrolled 316 patients across 24 trial sites in the United States and Europe.
The C-GUARDIANS results showed a primary endpoint major adverse event rate of 1.95% through 12 months post-procedure, the lowest such event rate reported for any carotid stent or embolic protection device pivotal trial to date.
More on NSPR’s CGuard EPS & Recent Developments
The CGuard Embolic Prevention Carotid Stent System (EPS) is a novel mesh carotid stent designed to improve patient safety by offering continuous embolic support. By trapping potential emboli against the arterial wall, CGuard EPS preserves external carotid artery perfusion and avoids late and peri-procedural embolization.
In May, NSPR presented the C-GUARDIANS U.S. pivotal trial positive study data. On the second-quarter earnings call, management commented that it expects to commence enrollment in C-GUARDIANS II in the back half of 2024. The company anticipates FDA approval of the company’s C-Guard stent for integration with SILK’s neuroprotection system in the second half of 2025. Additionally, NSPR continues to expect approval for its SwitchGuard TCAR system in the first half of 2026.
Favorable Industry Prospects for NSPR
Per a report by Grand View Research, the carotid artery stents market size was estimated to be $559.7 million in 2021 and is projected to witness a CAGR of 3% during the 2022-2030 period.
Given the market potential, NSPR’s CGuard Prime carotid stent system is likely to provide a boost to the company’s business.
Price Performance of NSPR Stock
In the past six months, NSPR’s shares have gained 18.4% compared with the industry’s 2.2% rise. The S&P 500 has increased 9.3% in the same time frame.
NSPR’s Zacks Rank & Stocks to Consider
NSPR carries a Zacks Rank #4 (Sell) at present.
Some better-ranked stocks in the broader medical space are Universal Health Service UHS, Quest Diagnostics DGX and ABM Industries ABM. While Universal Health Service currently sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Service has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, the average surprise being 14.58%.
The company has gained 41.1% so far this year compared with the industry's 34.8% growth.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.31%.
The company’s shares have gained 3.7% so far this year compared with the industry’s 10.2% growth.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 24.1% so far this year compared with the industry’s 11.9% growth.
Zacks Investment Research
Tactile Systems Technology, Inc. TCMD, popularly known as Tactile Medical, announced that its next-generation pneumatic compression platform, Nimbl, has received approval from Pricing, Data Analysis, and Coding (PDAC) contractor for the Centers for Medicare & Medicaid Services (CMS). This approval allows the use of HCPCS code E0651 for Medicare billing following FDA 510(k) clearance in June 2024.
The company collaborates with clinicians to advance clinical evidence, raise awareness and improve patient access to care. By offering solutions that enhance quality of life and reduce healthcare costs, Tactile Medical helps patients manage their conditions more effectively at home each year.
Shares of TCMD closed 1% higher on Sept. 16 following the news announcement.
Significance of PDAC Approval for Tactile Medical’s Nimbl
The PDAC approval for Nimbl marks a crucial milestone for Tactile Medical, enabling Medicare reimbursement for its next-generation pneumatic compression device. This is significant because it not only validates the efficacy and utility of the system for chronic conditions such as lymphedema, chronic edema, venous insufficiency and wound healing but also increases accessibility for Medicare patients. With a more compact design and digital connectivity features, Nimbl is positioned to improve patient adherence and outcomes, enhancing both the treatment experience and health benefits. This approval accelerates the commercial rollout and underscores the company’s innovation in the field of chronic disorder therapies.
Management announced that the PDAC approval for Nimbl was received earlier than anticipated, highlighting CMS' recognition of its health benefits for Medicare patients with lymphedema and chronic venous insufficiency. It also emphasized Nimbl’s sleek design and technical advancements, which enhance patient adherence and reflect the company’s focus on innovative solutions throughout the treatment process.
With a 40% smaller size and 68% lighter weight than previous models, it offers enhanced portability for active users. Nimbl also connects to the Kylee digital app, allowing patients to track therapy progress and share results with their care teams, making treatment more convenient and effective.
The company plans to commercially launch Nimbl in the United States in the coming weeks.
Market Prospects Favoring TCMD
Per a report in Coherent Market Insights, the global lymphedema treatment market size was worth $570.4 million. It is anticipated to reach $1.1 billion by 2030 at a CAGR of 9.7%.
The robust growth is likely to be driven by the rising prevalence of lymphedema, increasing incidence of cancer and technological advancements.
TCMD Stock Price Performance
Shares of Tactile Medical have lost 2.2% year to date against the industry’s 9.2% growth. The S&P 500 has witnessed a 17.8% rise in the same time frame.
Zacks Rank & Key Picks
Currently, Tactile Medical carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Universal Health Services UHS, Quest Diagnostics DGX and Aveanna Healthcare AVAH. While Universal Health Services sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and Aveanna Healthcare carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Services has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Services has gained 41.1% compared with the industry's 34.8% growth year to date.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have risen 3.7% year to date compared with the industry’s 10.2% growth.
Aveanna Healthcare's earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 47.5%.
AVAH's shares have surged 104.5% year to date compared with the industry’s 15.7% growth.
Zacks Investment Research
Community Health Systems, Inc. CYH recently announced that its subsidiary, Northwest Urgent Care, LLC, has agreed to buy 10 urgent care centers in Arizona from Carbon Health. The move is expected to boost the company’s capacity and footprint in the region.
The transaction is scheduled to be completed in the fourth quarter of 2024. Northwest Urgent is part of Northwest Healthcare, which serves Tucson and its surrounding communities in Arizona. The acquisition is expected to expand Northwest Healthcare’s network to more than 80 sites.
Northwest Healthcare has committed around $200 million to strategic growth and capital development across the Greater Tucson Metro area in the last five years. This investment includes two new hospitals: Northwest Medical Center Sahuarita and Northwest Medical Center Houghton. These projects reflect the company’s efforts to expand and modernize its healthcare offerings in the region. With improving economic conditions, an increase in mergers and acquisitions within the medical and hospital sectors is expected in the coming days.
Over the years, acquisitions and partnerships have been key drivers of Community Health’s growth. The company targets hospitals where it can add value by expanding specialty medical services, achieving economies of scale, investing in new technology and enhancing process management. CYH is expanding capacity by adding beds to its existing facilities to meet the growing demand for healthcare services.
The company operates in 39 distinct markets across 15 states. In the first quarter of 2024, it opened two new ambulatory surgery centers in Tucson, AZ, and Cedar Park, TX. These expansionary moves are expected to boost CYH’s admission volumes, supporting overall growth.
CYH Stock Price Performance
Community Health’s shares have surged 84.6% in the past year compared with the 56.5% rise of the industry it belongs to.
CYH’s Zacks Rank & Key Picks
Community Health currently has a Zacks Rank #3 (Hold). Investors can look at some better-ranked stocks in the broader Medical space, like Universal Health Services, Inc. UHS, Tenet Healthcare Corporation THC and CareDx, Inc. CDNA. While Universal Health and Tenet Healthcare each currently sport a Zacks Rank #1 (Strong Buy), CareDx carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Universal Health Services’ 2024 bottom line suggests 51% year-over-year growth. UHS witnessed seven upward estimate revisions over the past 60 days against no movement in the opposite direction. It beat earnings estimates in each of the last four quarters, with the average surprise being 14.6%.
The Zacks Consensus Estimate for Tenet Healthcare’s 2024 bottom line is pegged at $10.72 per share, which indicates 53.6% growth from a year ago. During the past 60 days, THC witnessed seven upward estimate revisions against none in the opposite direction. It beat earnings estimates in each of the last four quarters, with the average surprise being 58.5%.
The Zacks Consensus Estimate for CareDx’s current-year earnings implies a 140.6% improvement from the year-ago reported figure. CDNA beat earnings estimates in each of the last four quarters, with an average surprise of 114.6%. The consensus mark for its current-year revenues is pegged at $324.5 million, which indicates a 15.7% year-over-year increase.
Zacks Investment Research
Quest Diagnostics DGX recently purchased Allina Health’s select laboratory assets, in line with its strategy to expand through planned acquisitions. The acquisition should help Quest Diagnostics expand its unique and cost-efficient laboratory services in Minneapolis and across Minnesota and western Wisconsin.
Financial terms of the deal were not disclosed.
Likely Trend of DGX Stock Following the News
Following the announcement, shares of the company moved nearly 1.3% north to $156.36 at yesterday’s close. Historically, the company has gained high level of synergies from its various inorganic investments within the laboratory service space. We expect market sentiment on the stock to continue to remain positive around this announcement, too.
Meanwhile, DGX currently has a market capitalization of $17.41 billion. It has an earnings yield of 5.76%, much higher than the industry’s yield of 3.39%. In the last reported quarter, DGX delivered an earnings surprise of 1.73%.
More on Quest Diagnostics' Allina Health Deal
Under the terms of the agreement announced earlier, with the completion of the acquisition, Allina Health’s clinic physicians will now have access to Quest Diagnostics’ laboratory services.
For investors’ note, Allina Health is a leading non-profit healthcare system. With this transaction, Allina Health can reinvest non-profit resources to support its commitment to providing quality and affordable laboratory services to different communities of people.
Strategic Implications of DGX's Latest Purchase
The acquisition of Allina Health’s select laboratory assets is expected to be strategically aligned with DGX's business as both share common interests like helping a range of communities benefit from quality, innovative and affordable laboratory services.
According to Quest Diagnostics, this latest initiative is part of the company’s strategy to generate growth through accretive laboratory acquisitions.
Industry Prospects in Favor of Quest Diagnostics
Per a Grand View Research report, the global clinical laboratory services market was valued at $233.2 billion in 2023 and is anticipated to witness a CAGR of 3.5% by 2030. Primary factors influencing the market surge include the increasing burden of chronic diseases and the growing demand for early diagnostic tests. Along with these, rapid advancements in data management and sample preparation due to growing volumes of testing samples are expected to uplift market growth during the period.
Given the market potential, the deal is expected to benefit Quest Diagnostics' strategy for continuous growth through gradual laboratory acquisitions.
Quest Diagnostics' Growth Through Acquisitions
Acquisitions play a major role for the company. In addition to reaching out through professional lab services and reference testing, The company mainly focuses on traditional hospital outreach purchases and tuck-in lab deals that are accretive to earnings in the first year.
In August, the company announced the completion of its acquisition of LifeLabs from OMERS. The transaction was valued at approximately $1 billion, including net debt. This acquisition is aimed at enhancing access to diagnostic innovation for patients in North America.
The same month, Quest Diagnostics signed a definitive agreement to acquire select assets of University Hospitals' outreach laboratory services business. The transaction should help the company to broaden its access in Ohio to provide its innovative test menu, network of convenient patient access sites and broad health plan coverage.
Additionally, the company purchased PathAI Diagnostics from PathAI, aiming to increase the adoption of AI and digital pathology for better diagnosis of cancer and other diseases.
DGX Price Comparison
Over the past three months, DGX stock has risen 13.9% compared with the industry’s 9.7% growth.
Zacks Rank of DGX and Key Picks
Quest Diagnostics currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Intuitive Surgical ISRG, TransMedics Group TMDX and Boston Scientific BSX. While Intuitive Surgical and TransMedics currently sport a Zacks Rank #1 (Strong Buy) each, Boston Scientific carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Intuitive Surgical’s shares have surged 64.8% in the past year. Estimates for the company’s earnings have remained constant at $1.67 per share for 2024 in the past 30 days.
ISRG’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 8.97%. In the last reported quarter, it posted an earnings surprise of 16.34%.
Estimates for TransMedics’ 2024 EPS have moved up 2.5% to $1.23 in the past 30 days. Shares of the company have soared 156.5% in the past year compared with the industry’s 17.5% growth.
TMDX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 287.50%. In the last reported quarter, it delivered an earnings surprise of 66.67%.
Estimates for Boston Scientific’s 2024 EPS have increased 3.4% to $2.40 in the past 60 days. In the past year, shares of BSX have risen 57.6% compared with the industry’s 19.5% growth.
In the last reported quarter, BSX delivered an earnings surprise of 6.90%. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.18%.
Zacks Investment Research
Sept 16 (Reuters) - Accuray Inc ARAY.O:
ACCURAY INC: ON SEPT 12, ENTERED INTO FOURTH AMENDMENT TO CREDIT AGREEMENT
ACCURAY INC: FOURTH AMENDMENT REDUCES AVAILABLE REVOLVING COMMITMENTS AVAILABLE UNDER AMENDED CREDIT AGREEMENT TO NO MORE THAN $20 MILLION
Source text for Eikon: [ID:n0000950170-24-106804]
Further company coverage: ARAY.O
CVRx CVRX recently announced the publication of new data supporting its Barostim technology for treating heart failure. The data was published in the Journal of the American College of Cardiology: Heart Failure.
The publication builds on the data from the BeAT-HF trial published in 2024 in the European Journal of Heart Failure, demonstrating the long-term sustained symptomatic benefits of Barostim in heart failure patients with reduced ejection fraction.
Shares of CVRX gained 3.2% on Friday on the announcement of the publication of the new data.
More on CVRX’s New Study Data
Barostim technology stimulates baroreceptors located in the carotid artery wall with electrical pulses. The body's baroreflex is triggered by the pulses, which cause the heart to respond. Barostim received the FDA Breakthrough Device designation and is FDA-approved for use in heart failure patients in the United States. It has also received the CE Mark for heart failure and resistant hypertension in the European Economic Area.
Barostim was used in conjunction with guideline-directed medical therapy (GDMT) by the study participants. Comparing GDMT alone with a range of physical and psychological indicators, the participants reported feeling noticeably better. The capacity to work around the house, sleep and exercise all significantly improved as a result. Recipients reported feeling less depressed after taking Barostim. Physical measures included reduced breathing difficulties, discomfort and exhaustion and improved mobility and capacity to carry out daily tasks.
The published data showcased the durable improvements up to 24 months in the individual components of the Minnesota Living with Heart Failure and EuroQual-5D quality of life measures. The CVRx management believes that this analysis of the long-term BeAT-HF data will support the shared decision-making of patients and physicians when considering Barostim therapy.
Favorable Industry Prospects for CRVX
Per a report by Coherent Market Insights, the global cardiac implant market size was estimated to be $37.8 billion in 2022 and is projected to witness a CAGR of 8.1% during the 2022-2030 period.
Given the market potential, CVRX’s Barostim technologies’ positive study is likely to increase its demand and provide a boost to the company’s business.
Price Performance of CVRX Stock
In the past six months, CVRX’s shares have plunged 62% against the industry’s 2.1% growth. The S&P 500 has increased 9.2% in the same time frame.
CVRX’s Zacks Rank & Stocks to Consider
CVRX carries a Zacks Rank #3 (Hold) at present.
Some better-ranked stocks in the broader medical space are Universal Health Service UHS, Quest Diagnostics DGX and ABM Industries ABM. While Universal Health Service currently sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Service has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, the average surprise being 14.58%.
The company has gained 41.1% compared with the industry's 34.8% growth so far this year.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.31%.
The company’s shares have gained 3.7% so far this year compared with the industry’s 10.2% growth.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 24.1% so far this year compared with the industry’s 11.9% growth.
Zacks Investment Research
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