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Teladoc Health’s TDOC shares rose nearly 12% on Tuesday after Jefferies raised its price target from $8 to $10 per share. Improving web traffic for BetterHelp, its mental health platform, was cited as the reason for the price target increase. Jefferies analyst team highlighted a 12% increase in BetterHelp's web traffic in July and August 2024, marking a huge reversal after a year of declines.
Jefferies maintained a bullish stance on Teladoc, focusing on the BetterHelp brand's short-term potential while cautioning against aggressive EBITDA estimates. However, despite the optimistic price target, concerns linger around the company's long-term growth trajectory. BetterHelp paying users declined 14.5% year over year in the second quarter of 2024. Higher traffic is expected to benefit TDOC with more sign-ups and conversions, leading to improved performance of the BetterHelp segment.
BetterHelp’s top line and adjusted EBITDA declined 9% and 26%, respectively, in the second quarter of 2024. TDOC withdrew its full-year 2024 guidance, BetterHelp guidance, and the three-year outlook. These are concerning factors for investors. However, chronic care program enrollment coupled with improving performance in the BetterHelp segment, might provide some respite to the company’s top line in the future. Teladoc Health’s operating revenues declined 1.5% year over year in the second quarter of 2024.
Teladoc's shares have seen significant volatility over the past year. The stock rose significantly during the COVID-19 period, and it has declined around 97% from its all-time high of $294. Improving prospects of the company might aid in restoring investor confidence in the stock and bringing stability to its stock price.
TDOC’s Zacks Rank & Price Performance
Teladoc currently carries a Zacks Rank #3 (Hold).
Shares of Teladoc have plunged 56.1% in the past year against the 13.3% growth of the industry.
Stocks to Consider
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 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
Merit Medical Systems, IncMMSI announced favorable 6-month results from the randomized arteriovenous (AV) fistula arm of its pivotal WRAPSODY Arteriovenous Access Efficacy (WAVE) trial. The data were presented at the Cardiovascular and Interventional Radiological Society of Europe.
The WAVE trial is evaluating WRAPSODY, a cell-impermeable endoprosthesis, in dialysis patients for maintaining vessel patency. Data from the AV fistula arm expands upon the previously completed first-in-human study, WRAPSODY FIRST, and will support the company’s Premarket Approval application to the FDA. WRAPSODY is already approved and available for use in Europe and Brazil.
Following the news, shares of MMSI declined 1.1% to $98.51 at yesterday’s close. The company's ongoing advancements and positive product developments are expected to counterbalance the challenges it faces, like integrating acquisitions, managing manufacturing transitions and dealing with currency fluctuations.
Its accelerated introduction of cutting-edge products, combined with strong patient and physician adoption as well as ongoing regulatory approvals, is expected to drive growth.
Impact of WRAPSODY WAVE Trial Results on Merit Medical
Data from the AV fistula arm of the WAVE trial demonstrated that patients treated with ERAPSODY achieved a 27% higher target lesion primary patency rate of 89.8% compared to 62.8% for those receiving percutaneous transluminal angioplasty. The rate of adverse events was similar between the two groups. The data shows that WRAPSODY improves the maintenance of sufficient blood flow through the AV fistula in dialysis patients compared to PTA.
WRAPSODY's superior efficacy highlights its importance in extending the longevity of vascular access in dialysis treatment, which is critical for patient survival. These positive results mark a pivotal step toward improving vascular access maintenance for dialysis patients, positioning WRAPSODY as a potential new standard of care. The six-month efficacy data is highly compelling, allowing clinicians to assess WRAPSODY's ability to extend vascular access for patients. WRAPSODY has the potential to become the new standard of care.
In the United States, WRAPSODY is currently being used under an Investigational Device Exemption from the FDA.
Market Prospects Favoring MMSI
Per a report in Future Market Insights, the global arteriovenous fistula (AVF)treatment market size was worth $765.8 million in 2023. It is anticipated to reach $1.4 billion by 2033 at a CAGR of 5.9%.
The robust growth is likely to be driven by the introduction of innovative methods like photodynamic therapy, antiangiogenic therapy and sclerotherapy. However, effective and easy-to-use treatments are still in development, driving ongoing innovation and shaping market trends. Nonetheless, the high prevalence of AVF and limited treatment options continue to fuel market expansion.
MMSI Stock Price Performance
Shares of Merit Medical have risen 29.7% year to date compared with the industry’s 0.8% growth. The S&P 500 has witnessed an 18.1% rise in the same time frame.
Zacks Rank & Key Picks
Currently, Merit Medical carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Universal Health Services UHS, ATI Physical Therapy ATIP and Aveanna Healthcare AVAH. While Universal Health Services sports a Zacks Rank #1 (Strong Buy), ATI Physical Therapy 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.
ATI Physical Therapy's earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 7.25%.
ATIP's shares have surged 5.5% year to date compared with the industry’s 18.6% 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
Chegg investors are bound to be disappointed with the stock’s roughly 84% YTD fall, which places it among the worst-performing Russell 2000 Index (RUT) stocks this year. Chegg stock just keeps getting cheaper, and has been falling to new lows this month. In this article, we’ll look at Chegg’s 2025 forecast and analyze whether the stock will keep falling to new lows, or if it CHGG can recover from its troughs. Let’s begin by looking at why Chegg stock has been falling.
Why Does Chegg Stock Keep Falling to New Lows?
The COVID-19 lockdowns helped to drive revenues of companies like Zoom Video Communications , Teladoc Health , and Chegg. However, the entire group has since crashed - and to put it bluntly, their services now no longer appear as “critical” and irreplaceable as they were during the lockdowns.
All of the former pandemic darlings are either growing at a slow pace or worse, contracting. However, Chegg’s woes are much deeper than many of the other former “stay-at-home” companies, and it's facing a tough challenge from artificial intelligence (AI) companies like ChatGPT.
Chegg’s revenues have fallen YoY for nine consecutive quarters and the slowdown has only worsened. Its revenue fell by double digits in Q2, even as the decline was better than what the company forecasted. Its Q3 guidance implies a YoY fall of over 15%, which is even wider than the 10.8% that it witnessed in Q2.
With Chegg’s revenues falling so rapidly, it's not surprising that the stock has also been in a freefall. However, the question that needs to be asked is - has the stock fallen a bit too hard, and is the risk-reward now favorable, despite Chegg’s woes?
Chegg’s Valuations Are Quite Depressed
Chegg trades at a next 12-month (NTM) price-to-earnings (P/E) multiple of a mere 2.22x, while the market cap to free cash flow multiple is below 2. While value investors might ordinarily pounce on a stock with such low valuations – especially if it is a company with negative net debt (more cash than debt) on its balance sheet – CHGG's valuations are low for a reason.
Chegg’s revenue decline is not expected to improve anytime soon, and analysts expect its revenues to fall by 5.8% in 2025. While it's not exactly a rosy forecast, that would still be a lot better than the 11.7% YoY revenue decline that Chegg is expected to post this year.
Chegg Stock 2025 Forecast
Chegg elevated its chief operating officer Nathan Schultz to the position of CEO in April. Schultz was leading the company’s AI efforts, whose success will eventually determine the company’s future as it battles competition from the likes of ChatGPT, which is eating into Chegg’s membership numbers, and by extension its revenues and profits.
Chegg has set itself a target of achieving adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) margin of over 30% with at least $100 million in free cash flows. The company's current market cap is under $200 million, so the kind of free cash flows it is targeting could potentially enable it to repurchase half of its shares. That said, Chegg has already been spending generously on repurchases, but these haven’t yet stemmed the slide in its stock price, with CHGG touching a new low of $1.78 on Sept. 10.
Analysts Rate CHGG as a Hold, but See Massive Upside
Of the 14 analysts covering Chegg, 12 rate it as a “Hold,” while one each rates it as a “Moderate Sell” and “Strong Sell.” However, the stock’s mean target price of $3.91 is over twice the current price levels, and Chegg even trades below its Street-low target price of $2.
In July, Morgan Stanley upgraded Chegg from “underweight” to “equal weight,” even as analyst Josh Baer cut Chegg’s earnings estimates and trimmed his target price by half to $3.25. Morgan Stanley’s investment thesis was also based on the company’s low valuations and the resultant “balanced risk/reward.”
Will Chegg Go the Way of Kodak?
Given the existential threat that Chegg faces from AI companies, a section of the market worries that the edtech company might fade from relevance in the same manner as Eastman Kodak , which failed to evolve. To be sure, Chegg has also pivoted to AI - but the challenge remains to get more people to pay for its services and lure them away from platforms like ChatGPT.
GenAI platforms are far from perfect and often provide incorrect answers, whereas Chegg believes it can do better. The company is also expanding internationally and providing localized experiences. However, international pricing is much lower than what Chegg charges in the U.S., so its average revenue per user (ARPU) might come down as it adds more international users. Even within the U.S., the company might need to do more promotions to increase its user base.
All of that said, I find Chegg’s risk-reward to be favorable at these prices. Given the low valuations and expectations of a more stable revenue environment in 2025, the stock could bounce back next year, even as it remains a high-risk proposition.
On the date of publication, Mohit Oberoi had a position in: CHGG , TDOC . All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Investors generally consider a 52-week high a good criterion for determining an entry or exit point for a given stock. However, stocks touching new 52-week highs are often predisposed to profit-taking, resulting in pullbacks and trend reversals.
Moreover, given the high price, investors often wonder if the stock is overpriced. While the speculation is not absolutely baseless, all stocks hitting a 52-week high are not necessarily overpriced.
In fact, investors might lose out on top gainers in an attempt to avoid the steep prices.
Stocks such as Century Communities CCS, Powell Industries POWL, Sylvamo SLVM, IAMGOLD IAG and Universal Health Services UHS are expected to maintain their momentum and keep scaling new highs. More information on a stock is necessary to understand whether or not there is scope for further upside.
Here, we discuss a strategy to find the right stocks. The technique borrows from the basics of momentum investing and bets on “buy high, sell higher.”
52-Week High: A Good Indicator
Many times, stocks that hit a 52-week high fail to scale higher despite having potential. This is because investors fear that the stocks are overvalued and expect the price to crash.
Overvaluation is natural for most of these stocks as investors’ focus (or willingness to pay the premium) has helped them reach the level. But that does not always indicate an impending decline. Factors such as robust sales, surging profit levels, earnings growth prospects and strategic acquisitions that encouraged investors to bet on these stocks could keep them motivated if there is no tangible negative. In other words, the momentum might continue.
Also, when a string of positive developments dominates the market, investors find their under-reaction unwarranted, even if there are no company-specific driving forces.
Setting the Right Filters
We ran a screen to zero in on 52-week high stocks (trading near the high level) that hold tremendous upside potential. The screen includes parameters to shortlist stocks with strong earnings growth expectations, sturdy value metrics and price momentum.
Moreover, the screen filters stocks that are relatively undervalued compared to their peers in terms of earnings as well as sales, ensuring the continuation of their rally for some time.
Current Price/52 Week High >= .80
This is the ratio between the current price and the highest price at which the stock has traded in the past 52 weeks. A value greater than 0.8 implies the stock is trading within 20% of its 52-week high range.
% Change Price – 4 Weeks > 0
It ensures that the stock price has moved north over the past four weeks.
% Change Price – 12 Weeks > 0
This metric guarantees a continued upward price momentum for the stock over the past three months as well.
Price/Sales <= XIndMed
The lower, the better.
P/E using F(1) Estimate <= XIndMed
This metric measures the amount an investor puts into a company to obtain one dollar of earnings. It narrows down the list of stocks to those that are undervalued compared to the industry.
One-Year EPS Growth F(1)/F(0) >= XIndMed
This helps choose stocks that have higher growth rates than the industry. This is a meaningful indicator, as decent earnings growth adds to investor optimism.
Zacks Rank =1
No screening is complete without the Zacks Rank, which has proved its worth since its inception. It is a fundamental truth that stocks with a Zacks Rank #1 (Strong Buy) have always managed to brave adversities and beat the market average. You can see the complete list of today’s Zacks #1 Rank stocks here.
Current Price >= 5
This parameter will help screen stocks that are trading at $5 or higher.
Volume – 20 days (shares) >= 100000
The inclusion of this metric ensures that there is a substantial volume of shares, so trading is easier.
Here are our five picks out of the 13 stocks that made it through the screen:
Century Communities is a home building and construction company. Its activities comprise land acquisition, development and entitlements, and the acquisition, development, construction, marketing, and sale of various single-family detached and attached residential home projects. The company’s initiative of offering affordable homes along with several incentive offerings, including lot premiums, interest rate buydowns and discounts on base home prices, is expected to be a tailwind. Also, its focus on building homes on a spec basis bodes well. This initiative of the company helps in direct cost control, sparks the availability of quick move-ins and assures buyers of financing certainty.
Furthermore, despite the improving inventory of existing home sales, the company is likely to benefit from increasing new home contracts, thanks to its improved cycle times and increased level of home starts. The company’s focus on affordability, along with the reduced cycle times and cost-reduction initiatives, positions it well for the rest of 2024.
The Zacks Consensus Estimate for 2024 earnings has moved north by 0.8% to $10.72 per share in the past 30 days. CCS surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 35.57%.
Powell Industries is a prominent electrical equipment manufacturer, riding on its strong foothold and improving conditions in two key markets — oil and gas and petrochemical. The company’s efforts to strengthen its project portfolio beyond the core oil and gas, and petrochemical end markets have also enhanced its market share across the utility, commercial and other industrial markets. POWL is also benefiting from increased demand for electrical power from data centers.
Powell is strengthening its participation across the electrical power value chain and benefiting from solid momentum in data center and utility markets. The company witnessed strong bookings in electric utility and commercial markets in the first nine months of fiscal 2024 in the United States. Powell’s capacity expansion initiatives, particularly at the product factory in Houston, bode well. The expansionary efforts have been enabling the company to better serve its customers with enhanced offerings across data centers, hydrogen, carbon capture and other transitional energy markets.
The Zacks Consensus Estimate for fiscal 2024 earnings has remained steady at $12.01 per share over the past 30 days. POWL surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 69.88%.
Sylvamo produces and markets uncoated freesheet for cut size, offset paper and pulp. Stronger order books and higher pulp and paper prices are likely to aid its top-line growth in the near term. The company has initiated a cost-reduction program called Project Horizon, which is focused on streamlining its organization and cost structures in an effort to make a leaner, stronger company.
SLVM is on track to realize savings of at least $110 million by the end of 2024. Around $80 million of the target will come from operational improvements in its mills and supply chains and the balance from the reduction in selling and administrative expenses. The company continues to lower its debt levels and maintains a strong financial position that enables it to invest in its business. It has a pipeline of more than $200 million of high-return capital projects, which will boost its earnings and cash flow profile.
Earnings estimates for Sylvamo’s fiscal 2024 have remained steady at $7.40 per share over the past 30 days. SLVM surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 23.97%.
IAMGOLD is an international gold exploration and mining company based in Canada. IAG is poised for growth, supported by an upward trend in gold prices, the ongoing ramp-up at Côté Gold, and the established portfolio of early-stage and advanced exploration projects within high-potential mining districts. IAG continues to invest in maximizing production and increasing the life of its existing mines, advancing development and exploration projects.
IAMGOLD expects production from the Côté Gold mine in 2024 to be near the lower end of 130,000-175,000 ounces (on a 60.3% basis). IAG has the financing in place and is set to buy a 9.7% interest in Côté Gold on Nov. 30, 2024. This will take its stake in the project to 70%. We expect the contribution from the mine to IAG’s production in 2024 to be higher once this deal is completed. Significant operational projects planned for the next years include the Westwood ramp-up to safely access other mining areas that were affected by the seismic activity in 2020.
The Zacks Consensus Estimate for 2024 earnings has moved north by 5.1% to 41 cents per share in the past 30 days. IAG surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 200%.
Universal Health Services owns and operates (through its subsidiaries) acute care hospitals, behavioral health centers, surgical hospitals, ambulatory surgery centers and radiation oncology centers. Universal Health's Acute Care and Behavioral Health segments have been pivotal in driving top-line growth, fueled by expansions in licensed bed capacity. The company anticipates positive impacts on its Acute Care unit from Medicaid supplemental programs. Strategic buyouts have played a significant role in augmenting its growth trajectory by broadening its portfolio of facilities. It beat second-quarter earnings estimates on Acute Care strength. The company maintains a robust liquidity position, enabling it to pursue growth initiatives and distribute capital through buybacks and dividends. It has resorted to a constant dividend payout of 20 cents per share since 2019.
The Zacks Consensus Estimate for UHS’ 2024 earnings has remained steady at $15.91 per share in the past 30 days. The company surpassed the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 14.58%.
Get the rest of the stocks on the list and start putting this and other ideas to the test. It can all be done with the Research Wizard stock picking and back-testing software.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
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Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.Disclosure: Performance information for Zacks' portfolios and strategies are available at: https://www.zacks.com/performance/.
Zacks Investment Research
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.
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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.
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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.
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