Hi Pc,I'll have a go at answering your question. That Zacks...

Hi Pc,

I'll have a go at answering your question.

That Zacks report has no basis. Strong Sell for what? I suspect that they are only looking at it from a technical standpoint from which the US chart of HTWR looks pretty terrible. Although saying that the price in the US has decreased on worry of the results from the BTT trail, due mid-November. If the BTT results are not good then HTWR will be hit hard. On the flip side, if the results are good and also they release news of the take up in the DT trial that is positive then expect a very large movement in the HTWR price. Note that HTWR needs only 300 pumps to complete the DT trial, on the condition that the Heartmate achieves 50% success (or something like that). Given the prior take up during the BTT, Heartware could complete the 300 pump trial within the year.

Finally, in Australia, its not surprising that HIN has decreased. The Australia dollar is up 20% odd.

I have run valuations on Heartware and for my money the company has a lot of upside should they replicate their prior success.

If you are thinking of the potential 5 years out, think 5,000 to 10,000 pumps per year at $115,000 each, not including peripherals, with a 30% profit margin, 14% discount rate (4% terminal growth rate). Growth is expected to be around 30% per year for 5 years+. All of this excludes the upcoming MVAD and TETs.

As the shares are not liquid is not unexpected that we will see large volatility in the share price.