January 11, 2011 7:19 AM EST Auriga upgraded shares of Heartware...

January 11, 2011 7:19 AM EST
Auriga upgraded shares of Heartware International (NASDAQ: HTWR) to a Buy rating as the company reported $20 million for 4Q10 which was ahead of the firms estimate of $16.3 million and the consensus of $17.1 million. The firm reports that the company also trumped their estimate of installing 120 pumps in the 4Q10 by 30 totaling 150.

Auriga commented that, "HTWR has obtained approval of HVAD in France and pricing is expected later this quarter, in our view. Based on Thoratecs (NASDAQ: THOR) experience, France could be the second largest EU market behind Germany." The firm reports that the company continues to develope next generation products along with expanding into surgical tools. They are expecting MVAD to enter first-in-man trials in this quarter. They also speculate that another version of MVAD should follow soon in first-in-man, but not likely until 3Q11. As a result the firm is raising their FY10 and FY11 revenue/EPS estimates to $54M/($2.21) and $101M/($1.78) from $51M/($2.37) and $89M/($2.22). To go inline with their new estimates the firm is raising their price target on the company to $101 from $97.