Medtronic (MDT) has recently released positive clinical data on its CoreValve transcatheter aortic valve replacement system at the EuroPCR. The results, which were presented from a two-year prospective study, support a wider use on account of its long-term performance and durability.
 
The CoreValve system is not marketed in the US as yet for either clinical trial or for commercial use. It received CE (Conformité Européenne) mark in March 2007.
 
The CoreValve system is designed to avoid open heart surgery to replace diseased aortic heart valve. It is delivered through the femoral artery and has so far been implanted in over 10,000 patients, suffering from severe aortic stenosis. At present, the CoreValve system is being utilized in 75% of transarterial transcatheter valve replacement procedures.        
 
The current study consisted of 126 multi-locational patients in Canada and Europe, who were implanted with the commercially available 18F CoreValve system. After two years, the study found out the following:
 
·         About 73% of the patients witnessed improvement in heart failure symptoms
·         Cardiac survival was about 74%
·         No case of valve migration or valve deterioration was observed
 
Earlier, in February 2009, Medtronic acquired CoreValve, a developer of a transcatheter, transfemoral aortic valve replacement product.
 
Medtronic has six major segments − Cardiac Rhythm Disease Management (CRDM), Spinal and Biologics, CardioVascular, Neuromodulation, Diabetes, and Surgical Technologies. A higher demand for implantable cardioverter-defibrillators (ICD) fueled growth in the CRDM segment. This is expected to bolster the company’s strong position in the cardiac market against its closest rivals, Boston Scientific Corporation (BSX) and St. Jude Medical (STJ).
 
Medtronic generated consolidated net revenues of $14.6 billion in fiscal 2009 (financial year ending April).
 
We currently have a Neutral rating on Medtronic.
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