ev3, Inc. (EVVV) recently completed a voluntary Class I recall of its TrailBlazer Support Catheter. The catheter was recalled as a result of the device cracking near its marker band. ev3 received these complaints from physicians during the initial limited market release of the device in the U.S. The company initiated the recall of these devices from November 2009.
 
ev3 recalled roughly 350 individual catheters and at present has the possession of all the affected units. The company has already sent a final closure report regarding the voluntary recall of the affected catheters to the U.S. Food & Drug Administration (FDA). The company also launched a redesigned TrailBlazer Support Catheter globally in December 2009.
 
We think that the recall of these devices will have a minimal impact on the company’s bottom-line. ev3 reported third-quarter earnings per share of 17 cents, surpassing the Zacks Consensus Estimate of 2 cents and the year-ago earnings of 4 cents. The company also reported an expansion in its top-line with growth registered across all business segments.
 
ev3 is a Plymouth, MN-based endovascular company that concentrates on catheter-based, or endovascular, technologies for the minimally invasive treatment of vascular diseases and disorders. The company’s acquired broad product portfolio focuses on applications in each of the three sub-markets of the endovascular device market (ev3): peripheral vascular, cardiovascular and neurovascular. ev3 competes in the endovascular market with a number of large companies like Boston Scientific Corp. (BSX), Medtronic Inc. (MDT), C.R. Bard (BCR), Cordis etc.
 
Currently, we have an ‘Outperform’ recommendation on ev3.
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