Surmodics' Pounce Thrombus Retrieval System Gets FDA Nod
Surmodics, Inc. SRDX recently received FDA 510(k) clearance for its Pounce Thrombus Retrieval System, which enables non-surgical removal of thrombi and emboli from the peripheral arterial vasculature. Notably, this approval provides Surmodics enough incentive to strengthen its commitment toward research and development (R&D) capabilities.
Notably, the Pounce Thrombus Retrieval System is a mechanical thrombectomy device that helps in thrombus removal in peripheral vasculature without the need of additional expenditure or commitment to another external capital equipment.
This approval will provide a boost to Surmodics’ Medical Devices segment.
Significance of the Approval
It is important to mention here that over 200 million people globally suffer from peripheral artery disease (PAD) — a serious and underdiagnosed circulatory condition — resulting from the build-up of arterial plaque, most commonly in the legs. If left untreated, PAD could also lead to gangrene and limb amputation.
This approval has enabled Surmodics to offer a technology that can substantially improve the current treatment of complex PAD and holds the potential to change the treatment algorithm for arterial thrombectomy. Moreover, the company intends to accelerate its development efforts on new clinical applications for deep vein thrombosis (DVT), pulmonary embolism (PE) and ischemic stroke.
Apart from strengthening Surmodics’ focus on advancing therapies for PAD, the approval of the Pounce Thrombus Retrieval System will help address a crucial clinical need.
Market Prospects
Per a report by MarketsandMarkets, the global peripheral vascular devices market is expected to reach $12.6 billion from $9.2 billion in 2020 witnessing a CAGR of 6.5%. Increase in geriatric population and the related growth in the prevalence of peripheral vascular diseases, the approval of new and advanced products, and the rising incidence of diabetes are the primary factors driving this market.
Recent Development
In August, Surmodics received FDA 510(k) clearance for its Sublime Radial Access 0.014 Rapid Exchange (RX) Percutaneous Transluminal Angioplasty (PTA) Dilatation Catheter, which will help in the treatment of below-the-knee vessels from the radial arteries with industry’s longest (250 cm) working length.
Price Performance
Over the past six months, shares of this Zacks Rank #2 (Buy) stock have gained 25% compared with the industry’s rally of 14.8%.
Other Stocks to Consider
Some other top-ranked stocks from the broader medical space include Biolase, Inc. BIOL, Thermo Fisher Scientific Inc. TMO and NextGen Healthcare, Inc. NXGN, each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Biolase has a projected long-term earnings growth rate of 15%.
Thermo Fisher has an estimated long-term earnings growth rate of 15%.
NextGen has a projected long-term earnings growth rate of 8%.
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