Medtronic announces successful US launch of the Endeavor Drug-Eluting Stent
20/05/2008
Biocompatibles (LSE:BII) is pleased to report Medtronic management’s comments on the Endeavor Drug-Eluting Stent in its fiscal fourth quarter press release and conference call held on 20 May.
On 1 February 2008, Medtronic announced that it had received FDA approval for Endeavor and would immediately commence the US market launch. Yesterday, it reported US Endeavor sales of $81m in its fiscal fourth quarter to 25 April.
Bill Hawkins, Medtronic President and Chief Executive Officer, reported strong growth in Cardiovascular revenue “…driven by the successful launch of the Endeavor drug-eluting stent in the U.S. market in the fourth quarter.” He stated that Medtronic estimated that “…Endeavor captured an average of 19% of the US market during the fourth quarter and exited the quarter above 20% market share”. This positive position was based on a “disciplined pricing strategy” in which “Endeavor’s average selling price is consistent with the current US market average.”
Biocompatibles earns a royalty of 1.5% on Medtronic’s worldwide sales of Endeavor and received a milestone on the first commercial sale of the stent in the US. Both these revenues are included in Biocompatibles’ 2008 revenue guidance of £12m-£15m.