According to Jefferies, Abiomed ABMD NHIC reversal creates a positive precedent.
Jefferies reported that it believes that the surprise NHIC LCD reversal following a more thorough review of the PROTECT II sub group data is an indication that future LCD drafts could be favorable. “Our sum-of-the-parts analysis generates a new PT of $20 and uses a 5.0x multiple to the avg of F12 through F16 Impella sales (discounted back by 15%), a 1.5x multiple on F12 non- Impella sales, and adds ~$59M in cash. ABMD faces regulatory and reimbursement risks.”
Abiomed closed yesterday at $16.93.
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