Morgans observes a number of catalysts have been flagged at the AGM, including the PREVENT study results and SOZO approval for heart failure, which if achieved should mean the shares move higher.
Morgans remodels the business to better reflect the growth in the installed base. Quarterly sales are still tracking below expectations.
The company’s technology is now incorporated into the broker’s assessment of the heart failure market. The target market is estimated at 1.4m Class III patients in the US, which represents around 25% of the heart failure population.
The March quarter update has signalled to Morgans that the three major pilot sites are progressing well. The broker expects sales will steadily increase each quarter as additional clinics adopt L-Dex.