Stereotaxis (STXS) Seeks Clearance for MAGiC Catheter
Stereotaxis STXS recently announced the regulatory submissions for the MAGiC catheter, which is seeking marketing clearance in Europe and the United States.These submissions follow successful initial clinical results in an ongoing trial.
The company looks forward to working collaboratively with the regulatory agencies during their review of the submissions and hopes to make MAGiC catheter benefits available to patients and physicians soon.
Price Performance
In the past six months, STXS shares have gained 53.8% compared with the industry’s rise of 14.9%. The S&P 500 increased 14.9% in the same time frame.
Image Source: Zacks Investment Research
More on MAGiC Catheter
The Stereotaxis MAGiC catheter is a robotically guided magnetic ablation device intended for use in minimally invasive cardiac ablation treatments. Based on nearly two decades' worth of experience with over 100,000 procedures using robotically navigated ablation catheters, MAGiC includes several features intended to improve patient safety, procedural effectiveness and efficiency, and the doctor-patient experience.
The MAGiC catheter was used for the first time on humans earlier in 2024 as part of a clinical investigation that involved many centers. A renowned journal for electrophysiology received stellar preliminary data from the first 20 surgeries, indicating 100% acute effectiveness and no side effects. The regulatory submissions contained these results.
The MAGiC catheter's CE Mark and PMA Supplement filings are the result of a comprehensive process that involves design, development, manufacture, and testing. The catheter is the first of many interventional devices that Stereotaxis is developing, and it provides a framework for future advancements.
After obtaining regulatory permissions, Stereotaxis plans to commercially release the MAGiC catheter for robotic electrophysiologists’ use.
Industry Prospects
Per a report by Global Market Insights, the global electrophysiology market was estimated at $5.6 billion in 2022 and is expected to grow more than $17.1 billion by 2032 at a growth rate of 12%.
The rising prevalence of cardiac arrhythmia and heart failure among the population is likely to boost the market growth opportunities.
With the market potential for electrophysiology, Stereotaxis is likely to boost its business with its MAGiC catheter as it finds application in robotic electrophysiology.
Stereotaxis Inc. Price
Stereotaxis Inc. price | Stereotaxis Inc. Quote
Zacks Rank & Other Stocks to Consider
STXS carries a Zacks Rank #2 (Buy) at present.
Some other top-ranked stocks in the broader medical space that have announced quarterly results are Cencora, Inc. COR, Elevance Health, Inc. ELV and Cardinal Health, Inc. CAH.
Cencora, currently carrying a Zacks Rank of 2, reported first-quarter fiscal 2024 adjusted earnings per share (EPS) of $3.28, beating the Zacks Consensus Estimate by 14.7%. Revenues of $72.25 billion outpaced the consensus mark by 5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cencora has a long-term estimated growth rate of 8.6%. COR’s earnings surpassed estimates in the trailing four quarters, the average surprise being 6.7%.
Elevance Health reported fourth-quarter 2023 adjusted EPS of $5.62, beating the Zacks Consensus Estimate by 1.3%. Revenues of $42.45 billion outpaced the consensus mark by 1.5%. It presently carries a Zacks Rank #2.
Elevance Health has a long-term estimated growth rate of 12%. ELV’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 3.1%.
Cardinal Health reported second-quarter fiscal 2024 adjusted EPS of $1.82, beating the Zacks Consensus Estimate by 16.7%. Revenues of $57.45 billion surpassed the Zacks Consensus Estimate by 1.1%. It currently carries a Zacks Rank #2.
Cardinal Health has a long-term estimated growth rate of 15.9%. CAH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 15.6%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Cardinal Health, Inc. (CAH) : Free Stock Analysis Report
Stereotaxis Inc. (STXS) : Free Stock Analysis Report
Cencora, Inc. (COR) : Free Stock Analysis Report
Elevance Health, Inc. (ELV) : Free Stock Analysis Report