Medical devices and healthcare corporation Abbott Laboratories (NYSE:ABT) recently announced that its new cardiac mapping platform, the EnSite™ X EP System with EnSite Omnipolar Technology (OT), has received clearance from the U.S. Food and Drug Administration (FDA). The mapping platform is aimed at assisting doctors to better treat abnormal heart rhythms.
Following the news, shares of the company declined 1.5% on Wednesday. The stock pared its loss slightly to close at $133.76 in the extended trading session.
Strategic Impact
With a sizeable number of Americans suffering from abnormal heart rhythms each year, Abbot’s new cardiac mapping system, with its three-dimensional maps of the heart, is likely to make the life of physicians treating heart diseases simpler by identifying the areas where abnormal rhythms originate.
Notably, the platform includes Abbott’s proprietary EnSite OT, which leverages the Advisor HD Grid Catheter to provide true electrograms. Further, the system has the capability to sample EGMs in 360 degrees and map a million points in the heart and provide a more precise location of treatment areas.
Management Commentary
The Senior Vice-President of Electrophysiology at Abbott, Mike Pederson, said, “We developed the EnSite X System with EnSite OT to enhance the utility of our unique Advisor HD Grid catheter and allow doctors to quickly and accurately create real-time, stable, three-dimensional models of the heart. These models provide a way to precisely identify areas that are causing problems, so physicians can better treat those abnormal heart rhythms, and preserve healthy tissue.”
Analyst Ratings
Recently, Cowen & Co. analyst Josh Jennings reiterated a Buy rating on the stock. The analyst, however, raised the price target from $140 to $150, which implies upside potential of 12.2% from current levels.
Consensus among analysts is a Strong Buy based on 11 Buys and 2 Hold. The average Abbott stock prediction of $145.75 implies upside potential of 9% from current levels. Shares have gained 19.2% over the past year.
Positive News Sentiment
News Sentiment for Abbott is Very Positive based on 29 articles over the past seven days. 100% of the articles have Bullish sentiment, compared to the sector average of 58%.
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