Medtronic plc. Ordinary Shares (NYSE:MDT) has launched its sophisticated Drug Eluting Stent Resolute Onyx device in Japan, after gaining FDA approval for adults with coronary artery disease in the US. Japan becomes the latest market where the company hopes to pursue sales in addition to Europe and the US.
Resolute Onyx DES
The Resolute Onyx DES is designed to provide surgeons enhanced visibility when treating patients with large coronary anatomies. It is the first drug-eluting stent to feature core wire technology that ensures exceptional deliverability key to delivering superior clinical performance.
The technology also enables thinner struts ensuring structural strength for supporting blood vessels. Medtronic has already unveiled 4.5mm and 5.0 mm DES sizes in the U.S, for use in patients with extra-large vessels.
“We set out to expand upon a proven DES technology to enhance clinical performance and deliver further meaningful innovations that address the needs of interventional cardiologists around the globe,” said Jason Weidman Medtronic vice president.
Making the device available in Japan is part of the Medtronic strategy of focusing on high-end medical devices within its cardiovascular segment. The unit delivered 35.98% Of the company’s total revenues in the fourth quarter of 2017. Targeting clients in Japan should help the company diversify its revenue streams.
The fact that coronary stent market is expanding fast presents unique sales opportunity as Medtronic moves to target customers on the global scene. U.S stent market is poised to expand by 9%, Asia Pacific by 10% and Europe by 3.1%.
However, Medtronic faces an uphill battle to achieve the desired sales in the stent market. Competition from global leaders Boston Scientific Corporation (NYSE:BSX) and Abbott Laboratories (NYSE:ABT) stands in the way, of the company’s push for market share in the stent market.
Separately, the FDA has approved the use of Medtronic’s self-expanding CoreValve (TM) Evolut Tran catheter aortic valve platform in patients with severe aortic stenosis. The aortic valve is designed to deliver excellent valve performance for patients who are at an intermediate risk for open-heart surgery.
Medtronic stock was down by 0.86% in Monday’s trading session to end the day at $87.20 a share.