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TWST: What is the overall medical device stock coverage at CIBC?
What are the benefits for the investor focusing in on specific
sectors?
Mr. Calcagnini: For over a decade I have followed the medical
device industry. My primary focus has been on cardiology,
urology, radiology, general surgery and a few other niche markets
within the medical device sector. I have an associate who covers
orthopedics. We also leverage the work of the other healthcare
research groups here at CIBC. We kick the tires, meaning that we
do a lot of fundamental research, including speaking to
physicians and employees at all levels of the companies being
analyzed and talking to regulatory people responsible for
reimbursement. Therefore, we make informed decisions with regard
to our recommendations. Historically, I've had success in
identifying emerging market trends and medical device
technologies early on that will replace existing surgeries by
virtue of being less invasive, more cost effective or that
replace suboptimal drug therapies, creating major new market
opportunities. Some examples of that include the coronary stent
market development years ago, and before that angioplasty to
replace invasive coronary artery bypass graft surgery in many,
but not all, cases where you are treating coronary artery
disease. Going forward, the focus is on drug-eluting stents that
eliminate or help to dramatically reduce restenosis that can
occur in coronary arteries that have been treated with
angioplasty or uncoated stents. Paradigm changers ' like drug-
coated stents or implantable defibrilators ' create big new
growth avenues for some of these companies, including ones such
as Boston Scientific (BSX) and St. Jude Medical (STJ). TWST: How do you cover the companies that overlap into different
areas and practices?
Mr. Calcagnini: In the case of Medtronic (MDT), I would focus on
cardiology. That's most of what Medtronic does today. I would
also focus on diabetes. John Lindquist, who covers neuro/spine,
can provide a little more detail on the orthopedic side of the
business, and I will use the analysis that I obtain from him in
quantifying market growth rates for each of the subsegments
within orthopedics, whether it's the spinal fusion market or
other segments of orthopedics like hips, knees and so on.
Tickers included in this excerpt: AGN, BAX, BCR, BDX, BSX, CPTS, DFIB, FIMG, GDT, IMDC, JNJ, MDT, MNTR, NASI, PHG, STJ
For more information call (212) 952 7400. The
Wall Street Transcript does not endorse any of the comments made by interviewees, and does
not make stock recommendations.
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