Getting pumped about AirXpanders

Medtech companies have seen continued strength since our report on the sector last month, which you can see here: (VIEW LINK). There is continued speculation on increasing M&A in the sector, with Australia reportedly on the radar of US players. Canaccord IPO'd medtech company 'AirXpanders' into a receptive market in mid-June, and the price is already up 60% from issue. AirXpanders has developed, and is now commercialising, a revolutionary tissue expander for use in women who have had breast cancer and are having breast reconstruction following mastectomy. Expanders are temporary implants used to slowly stretch the skin and chest muscles to allow the placement of a permanent implant. It is already approved and for sale in the Australian market. The company is planning to file for US approval during Q3 2015, with approval expected by Q1 2016 to support commercial launch of the product. We have a 12-month price target of $1.25, based on a 12-year cash flow forecast discounted at 12.3%. You can see our full research note here: (VIEW LINK)


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