PolySynch Data Impressive; Should Help Strengthen OSA Value Proposition

研报英文原文证据摘录

PolySynch Data Impressive; Should Help Strengthen OSA Value Proposition

EPS — US$4.54

• Our Initial Take. The cumulative AHI responder rate in OSPREY (initial responders

52-Week High / Low US$80.95 / US$41.02 + PolySynch converted responders) is impressive on-the-surface and we expect the

Shares Out (mil) 55.9

efficacy demonstrated in the pivotal trial to be a key selling point once U.S. launch Market Cap. (mil) US$4,399.9

commences. The OSPREY study enrolled ~100 patients in total, but was conducted Avg Daily Vol (000) 802

with a high degree of clinical rigor and we suspect LIVN will look to build out additional Div Yield 0.00%

clinical evidence for its p-HGNS (proximal hypoglossal nerve stimulation) technology Fiscal Year End Dec

over time. We’d note LIVN also has a broader label than the other HGNS competitors

given that aura6000 is not contraindicated for patients with CCC (complete concentric Price Performance - 1 Year

collapse) anatomy (we estimate CCC patients comprises 20-30% of moderate-to-severe USD

OSA patients). Together, we think LIVN has a good (and improving) value proposition 90

that should be beneficial to future commercial uptake. 80

• Stock Thoughts. LIVN shares have performed well YTD (+28% vs. +9% for the S&P 70

500), but we still see the stock trading at an attractive valuation (~11x consensus 2027E 60

EBITDA). We continue to see a favorable stock set-up ahead behind potential numbers

upside and additional multiple expansion. Additionally, we are starting to warm up more 50

to the company’s OSA program and wonder if it could positively surprise once launched 40

(though admittedly there’s still plenty of wood-to-chop here). Reiterate OW / $87 PT. Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26