Stifel Raises Micrus Endovascular Target to $19

Following a meeting with Micrus management where they came away positive on the prospects of Micrus managing to achieve its stated revenue guidance of $84-87 million for fiscal 2010, Stifel Analysts raised their target to $19 from $15. They also indicated that Micrus will be able to drive significant operating margin improvement throughout the remainder of year.

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Stifel Raises Micrus Endovascular Target to $19

Following a meeting with Micrus management where they came away positive on the prospects of Micrus managing to achieve its stated revenue guidance of $84-87 million for fiscal 2010, Stifel Analysts raised their target to $19 from $15. They also indicated that Micrus will be able to drive significant operating margin improvement throughout the remainder of year.

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Kilcoyne: Micrus will Acquire a Flow Diverter

John Kilcoyne, Micrus Endovascular CEO, dismissed aneurysm flow diversion as a niche opportunity applicable to a small subset of cerebral aneurysm and warned of future in-stent stenosis potential side effects.

However, Mr. Kilcoyne, confirmed that Micrus Endovascular is working on acquiring the technology and is currently working with Flexible Stenting Solutions to develop a laser-cut carbon coated nitinol aneurysm flow diverting device.

The remarks were made today, January 12, 2010 at Needham Growth Conference 12th Annual.

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Kilcoyne: Micrus will Acquire a Flow Diverter

John Kilcoyne, Micrus Endovascular CEO, dismissed aneurysm flow diversion as a niche opportunity applicable to a small subset of cerebral aneurysm and warned of future in-stent stenosis potential side effects.

However, Mr. Kilcoyne, confirmed that Micrus Endovascular is working on acquiring the technology and is currently working with Flexible Stenting Solutions to develop a laser-cut carbon coated nitinol aneurysm flow diverting device.

The remarks were made today, January 12, 2010 at Needham Growth Conference 12th Annual.

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Micrus Endovascular

Micrus Endovascular, a publicly held California-based company founded in June 1996, develops, manufactures and markets a range of proprietary devices and delivery systems for neuro-endovascular applications mainly neuro coils and delivery devices.

Micrus began commercial sales of its microcoil products in 2000 and went public in June 2005. Micrus main marketed product are occlusive aneurysm MicroCoil systems including the ACT, the Cerecyte polymer-loaded, bioactive MicroCoil which was launched in 2004, the Presidio microcoil system which was launched in 2006 and the Cashmere microcoil system which was launched in 2007.

In March 2006 Micrus commenced sales and marketing efforts in Japan through Goodman, its distributor in Japan. During the same month Micrus received CE Mark approval for its Pharos stent, developed by Biotronik, for the treatment of ischemic and hemorrhagic stroke.

In December 2007, Micrus received regulatory approval to sell its stretch-resistant microcoils in Japan and received approval to sell its Cerecyte microcoils in July 2008.

Micrus global revenue exceeded US$80 million in 2009.

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Micrus Endovascular

Micrus Endovascular, a publicly held California-based company founded in June 1996, develops, manufactures and markets a range of proprietary devices and delivery systems for neuro-endovascular applications mainly neuro coils and delivery devices.

Micrus began commercial sales of its microcoil products in 2000 and went public in June 2005. Micrus main marketed product are occlusive aneurysm MicroCoil systems including the ACT, the Cerecyte polymer-loaded, bioactive MicroCoil which was launched in 2004, the Presidio microcoil system which was launched in 2006 and the Cashmere microcoil system which was launched in 2007.

In March 2006 Micrus commenced sales and marketing efforts in Japan through Goodman, its distributor in Japan. During the same month Micrus received CE Mark approval for its Pharos stent, developed by Biotronik, for the treatment of ischemic and hemorrhagic stroke.

In December 2007, Micrus received regulatory approval to sell its stretch-resistant microcoils in Japan and received approval to sell its Cerecyte microcoils in July 2008.

Micrus global revenue exceeded US$80 million in 2009.

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Biotronik Neurovascular

Biotronik, a leading European company in the field of biomedical technology, develops and markets a line of neuroendovascular devices that includes guidewires, balloon catheters as well as stents.

In January 2006, Biotronik entered into a license, development and distribution agreement with Micrus Endovascular to provide Micrus with exclusive access to certain stent technologies for neurovascular applications which covers the PHAROS stent that received CE Mark authorization in February 2006 for both cerebral aneurysms and ischemic disease.

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Biotronik Neurovascular

Biotronik, a leading European company in the field of biomedical technology, develops and markets a line of neuroendovascular devices that includes guidewires, balloon catheters as well as stents.

In January 2006, Biotronik entered into a license, development and distribution agreement with Micrus Endovascular to provide Micrus with exclusive access to certain stent technologies for neurovascular applications which covers the PHAROS stent that received CE Mark authorization in February 2006 for both cerebral aneurysms and ischemic disease.

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Micrus Appoints John Kilcoyne as CEO

Micrus Endovascular announced today, December 1, 2004, the appointment of John Kilcoyne as President and Chief Executive Officer. In addition to serving as President and CEO, Mr. Kilcoyne has become a member of Micrus’ Board of Directors.
Mr. Kilcoyne brings 21 years of operating experience to Micrus. Prior to joining Micrus, Mr. Kilcoyne served as the Chief Executive Officer of Solace Therapeutics, a privately held medical device company.

From November 1997 to January 2001 Mr. Kilcoyne held the role of President and CEO of Endonetics. During his time at Endonetics, the company conceived, developed and commercialized two devices that allowed Mr. Kilcoyne to successfully negotiate the acquisition of Endonetics by Medtronic.

In addition Mr. Kilcoyne’s experience includes senior management positions at Guidant/ACS and Boston Scientific. Mr. Kilcoyne received his B.S. from Cornell University.

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Micrus Appoints John Kilcoyne as CEO

Micrus Endovascular announced today, December 1, 2004, the appointment of John Kilcoyne as President and Chief Executive Officer. In addition to serving as President and CEO, Mr. Kilcoyne has become a member of Micrus’ Board of Directors.
Mr. Kilcoyne brings 21 years of operating experience to Micrus. Prior to joining Micrus, Mr. Kilcoyne served as the Chief Executive Officer of Solace Therapeutics, a privately held medical device company.

From November 1997 to January 2001 Mr. Kilcoyne held the role of President and CEO of Endonetics. During his time at Endonetics, the company conceived, developed and commercialized two devices that allowed Mr. Kilcoyne to successfully negotiate the acquisition of Endonetics by Medtronic.

In addition Mr. Kilcoyne’s experience includes senior management positions at Guidant/ACS and Boston Scientific. Mr. Kilcoyne received his B.S. from Cornell University.

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