LDR Holding: Strong growth from upcoming launches supported by increased commercial footprintBUY, Fair Value USD46 vs. USD38 (+20%)
A strong set of Q1 numbers from LDR with sales up 25.9% at USD39.1m, driven by a 34.6% increase in sales derived from exclusive technology products which grew by 34.6% to USD35.9m, triggering an upgrade to FY2015 sales guidance. LDR is already building on a new CPT code and a reimbursement fare increase for the two-level procedure. Investment in direct sales as well as in product launches over the next 12 to 18 months should support the growth trend. We have increased our fair value from USD38 to USD46 and reiterate our BUY view.
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