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3905, Annapolis Lane, Suite 105
Minneapolis, MN 55447 USA
phone:(763) 553-7736
fax:(763) 557-2244
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| Symbol |
ATSI |
| Exchange |
Nasdaq |
| Founded |
1991 |
| Employees |
178 |
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| www.atsmedical.com
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| Research Sector |
Medical Devices & Tech |
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| Summary Description |
| Products for cardiovascular surgery with primary focus on the treatment of heart valve disease. |
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| Management |
| Steven M. Anderson, President of Acorn Cardiovascular, Inc.; Michael D. Dale, President and Chief Executive Officer, Chairman of the Board; Robert E. Munzenrider, Former CFO; Guy P. Nohra, Co-founder and Managing Director; Eric W. Sivertson, President; |
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| Recent Results |
| For the three months ended September 30, 2006, sales increased to $9.1 million, up 9.5% from the same period in 2005. Revenue generated from products and services other than the company's mechanical heart valve increased 52.9% to $1.8 million and revenue from the company's mechanical heart valve product increased 2.1% as compared to the third quarter of 2005. Revenues in the third quarter from products and services other than the company's mechanical heart valve represented 20.2% of total revenue compared with 16.4% in the second quarter of 2006. |
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| Keywords |
| cardiac, mechanical, surgery, annuloplasty, ablation |
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| Description |
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ATS Medical develops, manufactures and markets products for cardiovascular surgery with primary focus on the treatment of heart valve disease. Its flagship product is the bileaflet mechanical ATS Open Pivot Heart Valve. |
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| Products / Services |
In addition to the Open Pivot Heart Valve, ATS offers a Simulus annuloplasty product for heart valve repair, Surgi-Frost and Frost-Byte products for surgical cryoablation of cardiac arrhythmias, RTI-Cardiovascular for allograft tissue services, and QAS home monitoring of anticoagulation therapy.
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| Technology / Differentiation |
| The ATS Open Pivot Heart Valve has open pivots unlike cavity pivots, which are common to all other bileaflet mechanical valves. This unique design element enables the leaflets to pivot on smooth surfaces that project into the bloodstream where they are passively washed with each cardiac cycle. This minimizes areas of stasis, where blood elements may aggregate, leading to clot and/or stroke.
The ATS 3F product brand employs "form following function" design concepts that are intended to improve on the performance of existing heart valves by mimicking natural valves. This foundational technology is applied in designs that streamline the implant procedure in the emerging field of minimally invasive heart valve replacement. |
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| Market / Customers |
The company's products are used to address valvular replacement needs attributable to the natural aging process, rheumatic heart disease and congenital defects. ATS Medical sells its products through direct sales organizations in the U.S., Germany and France, as well as through an independent distribution network in other international markets. U.S. sales now represent about 39% of total sales, up from 4% in 2000. The worldwide market for mechanical heart valves is estimated at about $400 million. The repair segment of the heart valve therapy market is estimated at $125 million and growing at 5-10% per year.
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| Competitors / Substitutes / Alternatives |
St. Jude's Medical, Medtronic, Edwards Lifesciences, Sulzer Carbomedics, Sorin Biomedica, Medical Carbon Research, CryoLife
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| Strategy |
ATS Medical is actively diversifying its product portfolio, to expand its market opportunities while leveraging existing customer relationships and distribution infrastructure.
In October 2006, ATS completed a $58 million purchase of 3F Therapeutics, a privately held developer of tissue heart valve products. This acquisition opened the door to the $600 million tissue valve market and brought less-invasive surgical technology to ATS.
In December 2006, ATS acquired the assets of EM Vascular. The newly acquired technologies will be used to develop noninvasive, non-pharmaceutical therapies for the treatment of such disorders as atherosclerotic plaque and blood hypercholesterolemia, as well as future angiogenesis applications.
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