Key points of investment
Incident: (1) The company's next-generation TAVR product Venus Vitae completed the world's first two FIM cases at Instituto De Cardiologia Hospital in Corrientes, Argentina on December 16. (2) The company's next-generation TAVR product Venus PowerX completed the world's first FIM case at West China Hospital of Sichuan University on December 21.
Comment: (1) Venus Vitae is a new generation of ball valve expansion products using “dry valve” technology. Its shorter valve holder design more effectively reduces the impact on coronary blood flow, thereby reducing left bundle branch block and permanent pacemaker implantation. At the same time, an advanced anti-calcification treatment process is used for the valve. On the one hand, the service life of the valve is improved, and on the other hand, the pre-installed valve also provides convenience for clinicians to use. Furthermore, the design of the upper ring flap is compatible with a smaller diameter conveying system, thereby optimizing arch crossing performance. (2) Venus PowerX is a new generation of self-expanding valve products using “dry valve” technology. It has wire control technology, and can still be recycled after 100% of the valve is completely released. While this design facilitates the operation of the doctor, it also further enhances the safety of the patient's operation. Furthermore, the valve holder design is more streamlined, and the three “V” openings reserve channels for coronary intervention.
Based on changes in guidelines in China and the US, it is not difficult to see that TF TAVR, which is less invasive than SAVR at older ages, is the first choice for treating aortic valve disease in the future. However, in the younger age group of 65 to 80, as the service life of TAVR products increases, I believe it will also dominate in the future. Well, the successful entry of the “dry valve” TAVR product indicates that the company is expected to expand the patient base to younger age groups, enrich the product's patient base, and increase the TAVR penetration rate.
Our opinion: The beginning of this FIM enrollment marks the official launch of the company's layout in the “third generation valve” field. It is a milestone in the company's expansion to younger patients, so we recommend that you pay active attention.
Risk warning: Pipeline R&D progress falls short of expectations, market commercialization falls short of expectations, policy collection risks.