Sunshine Heart Inc (NASDAQ:SSH) announced today its financial results and provided a company update for the first quarter ended March 31, 2016. The Company will host a conference call and webcast at 9:00 AM ET today to discuss its financial results and provide an update on business strategy

Business Update:

  • Company is making solid progress on pursuing a more optimal clinical strategy to expedite the approval of C-Pulse therapy in the U.S.
  • Advancing the development of a fully implantable system by conducting an acute first-in-man study in 2016 that measures neuromodulation effects
  • Expect to submit clinical protocol for a short-term study of CP-1 to the FDA by the end of Q3; estimate protocol approval and commencement of patient enrollment in the U.S. by early 2017
  • Data from OPTIONS-HF study showing improvements in cardiac remodeling, functional capacity, and quality of life, to be presented at the European Society of Cardiology Heart Failure conference May 21st, 2016 in Florence, Italy
  • Meaningful progress on reducing operating cash-burn in Q1; down 35% from Q1 a year ago.
  • Ended Q1 with $16.5 million in cash, $7.1 million in borrowings; management continues to expect to raise capital in 2016

“After my first two months as CEO, I continue to be excited by the significant opportunity in front us at Sunshine Heart,” said John Erb, Chairman and CEO. “The entire organization is focused on pursuing a business and clinical strategy that will allow us to realize the full potential of C-Pulse therapy in helping heart failure patients. We have learned a great deal about the treatment of heart failure patients and we are leveraging that knowledge. In that regard, I am pleased with the clinical progress we are making. We intend to submit our protocol for a short-term clinical study to the FDA by the end of the third quarter. This will allow us to collect additional clinical evidence to support the development of our fully implantable system.” (Original Source)

Shares of Sunshine Heart closed yesterday at $0.65, down $0.06 or -8.50%. SSH has a 1-year high of $4.45 and a 1-year low of $0.56. The stock’s 50-day moving average is $0.81 and its 200-day moving average is $1.29.

On the ratings front, SSH has been the subject of a number of recent research reports. In a report issued on March 4, Piper Jaffray analyst Thomas Gunderson maintained a Buy rating on SSH, with a price target of $4, which represents a potential upside of 515.4% from where the stock is currently trading. Separately, on the same day, Oppenheimer’s Steven Lichtman downgraded the stock to Hold .

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Thomas Gunderson and Steven Lichtman have a total average return of 4.9% and 0.3% respectively. Gunderson has a success rate of 50.0% and is ranked #1091 out of 3838 analysts, while Lichtman has a success rate of 59.9% and is ranked #1675.

Overall, 2 research analysts have assigned a Hold rating and 2 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $4.00 which is 515.4% above where the stock closed yesterday.