Sunshine Heart Inc (NASDAQ:SSH) announced that its Chief Executive Officer, David A. Rosa is leaving the Company, effective November 30, 2015. John L. Erb, Chairman of the Board of Directors of Sunshine Heart, has been named Interim Chief Executive Officer and President and will continue to serve as Chairman of the Board.
“On behalf of the Board of Directors of Sunshine Heart, I wish to extend Dave our appreciation for his service and all that he has done for the Company during his six year tenure with Sunshine Heart,” commented John Erb, Chairman and Interim Chief Executive Officer of Sunshine Heart. Mr. Rosa indicated that “he appreciated the opportunity to lead Sunshine Heart over the past six years and wishes the Company the very best.”
Mr. Erb has served as a director of Sunshine Heart since September 2012 and as Chairman of the Board since October 2012. He is currently Chief Executive Officer of NuAx, Inc. (formerly Cardia Access, Inc.), a medical device company involved in developing new devices for the treatment of heart disease. From 2001 through 2006, Mr. Erb was Chief Executive Officer of CHF Solutions, Inc., a medical device company focused on the treatment of congestive heart failure. CHF Solutions, Inc. was acquired by Gambro. From 1997 through 2001, Mr. Erb was President and Chief Executive Officer of IntraTherapeutics, Inc., a medical device company involved in the development, manufacturing and distribution of peripheral vascular stents. IntraTherapeutics, Inc. was acquired by Sulzer Medica. Previously, Mr. Erb was Vice President of Operations for Schneider Worldwide, a division of Pfizer, Inc. Mr. Erb spent 10 years with Johnson & Johnson’s Iolab Division and started his career with American Hospital Supply Corporation.
In connection with the appointment of Mr. Erb as Interim Chief Executive Officer and President, the Board of Directors also appointed current board member, Gregory D. Waller, to replace Mr. Erb on the Compensation Committee and current board member, Paul R. Buckman, to serve as lead independent director and replace Mr. Erb on the Audit Committee.
The Board of Directors of Sunshine Heart has commenced the search for a permanent successor to Mr. Rosa. (Original Source)
Shares of Sunshine Heart are down 1.79% to $1.83 in after-hours trading. SSH has a 1-year high of $6.90 and a 1-year low of $1.65. The stock’s 50-day moving average is $2.29 and its 200-day moving average is $3.03.
On the ratings front, Sunshine Heart has been the subject of a number of recent research reports. In a report issued on November 10, Oppenheimer analyst Steven Lichtman reiterated a Buy rating on SSH, with a price target of $9, which implies an upside of 378.7% from current levels. Separately, on November 3, BTIG’s Sean Lavin maintained a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Steven Lichtman and Sean Lavin have a total average return of -7.5% and 4.4% respectively. Lichtman has a success rate of 49.6% and is ranked #3515 out of 3649 analysts, while Lavin has a success rate of 66.3% and is ranked #675.
Sunshine Heart Inc is an early stage medical device company. It is engaged in developing, manufacturing and commercializing its C-Pulse Heart System for treatment of Class III and ambulatory Class IV heart failure.