Valeant Pharmaceuticals Intl Inc (NYSE:VRX) wholly owned subsidiary, Bausch + Lomb, announced it has received 510(k) clearance from the FDA for the Stellaris Elite™ Vision Enhancement System, the company’s next generation phacoemulsification cataract platform. The new machine offers many new cutting-edge innovations, as well as the opportunity to add upgrades and enhancements continuously, allowing surgeons to customize their machines and expand their capabilities more rapidly than ever before.
“We are pleased to continue to deliver on our planned 2017 product launches with the approval of the Stellaris Elite platform,” said Joseph C. Papa, Chairman and CEO of Valeant. “As part of Valeant’s continued investment in innovation, this surgical platform will further expand Bausch + Lomb’s comprehensive portfolio of products and directly address the needs of the marketplace. By changing the paradigm of traditional large capital equipment currently offered today, our R&D team developed the Stellaris Elite to provide customers innovative upgrades and enhancements every one to two years, versus the customary decade-long life cycle, to meet the ever-evolving needs of their patients.”
Stellaris Elite will be the first phacoemulsification platform on the market to offer Adaptive Fluidics™, which combines precise aspiration control with predictive infusion management to create a highly responsive and controlled surgical environment for efficient cataract lens removal.*
Bausch + Lomb plans to launch retina applications for the Stellaris Elite this summer, which will integrate both retina and cataract capabilities into a single machine. The system will also offer surgeons additional functionality and a broad range of accessories and probes, including the new Vitesse technology, a high-speed vitreous cutter, which is currently under FDA review.
Shares of Valeant are up 1.5% to $9.64 in pre-market trading Thursday. VRX has a 1-year high of $38.50 and a 1-year low of $9.49. The stock’s 50-day moving average is $12.59 and its 200-day moving average is $16.68.
On the ratings front, Valeant has been the subject of a number of recent research reports. In a report issued on April 4, Jefferies analyst Biren Amin reiterated a Buy rating on VRX, with a price target of $18, which represents a potential upside of 89% from where the stock is currently trading. Separately, on March 23, RBC’s Douglas Miehm reiterated a Hold rating on the stock and has a price target of $18.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Biren Amin and Douglas Miehm have a yearly average return of 0.8% and a loss of 10.7% respectively. Amin has a success rate of 44% and is ranked #2202 out of 4553 analysts, while Miehm has a success rate of 41% and is ranked #4348.
Overall, 2 research analysts have rated the stock with a Sell rating, 9 research analysts have assigned a Hold rating and 3 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 $13.75 which is 44.7% above where the stock closed yesterday.
Valeant Pharmaceuticals International, Inc. engages in the development, manufacture, and market of a broad range of pharmaceutical products in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. It operates through the following segments: The Bausch + Lomb/International, The Branded Rx, and The U.S. Diversified products. The Bausch + Lomb/International segment is consist of the sale of pharmaceutical products, over-the-counter products, and medical devices products.