Aug. 26 at 10:38 AM
Truist🏁
$AXGN and said -- Initiating with Buy and
$60 PT on AXGN, a unique high-growth peripheral nerve repair co, mkting the first (and only) Biologic allograft (Avance) w/in a portfolio of nerve repair products.
$IART $BAX SYK MDT ABT BSX AMIX
Truist added—AXGN plays in a large, barely penetrated TAM (~
$5B) and should be capable of supporting dd growth across a wide set of procedures.
Even with substantial outperformance (238% LTM vs. -10% IHI) we see room to run further and durable upside to our above CNS 20%+ rev growth ests. through '29E as the adoption curve across mult. procedures should steepen via rising rep adds+productivity.
Urology represents TAM expansion/upside and we also expect inflecting profitability and improving FCF.
