【出版时间及名称】：2010年1月瑞士医疗技术行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：76
        【目录或简介】：
Table of Contents
Investment Thesis ............................................................................. 5
Outlook ....................................................................................................................................5
Valuation ..................................................................................................................................7
Risks ........................................................................................................................................7
Sonova................................................................................................ 9
Upgraded to Buy.......................................................................................................................9
Existing business to exceed expectations ..............................................................................10
New businesses to increase Sonova’s targetable market opportunities materially ................11
InSound Medical: a key win for HAs .......................................................................................13
Advanced Bionics Corp: a substantial start in hearing implants ..............................................15
Valuation ................................................................................................................................17
Price Target............................................................................................................................18
Risks ......................................................................................................................................18
Forecasts ...............................................................................................................................19
W. Demant........................................................................................ 23
Some scope to appreciate ......................................................................................................23
Hearing aid sales to return to robust growth ..........................................................................24
First full year in the bone anchored hearing implant market ...................................................26
Diagnostic instruments to continue share gains .....................................................................27
Personal communication to normalise....................................................................................27
Margins to recover further ......................................................................................................27
Valuation ................................................................................................................................28
Price Target............................................................................................................................29
Risks ......................................................................................................................................29
Forecasts ...............................................................................................................................30
Key HA developments..................................................................... 35
Current outlooks of the WW hearing aid market.....................................................................35
M&A outlook..........................................................................................................................40
Key contract renewals.............................................................................................................43
Hearing aid tax credit in the US...............................................................................................44
VA demand for hearing aids....................................................................................................48
InSound Medical, Inc....................................................................... 51
What is Lyric®?.......................................................................................................................52
What are the key benefits of Lyric®?......................................................................................53
How much does Lyric® cost vs. existing alternatives? ..........................................................54
How is Lyric® fitted and replaced?.........................................................................................55
What does Lyric® mean for hearing professionals? ...............................................................55
How has Lyric® done in the market and how would this change going forward? .................56
Hearing implants (HI) ...................................................................... 57
Key products and their commercial prospects........................................................................58
Cochlear implants (CIs) ...........................................................................................................60
Bone anchored hearing implants (BAHI) .................................................................................65
Direct Acoustical Cochlear Stimulation (DACS) implants ........................................................68
Key financial characteristics of the hearing implant market ....................................................69