St. Jude Medical, Inc. (STJ) recently received approval from the Japanese Ministry of Health, Labor and Welfare (MHLW) for marketing its Genesis spinal cord stimulation system in Japan. The Genesis spinal cord stimulation system is used for the management of chronic pain.

Spinal cord stimulators are also known as neurostimulators. They are small implanted devices used for managing chronic pain of the back, arms and legs. Neurostimulation therapy is provided to patients so that they can evaluate the pain relieving effect of the therapy before going for a permanent implant. The Genesis neurostimulator gives patients the flexibility to adjust their therapy as needed within parameters set by physicians.

Chronic pain is a largely under-treated condition that affects millions of patients in the world. It has been estimated by the World Health Organization and the International Association for the Study of Pain (IASP) that one out of five people suffer from moderate to severe chronic pain.

The new product approval will boost St. Jude’s international revenues and subsequently its top-line. St. Jude Medical is a leading designer, manufacturer and distributor of medical devices used for treating cardiovascular and neurological conditions. The company’s closest competitors are Medtronic, Inc. (MDT) and Boston Scientific Corp. (BSX).

St. Jude Medical is a leader in the mechanical heart valve market and has implanted mechanical heart valves in over 1.8 million patients worldwide.

Presently, we have a Neutral recommendation on St. Jude Medical.

Zacks Investment Research

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