BancBoston Robertson Stephens Initiates Coverage of SPNC with a Long-Term Attractive Rating
SAN FRANCISCO, April 7 /PRNewswire/ -- The following is being issued by BancBoston Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens senior medical device and medical technology analyst Wade H. King, M.D., today initiated coverage of Spectranetics Corp. (Nasdaq: SPNC) with a Long-Term Attractive rating. Spectranetics has developed proprietary excimer laser technology designed to treat a variety of cardiovascular conditions. The company's laser systems allow doctors to photo-ablate unwanted coronary plaque without thermally damaging surrounding tissue.
"We are initiating coverage of Spectranetics with a Long-Term Attractive rating, as we believe that Spectranetics represents a very attractive investment opportunity," said King. "By the end of 1999, we look for shares of the company to trade at 5, which is 30 times our fully taxed 2001 earnings per share estimate of 0.20, discounted back at 30 percent."
"The company's CVX-300 laser system and related disposables are currently approved in the United States for coronary angioplasty and cardiac lead removal procedures. The company has placed nearly 230 laser systems worldwide, suggesting a market penetration rate of approximately 15 percent. As physicians become increasingly aware of the benefits of the company's technology, we believe that sales of disposable laser catheters and laser sheaths will accelerate," said King.
Clients interested in receiving more information should contact their salesperson at 415-781-9700.
BancBoston Robertson Stephens is a leading international investment banking firm focused on growth companies. The firm's 55 equity and high yield research analysts cover more than 600 companies. Additional information is available upon request.
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