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Biotech / Medical : Eclipse Surgical Tech (ESTI)
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To: Sir Auric Goldfinger who wrote (80)12/2/1999 1:02:00 PM
From: Mike  Read Replies (1) of 103
 
Reason for the drop? What does everyone think about the revenue estimates? Are these too low or too high? Buying or time to get out?

Mike

Eclipse Surgical Shares Fall 24% as Analyst Doubts Future Sales


Sunnyvale, California, Dec. 2 (Bloomberg) -- Eclipse Surgical Technologies Inc. shares fell as much as 24 percent after an analyst said future sales of the company's lasers are in doubt because of problems completing the transactions.

Shares of the company fell 1 7/8 to 7 1/8 in midday trading of 2.6 million shares, more than three times the three-month daily average. The stock fell to 6 7/8 earlier.

Warburg Dillon Read analyst Emil Westergaard lowered his fourth-quarter revenue estimate for Eclipse because the company is struggling to sell lasers. He now expects it to have a loss of 12 cents a share on sales of $7.7 million. Westergaard had previously expected the company to have a loss of 8 cents on revenue of $9.2 million.

The company said Oct. 5 that its third-quarter loss would be wider than expected because some heart laser sales weren't completed as soon as expected, causing the shares to fall 32 percent. Eclipse said it took longer than anticipated to close some laser sales, delaying revenue expected in the third quarter.

Sunnyvale, California-based Eclipse makes lasers used to create holes in the hearts of angina patients. The holes reduce chest pain that occurs when heart tissue is starved of oxygen.

Dec/02/1999 12:46

For more stories from Bloomberg News, click here.

(C) Copyright 1999 Bloomberg L.
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