ARTC-comments from BBRS
SAN FRANCISCO, July 23 /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 commented on ArthroCare's (Nasdaq: ARTC - news) strong-second-quarter-results. ArthroCare, headquartered in Sunnyvale, Calif., is a developer of innovative-radio-frequency devices for use in a variety of clinical applications, including arthroscopy and cosmetic and ENT surgery.
''We are reaffirming our Buy rating on ArthroCare, following the company's announcement of strong-second-quarter 1999 earnings,'' said King. ''The company reported total revenue of $12.2 million, versus our $11.9 million projection. ArthroCare's earnings-per-share came in at $0.14, $0.02 ahead of our $0.12 estimate. In addition, fully taxed earnings-per-share was $0.08, matching our fully taxed projection.''
''We have revised our model slightly, to reflect incrementally higher product sales and license fees, offset by a reduction in gross margin,'' said King. ''Our earnings-per-share estimates remain unchanged.''
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