Collagen Corp. Message Board

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Biotech / Medical : Collagen Corp.

CGEN 1.730

-2.3%

9:30 AM EST

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To: Rocketman who wrote (17)	4/1/1997 3:16:00 AM
From: Vector1	of 72

Dave, This company is a bitch to analyze. I divide it into the good, the bad, and the ugly. The Good. The company is more like a venture capital fund than a pure biotec/medidevice play. They have so many investments in private startups and if these guys know what their doing little of the value of these investments are reflected in the stockprice. Palefsky and Petermeyer both have Zaffaroni connections. From 73-78 Palefsky was at ALZA. Petermeyer is from Syntex. The margins are strong. The company has virtually no competitors. They should start shipping to Bard again nest quarter The TGET shares are of great value. Our population is aging and esp in SoCal the woman love collagen injections THE BAD.Sales on most products have been flat and they stuffed Bard so hard on guarantees sales came to a screeching stop about a year ago. Must have killed the valuation at the time. SG&A as a percentage of product sales is increasing at an alarming rate 45% in 95 to 57% in fiscal96 with fiscal 97 expected to be higher. This is out of control. The company does not hedge their foreign exposure--bunch of cowboys eh Whats the story with the CEO Palefsky. Became CEO when he was 29 in 1978. Thats a long time. What do you know about this guy. Yes the TGET stock is valuable but the company sold a ton of it last year in an incredibly tax inefficient manner. THey should have distributed the shares to sharehoders in a tax free distribution. Instead they paid full corporate tax on the sale. In valuing TGEN remember that they have to pay taxes on the gain and they have a low basis. I'm not sure these guys have the shareholders at heart. THE UGLY. THe purchace of lipomatrix breast implants. Hey they mat look and feel great buy they are a long way from approval in the US and the FDA has been making approval of 510's more difficult. VECTOR1

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