I understand your perspective, and agree that VISX is not the strong-man some would have us believe. Still, if the US patent courts hold VISX patents to be valid, they would command a primary position in the market. It is their ability to collect royalties which is crucial. If you agree VISX laser technology is at least equal to any around, the sale of the machines becomes a marketing problem. VISX seems to be adequate to this task, given what they did to BEAM's position in the hardware area. The limit on medical talent won't mean much if VISX holds the patents because they are going to collect that royalty, regardless of who or how many Docs perform the surgery.
Even if they lose the royalty rights, what company would have the asset base to compete? I still think selling lasers will not be enough alone to produce sufficient profits to keep money invested; and that is applicable to any manufacturer.
Even so, Visx without royalties would still be General Motors, despite others being around like Ford or Chevrolet.
I'm going to assume that laser surgery will continue to be popular, and volume will continue to grow. If this be the case, VISX will be in the mix. |
