SRDX - SurModics - Biotech IPO Message Board

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Biotech / Medical : SRDX - SurModics - Biotech IPO

SRDX 27.44

+1.0%

Oct 31 9:30 AM EDT

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To: Donald carlson who wrote (19)	5/2/2003 7:00:58 AM
From: Lance Bredvold	Read Replies (1) of 84

One wonders whether SI will allow a response to such an old post. They do not indicate there is a message board for SRDX, but I am a fairly recent and excited owner of a starting position in the company. The president has resigned, the CFO has moved to another midwest startup company and the septegenarian CEO remains in charge. He impresses me, but I like and trust people with scandanavian accents. I found it funny that some southerner on the Yahoo board for SRDX suggested that everyone up there was drunk because they all spoke so slowly and carefully. What is new and what caught my attention was that JNJ's drug eluting stent was about to be approved and now is approved, delivers its drug via a SRDX coating and apparently SRDX is going to get between 1 and 2% of total DES sales by the Cordis division of JNJ. At $3,198 per stent, about three times the cost of the old uncoated stents, frequent multiple stent insertion per patient and a current worldwide market for stents of something north of $2B, that would be a lot of income per share for the 15 or 16 million shares outstanding at Surmodics. And there is no debt even now since they managed to get JNJ and others to fund their research as this point was reached. The PE is extremely high and over 60 times trailing twelve month earnings today, the week following calendar quarter earnings came out and once more blew away market estimates. The JNJ stent approval came after these results and the price is strong at $36 or so. I'll keep this board registering under my subject marks for a while. The Yahoo board is quite good (relative to so many of their boards) but I should think there might be enough interest in this company now to keep this board active as well. Best regards, Lance

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