Coherent (COHR) : Anyone else holding? Message Board

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Biotech / Medical : Coherent (COHR) : Anyone else holding?

COHR 157.96

-5.2%

3:59 PM EST

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To: Thomas J Pittman who wrote (198)	9/28/1997 2:50:00 PM
From: Thomas J Pittman	of 788

Update to Value Line: On September 12 VL released an update to their 'precision instrument' sector, of which Coherent is a member. There have been no modifications to any of the outyear (00-02)estimates in any category. However, in the close in estimates, VL had estimated Sales of 100 million in the both the March and June periods. The actuals came in at 91 and 102.3 respectively. The September quarter estimates were 111.1 and are now 112.8. Full fiscal year estimates for 1997 were 405 million and are now at 400. 1998 Revenue estimates remain at 450 million. EPS back in march for the March, June and September quarters were .80, .80 and .87, respectively. Actuals for march and June were .80 and .80, and the new september estimate is .83. Full year estimates were 3.20 and 3.65 for 97 and 98. Now both have been lowered to 3.10 and 3.50 respectively. The commentary contains no reference to these number changes. However it does contain several relativly positive statements including: Incoming orders remain on 20% growth path. R&D 'drives the company forward' and is running at 11% of revenues (record levels and amounts). Coherent has more than 150 patents in force that are keys to future growth. Aesthetic lasers to become more important both to the company and to the medical industry due to aging populations and lack of cost controls for 'unnecessary' procedures. It is pointed out that much of the companies applications target 'low cost' applications such as parts-making and industrial uses and that such uses will persist for many years. New applications are expected in urology and lithography. In addition, the report says that 'although the making and marketing of lasers is competitive, it is hardly cutthroat because of the great variety of applications. Coherent is the leading manufacturer and has the broadest product line. Yet there are many kinds that COHR does not make, leaving room both for growth and for competitors to thrive without impinging on COHR. Finally, the report states that the long term appreciation potential is good and that the biggest threat to share- holders is the overall market (due to stock's beta). Thoughts anyone. J

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