Since there are about 400-500 Visx and Summit lasers combined installed in U.S. now, and 1997 will have 200,000+ procedures, or about 400-500+ per laser, which is breakeven, AND each laser operator can handle 3,000 procedures per laser, it is preposterous to think procedure growth over the next few years will depend on strong continued laser sales.
Strong sequential earnings growth is now happening, thanks to pure profit procedure revs, and will continue for both Visx and Summit going forward. Visx can earn $1.50 in 1998 (fully taxed), vs 1997 estimate of $0.75 (fully taxed), and trade at 30 times 1998 earnings, or $45 by late next year.
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