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Biotech / Medical : Colorado MEDtech, CMED

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To: Paul K who wrote (33)	11/13/1997 9:35:00 PM
From: K. Bloomquist	Read Replies (2) of 288

Hightlights of research report on CMED done by Cohig & assoc. CMED has experienced the most rapid growth in its history and is poised in the near term to accelerate this trend. CMED has implemented an aggressive acquisition program to expand its base businesses, such as the recent Novel Biomedical deal and the Erbtec acquisition. Annual sales for FY97 exceeded our estimates of $25.5 million and $0.22 per share when CMED reported over $28.0 million in revenues and $0.23 per share. Our FY98 estimates have been increased to $41.1 million in annual sales and $0.36 per share, while preliminary FY99 figures indicate $50.2 million in sales and earnings of $0.50 per share. Industry comparables are trading in the 25X+ range, while CMED is trading at only 16.8X forward EPS estimates, implying a substantially undervalued situation. We have a 12 - 18 month price target for the stock of $12.00 - $15.00. CMED continues to work on exciting new products including "Fresh Air", DNA based systems, solid state MRI amplifiers, and catheter related products. Full text of report is at cohig.com -go to featured stocks.

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