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Technology Stocks : NASI (North American Scientific, Inc.

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To: richard houchin who wrote (436)	1/27/1998 7:14:00 PM
From: RRICH4	Read Replies (2) of 658

Excerpt from MNTR report 1/23/98 Dain Bosworth The focus in Urology going forward will be on new revenues generated from IoGold, the radioactive Iodine-125 seeds for the treatment of prostate cancer (i.e. brachytherapy). Mentor and strategic partner NASI announced the launch of the product in January, and sales are now undreway. With the NASI agreement looking more promising, we have additional confidence in our brachytherapy sales forecasts of $4.7 million for calendar 1998 and $7.5 million for fiscal 1999 for Mentor. Also, for the current 4th quarter, we estimate about $200,000 in seed sales, suggesting about 75-80 procedures. NASI believes it can produce an average of 10,000 seeds per week during calendar 1998, with the ramp to occur over the course of the year. This implies an annual run rate of $16.6 million to Mentor (and $8.3 million to NASI assuming a 50% cost of goods to Mentor) at a price of $32 per seed and is above our current forecasts. Thus, upside may exist if things meet (or beat) expectations. We currently estimate fiscal 1999 Urology revenues of $81.9 million vs $67.0 million, up 22%.

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