Yosid, it appears you have been the recipient of a "free" ride regarding your assertions about Summit and Visx. The party is over.
IN MY OPINION AFTER CAREFUL AND THOROUGH RESEARCH SPANNING MANY YEARS
(I MUST STATE THIS FOR LEGAL REASONS)
Summit's laser is nowhere near the same quality as that of Visx and yes, the doctor's do prefer Visx machines. In support of my assertion one needs to only ask one question of Summit Technology Investor relations. "Pray tell, good Sir/Maam, has there ever been one friggin' doctor in the entire United States or perhaps even the entire World/Universe that has ever exchanged a Visx STAR laser for any system your fine establishment has built--(excimed, omnimed, apex, apex plus, apogee or any other moniker Summit graced their heaps of gaussian beam profile having machines)? Ask the same of Visx and I guarantee they will tell you many Summit owner's have turned in their Summit laser for a Visx STAR.
But, I must anticipate that this will not be sufficient to convince you so I must give more support to my contentions/convictions. Let's see here. Visx laser system has fewer and longer lasting optics along with reduced ArF (that's Argon Floride) gas premix for longer, more dependable and less costly use. Visx laser system has a demonstrably smoother ablation profile---this is because Visx spent the time, money and effort in incorporating a "beam homogenizer" into its laser system while Summit chose not to. Homogenized output yields demonstrably smoother ablation profiles when compared to Summit's cheaper, easier Gaussian beam profile.
Additionally, Visx STAR laser is fully capable of correcting all major targeted vision disorders (MYOPIA. ASTIGMATISM, AND HYPEROPIA) without any additional add on equipment or rediculous Erodible Mask delivery systems unlike Summit. Of course summit is trying to charge fees for the Erodible masks but no one is buying if you bother to look at international sales. Erodible mask technology has nearly been completely and utterly scorned internationally so I would doubt the U.S. market would be any different.
Add this up with the huge mountain of corporate "badwill" Summit has built in the past. Beginning with the infamous DR. David F. Muller Summit's former CEO Summit has a history of corporate malice that will not be forgotten by anyone anytime soon. Summit sold lasers to willing Doctors and then announced that they are opening a chain of laser vision correction centers of their own----real smooth. Great for relations with their customers. Let's see, when a doctor's laser is broken or needs a few cylinders of ArF premix at the same time as one of Summit's own centers, one could only guess who was going to get the most attentive service.
Your mention of Summit having more laser systems placed in the US than Visx does not hold water either. Visx laser systems are performing the bulk of the LASIK and PRK proceduresas we speak and they have been for the last few quarters. Sure Summit suckered plenty of Doctors into buying their systems but precious few of the Summit laser systems are currently performing substantial numbers of procedures. Ask Summit just how much procedure royalty income they have been receiving not counting their revenue from service contracts. They will not tell you because it is quite pitiful and Visx exploitation of the "LASIK LOOPHOLE" will make Summit's procedure revenue all the more pitiful. Make no mistake---LASIK is "A NON APPROVED FDA PROCEDURE"---and as such, no royalties will be paid to either the "VISX PARTNER" or the "SUMMIT PARTNER" by either the "VISX PARTNER" or the "SUMMIT PARTNER". This spells trouble for the "SUMMIT PARTNER" as the "VISX PARTNER" gets to keep all of its LASIK procedure royalty. Not to mention Summit will shortly have to repay the 4.5 million equipment royalty that they withheld from VISX under the guise of selling their hokey HOLMIUM WORKSTATION in which they contend the Excimer was merely an "add on" device that was available after FDA approval. What a joke----ask any purchaser of the so called holmium workstation if they ever used the holmium laser for anything besides maybe popping the occasion zit and then ask them if they ever found that little bity excimer add on device of any use. Courts, Judges, and Juries are not that stupid. Neither are shareholders and that is why Summit is trading at 6 down from 38 while Visx is at 32 near its all time high.
I was the fellow (CHEESEBOY1) that Dr. Muller posted to on America online a couple years back when I was putting too much heat on Summit if you followed along back then. I accurately pointed out that Summit was woefully overvalued at 38 as well woefully outgunned by Visx technology and patents. USA TODAY did a cover story (PAGE 1 WEDNESDAY, FEBRUARY 28th, 1996) that featured my little discussion with Dr. Muller.----copies available for a small fee. Time has proven me quite right regarding Summit and Visx. (But I was quite wrong about LASERSIGHT---Nobody's perfect).
All of my research has lead me to the following conclusion. Summit is a company with a poor reputation due to its past management and activities, with a technically inferior product, that was run by extremely bad management--to say the least that is competing against a company named VISX with superior technology, superior and proprietary patents, superior management, and a superior reputation with it's customer's. Do not waste your time trying to support a dog covered with fleas, pending lawsuits, and corporate badwill---it will not pay off with the exception of the occasional Day Trade or Option Scheme.
Go with the industry leader, go with the corporate "good guy", go with, the technology leader, go with the proprietary patent holder, go with Visx.
Please do not do with a stock because it used to be at 38, because they are in the same industry as another higher priced stock, because they are bound to rebound. Please save yourself the grief.
God bless you all, Good Luck investing, and Best regards
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