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Biotech / Medical : Eye Laser Industry - VISX and Summit BEAM Info
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To: kblaine flaherty who wrote (107)10/31/1996 12:07:00 AM
From: John Binford, Jr.   of 178
 
I don't totally understand today's selling. I believe the shorts are trying hard to limit any rallies in the stock. As procedures continue to increase, the earnings for Visx will continue to rise significantly over the next several years. The shorts in Visx will probably point to Summit at 5 1/2 for a reason to continue shorting Visx.

Maybe with Summit's earning release, the suspected primary Visx shorter, Anne Anderson, will manage to get in a self-serving jab at Visx in a response to Summit's loss (earnings). I can imagine her quote --> "When you look at Summit's loss, you can see clearly that PRK has not lived up to its promise. It is expected that machine sales by Visx have also started declining." What should be said is, "I'm big time short in Visx and want to trash both Summit and Visx so I can buy back the Visx shares at a profit instead of a loss."

Anyway, procedures are picking up and next year some estimates go as high as 300,000 to 350,000 (Visx has estimated 200,000 to 250,000). At 300,000, Visx would receive around $47 million in royalties ($52M - 10% PPP legal & other costs). That along with the expected 100 to 120 machine sales should produce some excellent earnings.

Anyone know the exact date for Summit's earnings release?
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