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Biotech / Medical : Summit Technology (BEAM)
BEAM 22.20+7.8%Nov 21 9:30 AM EST
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To: yosid who wrote (849)4/22/1998 10:17:00 PM
From: John Binford, Jr.  Read Replies (1) of 1386
 
From the Visx conference call, Visx sold 24 lasers last quarter. 16 in the U.S. with 9 Summit trade-ins.

FYI: Analysts estimates for Visx U.S. laser sales:

1995 Year: 6
1996 1st Quarter: 19
1996 2nd Quarter: 32
1996 3rd Quarter: 26
1996 4th Quarter: 27
1997 1st Quarter: 19
1997 2nd Quarter: 15
1997 3rd Quarter: 17
1997 4th Quarter: 15
1998 1st Quarter: 16

FYI: Analyst estimates for Visx's International laser sales:

1995 Year: 24
1996 1st Quarter: 2
1996 2nd Quarter: 1
1996 3rd Quarter: 2
1996 4th Quarter: 3
1997 1st Quarter: 9
1997 2nd Quarter: 6
1997 3rd Quarter: 9
1997 4th Quarter: 7
1998 1st Quarter: 8

My point is Visx is still selling lasers. Summit, however, doesn't allow one to really estimate their laser sales. However, I find it hard to believe that they are selling enough to counter the ones Visx is removing from the marketplace.

Also, Visx should be receiving significant service revenue on their current installed base of lasers as more and more are coming off the 24 month full coverage warranty.

And Visx's new S2 upgrade for $50K should be a hot seller. It may also lead to more new machine sales.

As for the comment about Summit never losing a lawsuit, well they will more than likely lose the one in May concerning their failure to pay proper equipment royalties into PPP. However, I'm sure Visx is willing to settle if Summit would agree to the dissolution of PPP. In the meantime their is a hearing later this month on Visx's request for the dissolution order of PPP.

With all that said, I still own shares of Summit and would like to see them turn out some good earnings numbers next week.
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