Just keep in mind that since October 97, Visx has been getting the whole $250 per LASIK on its lasers, bypassing PPP. The only additional royalties coming now will be from the PRK's, which previously went to PPP. PRK has recently represented something like 30-40% of procedures done.
I think analysts are still too low (as they've been for a year). In 1998, Visx will earn $2.00 fully taxed, $2.50+ as reported (before the $35M one-time payoff to Summit, which is well worth it).
With hyperopia in 1999, and barring any meaningful STAR trade-in's for LaserSight/Autonomous systems in late 98/1999, and problems collecting royalties on those systems, Visx can earn $4.00 in 1999.
That doesn't count PRK approval in Japan next year. |
