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Biotech / Medical : VISX
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To: Colby who wrote (670)7/21/1998 1:05:00 PM
From: MGV  Read Replies (1) of 1754
 
Here's what I'd like to know:
1. How does the company generate its revenue? I assume sales of the laser (how much?) plus a dollar amount per patient. How much is each?

- The growth story lies in the procedures revenue and not the laser sales. As of last September or December, procedure revenue surpassed equipment sales. They have placed approx. 220 lasers in the U.S. and I believe roughly an equal number overseas. The CEO estimates that saturation for laser sales in the US is around 600. At the same time, procedures are growing geometrically. 350K expected in the industry this year.
Until recently, VISX has been entitled to 55% of the $250 per procedure royalty to Pillar Point Partnership. Summit Tech. received the remainder. Last month, PPP was dissolved. It is unclear how per procedure revenues will shake out. I would guess between $200 and $300 until there is reputable competition. (at least 6 more months).
With the dissolution, VISX is entitled to 100% of procedure fees for all done on its lasers. Its estimated that VISX has approx. a 70% market share of procedures in U.S. and growing.

2. How many countries is it approved in?

- All of W. Europe and the Americas imminent in Japan.

3. How many units have been sold to date? I guess it would be important to know how long they have been selling the units as well.

- See Q 1 response.

4. How much are doctors charging per person or per eye?

- Anywhere from $1,500 to 2,500 per eye on average, give or take a 1k.
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