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Biotech / Medical : Staar Surgical STAA

STAA 25.26

-2.4%

Nov 3 3:59 PM EST

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To: Eric G. Erpenbeck who wrote (12)	12/5/1998 2:28:00 PM
From: Alan A. Hicks	Read Replies (2) of 50

Cruttenden analyst Bill Gibson reiterated his "Buy" in an Update dated November 23. Although Gibson cut his numbers for the fourth quarter from $0.14 to $0.05 and from $0.61 to $57 next year Gibson maintained his "Buy" based on a number of positives. These included the recent FDA marketing approval for the Toric IOL lens which will begin to impact revenues and earnings in Q1 99 and also the quick approval of Phase III Trials for the ICL. Gibson also noted STAAR completed FDA studies for its new collagen/acrylic material which will replace silicon currently being used in STAAR's IOLs. The new material is already being used in the Toric lens. Gibson believes the "potential exists for a significant acceleration in STAAR's growth rate due to sales of the ICL, AquaFlo glaucoma device and the Toric IOL. In the meantime, STAAR's core business funds the development of these new markets." Gibson also pointed to the advantages the STAAR ICL will have versus lasers which have "less pain and an operation that is reversible. Limited studies to date in the Dominican Republic indicate that patients with an ICL in one eye and a laser shaved cornea in the other prefer the ICL. For surgeons, the necessity of investing in a laser is avoided, making the procedure profitable from the first operation." Cruttenden Roth is located in Irvine, California. With FDA approval for Phase III trials for the ICL and FDA marketing approval for the Toric lens, I believe STAAR is in a much better position to begin to increase analyst coverage particularly from larger firms. Also, as ICL Phase III implants are completed by this Spring, STAAR should also be in a better position to begin getting media coverage of the new ICL. Also now that STAAR can show good progress with their new products and improving earnings comparisons ahead, STAAR is going to have a very positive story to tell to investment managers. That has not been the case the last few quarters. I think STAAR is a fabulous buy here. Patience will be rewarded.

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