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Biotech / Medical : ESCMF makes equipment to remove varicose veins!
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To: jay silberman who wrote (19)2/20/1997 9:57:00 PM
From: jay silberman   of 119
 
News from ESCMF:

globes.co.il

Thursday , Feb 20, 1997 Updated Sun-Thu at 18:00 (GMT+2)

Headlines

ESC Medical Systems Buys US Company
for $93 Mln

By Ami Ginsburg

A year ago, ESC Medical Systems was a small
company nurturing big dreams. Since going public
on Wall Street in January 1996 - in which the
company raised $46 million - those dreams have
started to come true.

The company announced yesterday it has acquired
US company Luxar, a manufacturer of laser
equipment for cosmetic treatment, in return for a
private placement of 2.5 million shares. At ESC's
current price, $37.25 per share, the deal's value is
$93.1 million.

The deal is expected to be closed within 30 days.
The final price will be in the $78-100 million range, in
accordance with ESC's price in the 20 day period
before the deal is closed.

Luxar primary product is an instrument used to
smooth wrinkles using laser technology. The
company's revenues for the 12 months ending
September 30 were $28 million and profits were $4.5
million. Luxar's accelerated growth rate was similar
to that of ESC. Luxar ended 1995 on $13 million in
revenues and negligible profit.

The Luxar acquisition represents a challenge to
Laser Industries (Israel), which markets a similar
piece of equipment. ESC has a wrinkle smoothing
machine but it operates on a laser pulse system and
sells at a higher price.

ESC stresses the Luxar acquisition represents a
significant foothold in the US market. Luxar - which
has already installed 3,000 machines around the
world - appeals to the main part of the market, while
the ESC systems are geared to a higher market
sector.

In addition, the company will benefit from an
additional 65 person-reinforcement in marketing and
sales personnel, as compared with the present 12
employed by ESC to date.
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