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Biotech / Medical : Laserscope (NASDAQ LSCP)

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To: John Finley who wrote (259)	4/30/1999 2:43:00 PM
From: Dick Martin	Read Replies (1) of 314

BlueStone Capital Partners Announces Investment Opinion on Laserscope biz.yahoo.com NEW YORK--(BUSINESS WIRE)--April 28, 1999--Acting Director of Equity Research, Scott A. Baily at BlueStone Capital Partners, L.P. reiterates his Hold recommendation for Laserscope (NASDAQ: LSCP $1-1/8). Analyst's Summary - Last week LSCP announced its Q1 FY99 results generally in line with our expectations. Although the company's restructuring and turnaround continues to show progress, we do not expect LSCP to become profitable until the second half of FY99. Even though LSCP's stock currently provides attractive value at current price levels (given a book value of $1.45), the stock's upside will likely remain constrained until earnings return. We continue to rate LSCP a HOLD. - LSCP reported Q1 FY99 reported revenues from continuing operations of $11.9 million up slightly from $11.7 million during the same period last year. These results exclude about $1.9 million of revenues LSCP reported in Q1 last year from the AMS hospital equipment business, which the company sold in Q4 FY98. We had been estimating revenues of $11-$12 million. EPS in the Q1 FY99 showed a loss of ($0.05) per share, a decrease from ($0.02) in Q1 FY98. We were projecting an EPS loss in the range of ($0.03 - $0.05) per share. - During the next couple of quarters we expect LSCP's top line revenues to show sequential improvement each quarter (except for a possible modest dip in Q3 due to seasonal factors), due primarily to some new products being introduced. New products include a skin cooling device called CoolSpot and a hair removal system for the U.S. market, as well as continued growth from its market leading Photodynamic Therapy (PDT) products.

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