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Biotech / Medical : VISX
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To: Chuzzlewit who wrote (1117)5/21/1999 11:46:00 AM
From: Joe Donato  Read Replies (2) of 1754
 
I believe that there are worries on an upcoming judgement that may significantly reduce VISX royalty fees. If true (big if), this would severely impact revenues (about 2/3 are royalties, I think) and future earnings. Without the royalty payment streams, this stock is worth <$25... (in my opinion).

In other words, I think the investors are worried about the a pending judgement that is refered by the following language in their SEC filing:

"o Developments in patent litigation in which we are a defendant, particularly to the extent that adverse developments in these proceedings render certain of our patents invalid or unenforceable, which would reduce the scope of proprietary protection available to us and could limit our ability to collect license fees from sellers and users of laser vision correction equipment, which could have a material adverse effect on our business, financial condition and results of operations;"
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