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Biotech / Medical : VISX -- Ignore unavailable to you. Want to Upgrade?

To: Clement who wrote (1306)	9/30/1999 6:27:00 PM
From: Joe	Respond to of 1754

Clement, yes I meant support. Thanks. Joe BTW, there was a new analyst report today on VISX. VISX: BUSINESS REMAINS VERY STRONG; WE ANTICIPATE SOLID Q3'99 RESULTS; RECENT WEAKNESS PRESENTS BUYING OPPORTUNITY September 30, 1999 SYMBOL(S): VISX ANALYST(S): KING, WADE RATING: BUY Synopsis: The following synopsis is qualified in its entirety by the more detailed information contained in the full research report, including the discussion of certain risks associated with an investment in this security contained in "Investment Risks." Research dated prior to September 1, 1998 was prepared by an entity that was acquired by BancBoston Robertson Stephens Inc. Shares of VISX are down over 25% from highs established earlier this year, creating a compelling buying opportunity, in our view. With the quarter essentially complete, we anticipate that VISX will report strong Q3'99 results. Our estimates for the quarter are $69.6M of revenue associated with EPS of $0.34. The back order for VISX's STAR S2 lasers remains quite significant, and we estimate that VISX will place up to 80 new lasers worldwide in Q3'99, and likely a similar number per quarter for the next several quarters. Clearly, additional laser placements will contribute to significant per procedure license revenue growth looking ahead. Recall that VISX has the dominant market position in laser vision correction (LVC), with a larger domestic installed base that any of its competitors. Additionally, we believe that over 78% of U.S. LVC procedures were performed on VISX lasers during Q2'99. We believe that VISX's domestic procedure momentum remains strong, and that in the latest quarter, VISX has continued to extend its market share dominance. Note that our Q3'99 estimates for VISX, factoring in the effects of summer seasonality, assume only 5% sequential growth in the company's domestic procedures.