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

To: Charlie Smith who wrote (393)	1/30/1998 12:02:00 AM
From: pappy	Read Replies (2) \| Respond to of 1754

Something doesn't make sense! VISX CANT HAVE IT BOTH WAYS! Either VISX is putting out misinformation per its own press releases or it's not telling the truth in its telephone conferences. See below excerpt which was taken straight from their press release dated 12/16/97: If VISX's interpretation of the Agreement were found to be incorrect, VISX could be obligated to remit to Pillar Point all the royalties not paid since October 1997. In that instance, the contribution to VISX's earnings from non-approved procedures performed on VISX Systems would be reduced to a percentage consistent with that reported in prior periods. This difference would have a material adverse effect on the Company's financial condition and results of operations. If the Company were to continue making royalty payments in a manner consistent with prior periods, it is anticipated that earnings for the fourth quarter would be below analysts' current expectations due primarily to lower-than-expected net revenues from Pillar Point, anticipated lower system sales in Asian markets, and trade-in discounts the Company has offered to owners of non-VISX lasers. The Company anticipates that procedures performed in the fourth quarter using VISX Systems will exceed its earlier expectations. Nevertheless, increased procedures by VISX users would not be sufficient to offset an expected shortfall in revenues from Pillar Point. WHOSE telling the truth?...Pappy