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Aspect Medical (ASPM) IPOs in the next few days. Priced at $12. Swisstrader brought this to my attention as I thought 29M market was small. Further digging on this ASPM. Summary. Good solid company with a single product that has FDA clearance (no competition). Rev growth is 2.7M to 3.1M to 3.7M to 5.3M to 6.4M. Very strong rate Q2Q. EPS growth was hard to find. EPS loss for 9month ending Oct1998 was (9.46) and 9moOct99 was (3.81) Net loss is decreasing on an annually basis. "Our net loss decreased to $7.0 million for the year ended December 31, 1999 as compared to $13.6 million for the year ended December 31, 1998. Our net loss decreased to $1.3 million for the three months ended December 31, 1999 as compared to $3.1 million for the three months ended December 31, 1998." Some more S1 info. "As of December 31, 1999, more than 5,650 BIS monitors have been installed worldwide, including 4,881 BIS monitors in approximately 675 sites in the United States. These sites include 35 of the 100 largest hospitals and 32% of all teaching hospitals with anesthesia residency programs. We believe that over 1,000,000 patients have been monitored using the BIS index during surgery." This is good market penetration in the US. Why is it successful and market opportunity. "Each year, approximately 29 million patients in the United States and more than 35 million patients in Europe and Japan receive anesthesia for surgical procedures. We estimate that approximately 70% of these surgical patients in the United States, or 20 million patients, receive general anesthesia or deep sedation monitored by an anesthesia provider. Anesthesia providers historically have had no direct means of assessing a patient's level of consciousness during surgery. They have generally relied on recommended drug dosages and on indirect indicators of consciousness, including blood pressure and heart rate. This approach cannot always account for variability in patient responses to anesthesia or changes in anesthetic requirements during the course of surgery. Consequently, traditional approaches to anesthesia may result in patients being undermedicated or overmedicated during surgery." I know Anesthesia providers have had huge liability insurance with some paying up to 100K a year. Some downside, but mild compared to not using BIS. "Clinicians have reported to us a total of 35 cases of possible surgical awareness during surgical procedures monitored with the BIS system as of December 31, 1999." "Although we do not claim that patient monitoring with the BIS system will reduce the incidence of surgical awareness, we may be subject to product liability claims for cases of surgical awareness during surgical procedures monitored with the BIS system." Future revenue planned from sales in Europe and global markets. "A component of our growth strategy is to expand our presence in foreign markets. We conduct international business primarily in Europe and we are attempting to increase the number of countries in which we do business." Why revenue growth is strong. "The increase in revenue from the sale of disposable sensors was primarily attributable to the growth in the installed base of monitors, which resulted in an increase of approximately 309% in the number of disposable sensors sold. An increase of approximately 49% in the average selling price of the disposable sensors also contributed to the increase in revenue." R&D efforts are growing. "During the fiscal years ended December 31, 1996, 1997 and 1998, and the nine months ended October 2, 1999, we spent approximately $2.3 million, $2.6 million, $4.0 million and $3.6 million, respectively, in our research and development efforts, including clinical and regulatory expenses." They have 10 patents and 6 patent applications. "As of December 31, 1999, we had 184 full-time employees, of which: 21 persons were engaged in research and development activities, 37 persons were engaged in manufacturing and engineering, 11 persons were engaged in clinical and regulatory affairs, 90 persons were engaged in sales and marketing and clinical support, and 25 persons were engaged in general and administrative functions." No pending litigation. Thanks for making me look deeper Swiss. Jack | ||||||||||||||
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