SAN FRANCISCO, July 30 /PRNewswire/ -- The following is being issued by
BancBoston Robertson Stephens, a member of the National Association of
Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens senior medical device and medical technology
analyst Wade H. King, M.D., reiterated his Buy rating on VISX, Inc.
(Nasdaq: VISX). VISX, headquartered in Santa Clara, Calif., is a leading
manufacturer of excimer laser systems used to perform laser vision correction
(LVC) procedures.
"We are reiterating our Buy rating on VISX. This week, the company's
principal domestic competitor, Summit Technology, announced its June-quarter
financial results. During the quarter, Summit placed 22 new lasers
worldwide," said King. "In contrast, VISX placed 61 new lasers worldwide
during the same period.
"We believe the back order for VISX's STAR S2 lasers remains quite
significant, and estimate that VISX will place up to 80 new lasers worldwide
in third-quarter 1999, and a similar number in the fourth quarter," said King.
"In our view, the percentage of U.S. LVC procedures performed on VISX
lasers exceeded 78 percent in the second quarter," said King. "We believe
that VISX's strong procedure momentum and extension of market-share dominance
continues through July.
"We believe that there is no comparable growth and investment opportunity
in the medical device universe today," said King. "We are raising our price
target for shares of VISX to $125."
Clients interested in receiving more information should contact their
salesperson at 415-781-9700.
BancBoston Robertson Stephens, the section 20 subsidiary of BankBoston
(NYSE: BKB), is a leading international investment bank focused on growth
companies in the technology, life sciences and healthcare, information and
business services, retail and consumer products, real estate, media,
telecommunications, broadcasting, and gaming and lodging sectors. The firm's
45 equity analysts cover nearly 700 companies. Since its founding in 1978,
BancBoston Robertson Stephens has raised over $52 billion in initial public
offerings, follow-ons and convertible offerings. The firm has also assisted
in over 400 mergers and acquisitions transactions valued at more than
$77 billion. BancBoston Robertson Stephens began its high yield securities
business in February 1997 and since that time has completed 69 transactions,
including 15 lead transactions, raising more than $12.6 billion. BancBoston
Robertson Stephens has offices in San Francisco, New York, Menlo Park, Boston,
Chicago, London and Tel Aviv.
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."
The information contained herein is not a complete analysis of every
material fact respecting any company, industry or security. Although opinions
and estimates expressed herein reflect the current judgment of BancBoston
Robertson Stephens, the information upon which such opinions and estimates are
based is not necessarily updated on a regular basis; when it is, the date of
the change in estimate will be noted. In addition, opinions and estimates are
subject to change without notice. This Report contains forward-looking
statements, which involve risks and uncertainties. Actual results may differ
significantly from the results described in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to,
those discussed in "Investment Risks." BancBoston Robertson Stephens from
time to time performs corporate finance or other services for some companies
described herein and may occasionally possess material, nonpublic information
regarding such companies. This information is not used in the preparation of
the opinions and estimates herein. While the information contained in this
Report and the opinions contained herein are based on sources believed to be
reliable, BancBoston Robertson Stephens has not independently verified the
facts, assumptions and estimates contained in this Report. Accordingly, no
representation or warranty, expressed or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy, completeness or
correctness of the information and opinions contained in this Report.
BancBoston Robertson Stephens, its managing directors, its affiliates, and/or
its employees may have an interest in the securities of the issue(s) described
and may make purchases or sales while this report is in circulation.
BancBoston Robertson Stephens International Ltd. is regulated by the
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SOURCE BancBoston Robertson Stephens
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