[转帖]IntraLase eyes share gains in laser surgery

屋檐上的狗 · 发表于 2006-9-19 22:57:00

By Susan Kelly

CHICAGO (Reuters) - A blade-free method of laser vision correction surgery is rapidly gaining popularity despite its higher cost, the chief executive of IntraLase Corp. (ILSE.O: Quote, Profile, Research), maker of the technology, said on Monday.

Lasik surgery to restore 20/20 vision is a two-step procedure in which a flap is cut in the cornea, traditionally with a blade. Then, a laser is used to reshape the eye so it can properly refract light. IntraLase makes a laser to create the corneal flap, eliminating the need for a blade.

IntraLase sees its share of the U.S. corneal flap market climbing to between 50 percent and 60 percent in the next several years, Chief Executive Bob Palmisano said, having seen an increase in share each quarter since the device's launch in late 2002.

"This should become the standard of care, because the market should get larger as people understand there is a safer way to have Lasik surgery, and nobody is going to use a razor blade on your eye to cut a flap," Palmisano said in an interview.

Demand for Lasik surgery industrywide this year was flat in the United States as consumer confidence in the overall economy has waned. Insurers typically do not cover the cost of Lasik surgery.

Yet IntraLase has continued to gain market share, even as doctors charge a premium of $300 to $400 per eye for the treatment, bringing the total average procedure cost to about $2,000 per eye. Its share of the U.S. market topped 25 percent at the end of 2005, up from 16 percent the year before.

"That kind of trend we see continuing in 2006 and 2007 and 2008, to the point where we have the majority of procedures done using lasers to create the flap," Palmisano said.

The IntraLase device costs about $375,000. The company projects revenue of $130 million in fiscal 2006, up about 38 percent from 2005, growth that Palmisano attributes to increased awareness of the IntraLase laser's benefits.

Competitors that make blade devices include Bausch Lomb Inc. (BOL.N: Quote, Profile, Research). A spokeswoman for Bausch Lomb said the company could not comment on its market share at this time.

Studies have shown more patients achieve 20/20 or 20/16 vision after treatment with the IntraLase laser compared with a blade, Palmisano said. In another study, 70 percent fewer patients experienced "dry eye" -- when tear production suffers -- after IntraLase treatment, compared with the blade method.

Other research focusing on the need for repeat procedures found 9 percent of patients treated with a blade needed a second surgery, compared with 4 percent who received the IntraLase treatment, Palmisano said.

"We are replacing an antiquated technology," he said.

The company is also introducing a laser for use in corneal transplant surgery.

More than 3.4 million people worldwide have had Lasik surgery to correct their vision. Palmisano argues the $1 billion-plus market is underpenetrated -- just 5 percent to 8 percent of those eligible for the treatment have had it done.

BMO Capital Markets analyst Joanne Wuensch, who initiated coverage of IntraLase last week with an "outperform" rating and $23 price target, forecast a modest 3 percent rise in the overall number of Lasik procedures in 2006 but said IntraLase was in the enviable position of being a market share taker due to its unique technology.

"We also believe that the company would be an attractive acquisition candidate for a larger ophthalmology participant wanting to expand its product bag," she wrote.

Shares of IntraLase have risen 50 percent since going public at $13 in October 2004. The stock closed on Monday at $19.40, up 12 cents.

URL FROM:http://today.reuters.com/

[转帖]IntraLase eyes share gains in laser surgery

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