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Friday, 9 January 2004
January 9, 2004 American Medical Systems (AMMD)
Hello Friends! Here is an interesting stock that I have not checked before and that I do not own any shares....American Medical Systems (AMMD). As always, please check with your own financial advisor before making any investment decisions based on anything on this website!

According to money.cnn.com American Medical Systems (AMMD) "...is a manufacturer & marketer of medical devices used in the areas of incontinence, erectile dysfunction and prostate disease." AMMD is having a nice day in the market, trading as I write at $25.96 up $3.60 or 16.10% on the day.

Yesterday, after the close of the market, AMMD announced latest quarter financial results estimates for the fourth quarter, 2003. Preliminary results suggested sales in the fourth quarter 2003 were $47 million in 2003 vs $37.8 million in 2002, a 24% increase. (adjusting for currency rate changes decreased the result but still they reported a 21% increase). This was certainly on the high end of prior estimates and the stock responded today in a positive fashion.

On October 22, 2003, AMMD reported results for their fiscal 3rd quarter 2003. This was reported on Yahoo.com from a BUSINESS WIRE story. Sales were $39.6 million in the quarter, a 21% increase over last year's $32.8 million (or 19% adjusted for currency rate changes). Net income was $6.9 million, or $.20/share, up 28% from $5.4 millioin or $.16/share last year. (Adjusting for a tax benefit, eps would have been only $.17/share in 2003...only a penny or 6% increase).

Looking at Morningstar.com "5-yr restated" financials, we find that revenue has grown steadily from $77.7 million in 1998, $81.4 million in 1999, $100.3 million in 2000, $117.9 million in 2001, $141.6 million in 2002, and $146.3 million in the trailing twelve months.

Per Morningstar, earnings have increased from $.20 in 2001 to $.73 in the trailing twelve months.

Free cash flow has also been improving recently from $6 million in 2000, $23 million in 2001, $27 million in 2002 and $28 million in the trailing twelve months. The balance sheet also looks nice with $42.8 million in cash and $49.1 million in other current assets. The cash alone is almost enough to pay for the combined current liabilities of $29.7 million and the $17.1 million in long-term liabilities.

Checking "key statistics" on Yahoo.com, we find that the market cap is a small cap $855.52 milllion with a trailing p/e of 32.66. The forward p/e, based on estimates for the next 12 months is only 23.54 with a PEG at 1.51, and price/sales at 4.65.

Yahoo reports 33.07 million shares outstanding with 22.0 million of them that float. There are 1.02 million shares out short representing a significant 4.66% of the float and a large 6.101 trading days as of 12/8/03. No dividend is paid and no stock split is reported on Yahoo.

Overall, I like this stock quite a bit. I think the medical equipment/appliance field is a dynamic growth area in this ever-aging population...that is suffering increasing issues of incontinence in the aging female population and impotence in the aging male population. Gosh is this ever a depressing note! The value isn't cheap but then it isn't expensive either and the continued reported revenue growth makes this ever more attractive. It is on my buy list and if I ever get a handle on that margin, I may slip a position into my account!

Thanks again for stopping by! If you have any questions, comments, or words of encouragement, please feel free to post them right here or email me at bobsadviceforstocks@lycos.com

Bob


Posted by bobsadviceforstocks at 2:05 PM CST | Post Comment | Permalink

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