In Brief: Summit Technology
This article was originally published in The Gray Sheet
Executive Summary
Summit Technology: Second quarter (ended June 30) revenues are $18 mil., with "significant contributions" coming from its Lens Express subsidiary and patent licensing fees, the company says July 3. The Waltham, Massachusetts firm notes that revenues from excimer laser equipment sales for the quarter "were substantially lower" than the prior-year quarter, attributing the shortfall to "the large number of systems installed in the U.S. since FDA approval" of its system for photorefractive keratectomy in October 1995 as well as competition from Visx, which received approval for its PRK system in March. Summit estimates an overall loss for the quarter of approximately $11-12 mil. The company's stock, which has lost nearly 70% of its value since the end of 1995, was off 3-1/2 points to 10-3/4 in NASDAQ trading July 3...