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Given ImAŞing Ltd. Şti. Message Board

  • stocks_1_2_3 stocks_1_2_3 Oct 16, 2007 10:15 AM Flag

    See this news. Anybody Home?

    Oct. 15--Needham gives Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) a "Buy" with a market cap of $40, compared with yesterday's close of $30.02 on Nasdaq.
    Needham analysts Ed Shenkan and Sammer Harrish say that Given Imaging could be an attractive acquisition target for any of the large gastroenterology imaging or diagnostics companies, including Boston Scientific (NYSE: BSX), Johnson & Johnson (NYSE: JNJ), Fujinon Inc., Olympus Corp. (TSE: 7733; DAX: OLY; Pink Sheets: OCPNY), or Pentax Corporation (TSE:77500).
    Needham notes that there have been a number of high-value deals in the diagnostics industry lately. The analysts says that Given Imaging's premium is higher than that of its peers because the company's highly innovative technology, its strong differentiation, large sales opportunities in the world, and because it's a takeover target.
    Given Imaging develops endoscopic capsules for use in the large intestine and esophagus. The capsules transmit images to a computer terminal, making it possible to spot inexplicable bleeding and other irregularities. The IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary is run by president and CEO Nachum Shamir. It has market cap of $870 million.
    Given Imaging predicts $114-119 million revenue in 2007 in its guidance. Needham predicts that Given Imaging will have 25 percent growth in 2005, 40 percent growth in 2008, and 30 percent growth in 2009/
    The analysts note that Japan began reimbursing on October 1 for PillCam SB (small bowel) and said that this gives them more confidence in their forecasts for the company. "We believe Capsule Endoscopy in Japan will launch faster than in the US because reimbursement is in place initially, the capsule endoscopy market is more mature compared to when Given Imaging launched in US, and the large body of peer reviewed journal articles support adoption." They also note a French government plan to subsidize the company's PillCam SB beginning in the second half of 2007 and that the US Food and Drug Administration (FDA) will also approve the capsule.
    Needham believe that Olympus is a probable buyer of Given Imaging, even as it is now starting to compete against the company. Needham predicts that Olympus will launch its endoscopic capsule at the American College of Gastroenterology annual meeting in Philadelphia this week.
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