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CR Bard Inc. Message Board

  • apauligirl2 apauligirl2 Jun 10, 2002 5:45 PM Flag

    ramblings

    Whew! fortunately Bard missed Tyco's harpoon. Still doesn't right the ship. The stock is creeping back to $57-$58. The question is can Bard either continue to reduce costs, sell themselves to someone, or increase sales. I've talked with several recruiters and they are actively filling several Bard positions and carrying paper from other Bard reps. This could impact sales with so many openings and if others leave. I'm not sure if it has hit the major divisions of Bard Access, Davol or BMD, but this is a watchout for this stock. Bard has not moved quickly enough to converge like businesses but somehow seems to be getting cost reductions elsewhere and the merger rumors have grown quiet.

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    • Both economics and quality. People quality, for the most part. Upper management decisions always seemed a bit odd, a separate reality.

      - and not the Castenada sort

    • Zara...your comments are interessting. Are your remarks driven by the economics involved or are there qualitative issues at Bard that you miss(ed)?

    • Four years ago, when I was at a division that was being downsized, I was quite the critic. Stock was at about 30 dollars a share and ...

      That was then. Looking back, I wish that I'd kept my stock, stuck around, and became part of the solution. Nearly half of my career was spent in a few different BARD locations. I enjoyed my foray into the start-up world but ...

    • Dear Mr. Nice Guy:

      Perhaps you could elucidate your response. Bard is not really in the market competing against GDT and does compete with BSX in some markets. With GDT's acquisition of Cook, that will provide some competition in Bard's markets.

      If you look at Bard's market's they have shown consistent growth. Access is up 10% for the year and Ports, Picks and Dialysis Catheters are in double digit growth. They are also launching their pain pump in Europe in the 4th Quarter and will start a U.S. trial as well. Davol continues to be propelled by the hernia market and unless you know something, this market should continue to show continued growth with an aging baby boomer market. If Avitene kicks back in, in the short term Davol will have some nice growth. Urology and Medical continue to have growth in the I.C. catheter market. I'm troubled by the slowdown in Brachytherapy and wonder how well Bard can compete in a crowded sling market but their sales force is a relatively strong one. The strength of collagen is surprising and it remains to be seen if this will continue to grow long term. I am also concerned by the lack of new products on the horizon for Davol and Medical. In their secondary markets, EP continues to grow in the U.S. and we'll see if foreign growth ramps back up after the Tyco fall through. Peripheral Vascular is a potential bright spot with patents and products and growth of 10%. However, Bard is outmanned by Cordis, BSX, GDT, and MDT among others and the reality is that to become more than an niche player will take a significant amount of investment and risk. Impra, I believe is now part of peripheral vascular and this market looks on the decline, we'll see if they have any new products in the pipeline. The Endosinch product at BIP has been a failure, my hope is that they have follow-up products in the pipeline, perhaps collagen. Having an APC code has done nothing.

      Bard's management as I've said before has done an okay job and would get a passing grade. They've reduced their tax rate and we'll see how long they can keep the lower rate. They have plenty of cash on hand and have bought back stock of 800,000+ shares and if true their upcoming manufacturing reorganization should be positive. In the past three years, they are better off and have done more than the previous 6. That said, they still lack future products and have not shown an ability to acquire companies or products. However, their markets are fairly stable and mature and should show continued growth.

    • Bard is a very status quo company. Their bag of tricks include snot suckers and piss drainers!! They don't have the intivation to compete with the likes of GDT and BSX. They will die a slow painful death..

    • You'll see that today Bard nearly hit 54.00. It's value is more in the 57-60 range. It was a strong buy at 48.00 a week ago especially with the dividend. Our club bought at $50 and $48 and change. We sold previously at $57.00. I think that everyone has it right on who did jail time and who didn't. It doesn't really matter now as the stock is not affected by it.

      Overall Bard as a company still has several issues in front of it. In talking with many people in the medical industry, it appears that it is a sales driven organization. Like many device companies, it's marketing suffers at the expense of sales. It does not have a culture of development but used to be innovative until the USCI debacle. The products are neither cutting edge nor completely commodity but are simple in design and use. For the last ten years, they have grown at below 10% but growth has been consistent. Great engineers are frustrated at Bard as no one seems to want to truly develop and incubate products. There are no real risk takers and I think the growth reflects that. They seem to attract a loyal group of employees that some would consider complacent but get the job done. Management has done a nice job of not blowing things but have struggled to take risks. A friend commented that the presidents of the divisions were not rewarded for risk but were bonused on achieving low targets and made the most by keeping the status quo. Acquisitions have been too few and far between and the Tyco deal pointed to the intentions of selling out. Although the deal was put off, the stability of the stock in the $50's shows that the deal undervalued Bard, but the deal was positive in that it put a spotlight on the stock. In the short term, it appears that Bard should make their financial goals. I'm curious to see if the reverse consolidation once talked about is moved forward any further. In the long term, the lack of product development and acquisitions in the last two years should cause pain in revenue growth as competitors catch up. With the recent fall in stocks, there are some values out there. It will be interesting to see if Bard jumps on any or is jumped on. Guidant's recent acquistion of Cook should put other middle tier companies in play. Too bad Bard doesn't have a drug coated stent in trials. Boston Scientific should be next.

      As to Guy Jordan, I called a friend at Bard and she thought that he retired and said she'd get back to me. If that is true, probably the reason he is selling. Take his $4 to $5 mill and run.

    • Apparently Prigmore, Leichter, and Cvinar are still fighting their conviction. Sentence was passed but execution delayed pending appeal. This has apparently dragged on through a variety of venues. I found this reference today.

      http://www.law.emory.edu/1circuit/mar2001/00-1158.01a.html

      The judges sitting were different from the most recent reference cited.

      Whether they and others tried but acquited actually looked out between the iron bars or not, is rather beside the point. The actions by highly placed executives wrecked the stock for a good number of years. We should all rejoice that the TYCO deal was canceled - that was no good from the gitgo for the smaller stockholders and the company.

    • Thanks for the link. SOme interesting "facts" which is unusual on any board.

      It looks as it Cap'n Bob was distaken regrding jail time for the trio.

      I appreciate the information.

      ERE

    • http://biotech.law.lsu.edu/cases/devices/US_v_Leichter.htm


      Looks like it's still in the appeals courts. Wow. What a court system.

    • I didn't think anyone actually went to the big house/did time over this although the various legal proceedings dragged out over many years. Not sure about this but that's as I can recall it. Subsequent to the issue cardio was sold off and BCR tightened up the regulatory side of the business very considerably.

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