BioForm Medical, Inc. CEO Interview: Steven L. Bastar

• On 3:39 pm EDT, Tuesday September 22, 2009

67 WALL STREET, New York - September 22, 2009 - The Wall Street Transcript has just published its Medical Devices Report offering a timely review of the sector to serious investors and industry executives. This 41 page feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Developments in the Industry -- New Devices -- Negative Price Pressure -- Inject Mix -- Hospital Capital Spending Behavior -- Growth -- Rate of Growth Reliability -- Execution of Management -- Clinical Trials -- The Next Big Thing -- Innovation -- Acquisition -- Loss -- Major Turnarounds -- Productive Work Force -- Medication Adherence -- Undervaluation -- Improvement in Earnings -- Price Sensitivity -- Weakening Dollar -- Winning Market Share -- Significant Share Gains -- Profitability -- Regulatory Standard -- Opportunities -- Licensing Opportunities -- Collective Experience -- Drug Approvals -- Growth in Revenue -- Measuring Success -- Profit Margins

Companies include: Medtronic (MDT); Boston Scientific (BSX); Greatbatch (GB); Vascular Solutions (VASC); AngioDynamics (ANGO); St. Jude Medical (STJ); Edwards Lifesciences (EW); Stryker (SYK); Zimmer Holdings (ZMH); Abbott Laboratories (ABT); Johnson and Johnson (JNJ); Baxter International (BAX); Thoratec (THOR); HeartWare (HTWR); Hill-Rom Holdings (HRC); Accuray (ARAY); Smith and Nephew (SN.L); Wright Medical (WMGI); NuVasive (NUVA); TranS1 (TSON); Becton, Dickinson (BDX); C.R. Bard (BCR); Covidien (COV); CareFusion (CFN);Edwards Lifesciences (EW); Zimmer (ZMH); Nanosphere (NSPH)

In the following brief excerpt from the 41 page report, Steven L. Basta, CEO of BioForm Medical, Inc., discusses the company and the outlook for the sector and for investors.

TWST: Would you give us a brief history of your company and what your focus is on now?

Mr. Basta: BioForm was formed in 1999 to acquire a technology that had been developed at Bristol-Myers Squibb for tissue augmentation. The company was originally formed to develop that technology for urology applications and evolved to also pursue aesthetic and vocal-fold applications of the same tissue augmentation technology. And our core focus now is that we are one of the three leading worldwide dermal filler manufacturers producing a material that is used in aesthetic treatments as a dermal filler to improve the appearance of moderate to severe lines and wrinkles in the face.

TWST: You went public in November 2007. What were the reasons behind the company's decision to go public?

Mr. Basta: As is typical with small companies, once you reach a key stage of a business, there is an opportunity to be able to get greater access to capital to finance and accelerate the growth of the business through an initial public offering.

TWST: How is your company's funding benefited by the recession?

Mr. Basta: We've not had to raise money, fortunately, during this downturn. We were able to raise a significant amount of money in the initial pubic offering, and we are now approaching breakeven operations. So we don't have an immediate need for capital, which is fortunate since it's more difficult to do financing in the current environment. We've been very pleased with the core performance of the basic operating business and that's getting us to a very healthy economic place.

TWST: Do you find that sales are down, given that your primary product is aesthetic?

Mr. Basta: Sales in the aesthetic industry generally are down. Our sales were actually flat year-over-year in the past year, and that reflects the fact that we've been winning market share albeit in the market that has contracted somewhat due to the economic recession. So our sales are actually holding up very nicely. And we reported $67.5 million in our fiscal 2008, which ends June 30. We did $66.5 million in fiscal 2009, which means our sales were basically flat over the past year despite a very bad economic recession. That reflects the fact that during the year we won significant market share, and we are intrinsically growing the number of physicians that are using our product and growing our share of this business.

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