chirurgia plastica - gz
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By: GZ on Lunedì 10 Dicembre 2007 00:18
Stock:
Mentor Corp
il wall street journal nota che l'industria della chirurgia plastica, correzione della vista e impianti del seno si sta cominciando a preoccupare perchè da quando il mercato immobiliare è in crisi di colpo la domanda cala
Società come Mentor, simbolo ^MNT#^ hanno una valutazione troppo elevata (P/E di 49 vedi sotto) che riflette una crescita media in passato del 27% annuo e che può essere tagliata a metà ora perchè quando la gente non può più estrarre soldi contanti con il secondo mutuo "home equity" cioè basato sull'apprezzamento del valore dell'immobile comincia a tagliare spese del genere
Notare come General Electric ha un business del credito per fare operazioni del genere, una cosa che perlomeno da noi non esiste (" ..ho bisogno di un fido...sì devo rifare le tette...se non riesco a pagare le pignorate...")
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..plastic surgery comes in. Last year, Americans spent an estimated $11.4 billion on plastic surgeon fees and probably close to $4 billion more when facility fees and anesthesia are included, according to the American Society of Plastic Surgeons.
Breast jobs and tummy tucks aren't covered by insurance, so patients need a chunk of cash -- or a healthy credit line. So far, the slowdown in some plastic surgeons' offices appears to be affecting big-ticket surgeries rather than less costly procedures such as anti-wrinkle facial injections.
Some surgeons say business didn't pick up this fall as much as usual. Others say they have been busy but have lighter bookings for next year. Patients typically go under the knife in January and February to allow time to recuperate before bathing-suit weather arrives.
Breast-implant maker Mentor Corp. in Santa Barbara, Calif., says the surgeons who are its customers have noticed a drop in patient interest. Since last November when the Food and Drug Administration returned silicone implants to the cosmetic market after a 14-year partial ban, Mentor's sales have been strong. But the company detected some disturbing signs at the end of the quarter ended Sept. 30. In a conference call with analysts, Mentor Chief Executive Joshua Levine, sounded a cautionary note. Some plastic surgeons, he said, are seeing a drop-off in patient consultations, which is "usually a little bit of a precursor to lighter surgical calendars maybe 45 to 60 days out." He said he wasn't sure if a significant slowdown was on the way, but warned, "If we're going to have a real problem in the broader economy, we won't escape that."
Investors treated his remarks as an inflection point. The impact was heightened because it followed laser maker Cutera Inc.'s announcement that it would discontinue giving financial guidance to investors. Cutera, of Brisbane, Calif., said that "a number of factors, including recent signs of a slowing market growth rate, have made it more difficult to accurately predict our future financial performance." Cutera lasers as used for hair removal and skin rejuvenation among other aesthetic therapies.
Companies that lend money to consumers for such procedures say the business has been growing so quickly that it's nearly impossible to detect cyclical swings. "We haven't noticed a change in cosmetic surgery," said Mike Testa, president of General Electric Co.'s Care Credit unit, which specializes in consumer loans for dental and medical procedures. But people generally commit to cosmetic surgery and take out a loan months later, so it may be too early to see a trend, he said.
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