EYE is a has-been patent bully. EYE royalty USED to be $250/eye. Soon it will be goose egg.
The leverage on the per procedure fee originated from patents that VISX bought and then asserted against all new comers to the industry (once their lasers were FDA approved), with some degree of success. That is, until about 9 months ago, when a district court in CA construed the claims of their flagship Trokel patent so as to be worthless.
Anyway, Nidek, one of EYE's competitors continues to sell lasers with no per procedure fee and no royalty to EYE.
Also, you have to consider that the market is saturated with lasers and doctors and now a lack of new patients. The problem is that EYE does one thing - excimer lasers for vision corection. EYE has no diversified product line. Maybe EYE carves out a niche with sophisticated product. But, it will never soar again. Buy something else. Just my view.
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