Needham & Company Reiterates a 'Buy' on MELA Sciences (MELA); First Commercial Revenue From MelaFind
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Price: $0.80 -3.61%
Rating Summary:
3 Buy, 0 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
3 Buy, 0 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Trade MELA Now!
Needham & Company reiterates a 'Buy' on MELA Sciences (NASDAQ: MELA) price target of $20.00.
Analyst, Dalton Chandler, said, "MELA placed its first system for revenue on March 7 after placing several beta units earlier in the quarter to study usage patterns and test reliability. Management was careful to say they don’t have sufficient numbers of units in the field yet to confirm the pattern, but that usage levels have been consistent with their internal expectations and so far there have been no issues related to workflow in the physicians’ offices. We do expect management to provide more concrete usage numbers when the amount of data is sufficient for extrapolation."
Chandler cuts FY12 loss from (0.82) to (0.90) and said, "The two major changes to our estimates are a pushback of unit placements in 2012 and higher operating
expense assumptions for all of the out periods based on the actual results of this quarter. This results in lower estimates in the critical valuation year of 2016 to $216.7 M of revenue from $222.6 M and lower EPS of $2.44 compared to $3.09."
For an analyst ratings summary and ratings history on MELA Sciences click here. For more ratings news on MELA Sciences click here.
Shares of MELA Sciences closed at $4.56 yesterday, with a 52 week range of $1.75-$6.96.
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Analyst, Dalton Chandler, said, "MELA placed its first system for revenue on March 7 after placing several beta units earlier in the quarter to study usage patterns and test reliability. Management was careful to say they don’t have sufficient numbers of units in the field yet to confirm the pattern, but that usage levels have been consistent with their internal expectations and so far there have been no issues related to workflow in the physicians’ offices. We do expect management to provide more concrete usage numbers when the amount of data is sufficient for extrapolation."
Chandler cuts FY12 loss from (0.82) to (0.90) and said, "The two major changes to our estimates are a pushback of unit placements in 2012 and higher operating
expense assumptions for all of the out periods based on the actual results of this quarter. This results in lower estimates in the critical valuation year of 2016 to $216.7 M of revenue from $222.6 M and lower EPS of $2.44 compared to $3.09."
For an analyst ratings summary and ratings history on MELA Sciences click here. For more ratings news on MELA Sciences click here.
Shares of MELA Sciences closed at $4.56 yesterday, with a 52 week range of $1.75-$6.96.
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