Collins Stewart Downgrades Thermage (THRM) to Hold
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Collins Stewart downgrades Thermage, Inc. (Nasdaq: THRM) to Hold.
Collins analyst says, "We are lowering our estimates for both Q4:08 and 2009 to reflect a more cautious outlook. Having completed its acquisition of Reliant last week, we recommend that investors move to the sideline. In our opinion, the key to preserving shareholder value in the aesthetic laser companies over the next year, in the face of what we expect to be a significant decline in revenues, will be how quickly these managements realize they need to reduce expenses, and how effective they subsequently are in doing so. We believe that this could be especially challenging for Thermage as it seeks to integrate two different corporate cultures. Further, post the acquisition, we believe that Thermage’s balance sheet is somewhat weak, with only approximately $20 million in net cash."
Thermage, Inc. is engaged in designing, developing, manufacturing and marketing medical devices for the non-invasive treatment of wrinkles.
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