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Medamicus: The Pulse Is Rising

Medamicus (MEDM), a small outfit that supplies medical-device giants Medtronic (MDT), St. Jude (STJ), and Guidant (GDT), makes such percutaneous products as venous-vessel introducers, used in implanting catheters, pacemakers, and defribrillators. It is making money but will soon make even more -- on larger sales resulting from its recent purchase of Biomec Cardiovascular.

Analysts say it will boost Medamicus' 2004 earnings. The buy is a "turning point" for Medamicus, says Dennis Nielsen of investment firm Felt & Co., because it broadens its product line and would also quicken the development of devices used for less-invasive procedures for the heart, brain, and spinal cord.

Patrick Donohue of Northland Securities figures earnings will jump from 2003's estimated 38 cents a share, on sales of $18.9 million, to 51 cents on $33.7 million in 2004, and to 73 cents on $41.9 million in 2005. Now at 12, the stock is attractive because of strong earnings and a pipeline of proprietary products. His price target: 16 in a year.

Note: Unless otherwise noted, neither the sources cited in Inside Wall Street nor their firms hold positions in the stocks under discussion. Similarly, they have no investment banking or other financial relationships with them. By Gene G. Marcial

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