Thomas Weisel Raises Biosite Outlook

Analyst David Lewis says strong sales of Biosite's heart disease test should continue this year

Thomas Weisel raised estimates on Biosite (BSTE ).

Analyst David Lewis says the 37 cents first-quarter earnings per share beat his 32 cents estimate, and the $39.9 million revenue estimate beat his $35.4 million estimate. He says sales of the Triage BNP test, which helps to diagnose congestive heart failure, continues to drive Biosite's business.

Lewis says the first quarter was excellent, and he thinks end-user demand for BNP products remains strong. He notes, based on expected strength, Biosite raised the 40%-50% 2003 revenue growth guidance to 60%-80%, and upped the 60%-70% earnings per share growth to 80%-100%. He doesn't expect Bayer to enter the market until the second half of 2003, pointing to more Triage BNP business for Biosite.

Lewis raised his $1.43 2003 earnings per share estimate to $1.58, and upped the $1.65 2004 estimate to $1.76. He is keeping his peer perform rating.

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