Dr. Joseph Kozikowski’s perspectives on the medtech equity markets are published by the medtech industry’s leading executive journal.
NATICK, MA – January 1, 2002 – Clinivation, Inc. announced today that clinivation Founder and CEO Joseph Kozikowski, M.D.’s medtech equity market forecast and interview with renowned medtech industry publisher and author Steve Halasey has been published.
As an authority on the development and commercialization of advanced medical technology, Dr. Kozikowski has shared his perspectives in a publication entitled “MedTech Forecast: Market Drivers, Market Limiters, Market Recovery?” to be published in the January – February, 2002 Edition, of MX: Business Strategies for Medical Technology Executives.
Excerpts of the publication and Dr. Kozikowski’s remarks follow.
On the private equity valuation trend, Dr. Kozikowski remarked, “During the second phase, valuations will rise nicely, because the follow-on financings at decent step-ups simply will get done in the capital-flush environment.”
On private equity valuation modeling, Dr. Kozikowski remarked, “Base-case valuation models will continue to discount the lower value acquisition exits, and I’d expect to model stock deals using the lower PEG multiples that reflect the moderate earnings growth of many of the potential medtech acquirers.”
On the public equity valuation trend, Dr. Kozikowski remarked, “The demand for quality healthcare equities will be sustainable through 2002, given the relative attractiveness of healthcare’s solid demographic fundamentals versus other tech sectors that, despite their strong potential for secular growth, will continue to lack credible earnings forecasts and, hence, credible valuations, and will continue to have exposure on their cyclical natures.”
On the public medtech consolidators, Dr. Kozikowski remarked, “Uncertainty regarding their abilities to simultaneously deploy capital quickly, avoid free-cash-flow volatility, strip out infrastructure cost, and operate quality-driven business units leaves me wondering if they’ll peak and unwind sometime soon, since they always do at some point.”
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MX: Business Strategies for Medical Technology Executives is the medical technology industry’s leading publication dedicated to the specific business needs of senior level corporate executives.