BEAUTY Report Card, 11.15.03
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Company Symbol P/E Price 11.13.03 52-wk high/ low

+/- 5 yrs

+/- 10 yrs.

Market Cap/# Shares Sales/ Income B=billion M=million Book Value Debt/ Equity Ratio Insider Trading
Mentor Corporation** MNT 18.50* 21.63 25.10 14.50 +140% +480% 951.7 M 46.42 M 393.5 M 53.80 M 6.52 .00 $6 million insider sells. $17 million insider BUYS
Inamed Aesthetics IMDC 40.40 79.50 88.35 25.81 +1,150% +800% 1.87 B 23.04 M 315.3 M 46 M 12.34 .19 $23 million insider selling
Lifecell LIFC 87.40 5.82 7.40 2.00 +25% -50% 155.7 M 25.44 M 39.5 M 1.90 M 1.38 .00 None filed.

Allergan**

AGN

98.10

76.91

81.80

52.40

+140%

+550%

10.01 B

134.3 M

1.71 B

102.70 M

6.33

.66

$17 million insider selling

Medicis**

MRX

160.30

68.09

68.94

44.00

+90%

+2000%

1.865 B

27.43 M

252.1M

12.20 M

16.81

.87

$4 million insider selling

$93,000 insider buying


*P/E is well below industry average.
**Dividend-paying stock.
Data obtained off of www.moneycentral.msn.com, www.sec.gov/edgar, and other news sources, including the NY Times, Reuters, Bloomberg, CNBC and press releases.
Company News and Comments
Allergan* Makes Botox (anti-wrinkle treatment) and Restasis (dry eye disease treatment). Based out of Irvine, CA. Net 3Q 2003 profit was $76 million, compared with a net loss of -$36.8 million one year ago. 3Q 2003 sales were up to $443.3 million, from $350.6 million, largely on strong sales of Botox. Recently announced acquisition of Oculex Pharmaceuticals, a privately held company developing products for major, sight-threatening diseases of the eye, for $230 million cash. (10.14.2003)
Inamed Aesthetics Makes breast implants, obesity intervention products and facial fillers, like collagen and other dermal fillers. The FDA panel recommended approval of silicone implants, but the chairman (non-voting) issued a letter on 10.31.03 urging regulators to reconsider. Dr. Whalen had "very strong reservations" and called the panel’s 9-6 vote in favor of silicon gel implant sales "misguided." After the 1992 allegations that silicone implants were responsible for health-related problems, including compromised immune systems, Dow Corning was forced into bankruptcy, to settle over $3 billion in claims. 3:2 stock split is set for December 1, 2003 shareholders of record. Has Hylaform, a dermal filler, a competitor to Medicis’ Restalyne, that is up for PMA panel approval on 11.21.03.
Lifecell Makes various surgical and reconstructive products, including AlloDerm, Cymetra (a version of Alloderm) and distributes cryo-preserved allograft skin. 3Q financial results: product revenues up 16% from last year, to $10.1 million. Net income up 47% to $506,000. Revenue growth was driven by a 38% increase in demand for AlloDerm. Pacific Growth rates LIFC "overweight," citing the pipeline. LifeCell is on track to have a new human tissue based bone-grafting product available for market by the end of 2003, with Stryker Corporation signed up to market it.
Medicis Pharmaceuticals Corp. Holds the US and Canadian rights to market, distribute and commercialize the dermal filler product lines for Restalyne. Restalyne is a Botox competitor that has been in use in Europe since 1996, with the added benefit that Restalyne is a non-animal acid that doesn’t require patient sensitivity testing prior to administration. The FDA’s General and Plastic Surgery Devices Advisory Panel is reviewing the Pre-Market Approval (PMA) application for Restylane on Friday, November 21, 2003. In the meantime, Medicis has already put a sales and marketing strategy in play, increasing first quarter selling, general and administrative expenses by 38% to $30 million, in anticipation of positive results.
Mentor Corporation* Breast and penile implants, surgical incontinence products and brachytherapy seeds for prostate cancer. 3Q 2003 sales were up to $93.3 million (from $89.6 million one year ago), led by higher demand for breast implants and liposuction products. R&D costs soared by 44%, as Mentor seeks FDA pre-market approval of silicone implants. Application is expected to be submitted to the FDA in December (Reuters). Analyst Anthony Green, Craig-Hallum Capital, says Mentor is a year behind Inamed in approval and marketing of silicone implants to the general population. Brachytherapy product sales were off 49%, but Mentor claims that supply issues have been resolved.