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| Aspect Medical Systems, Inc. |
| Two Vision Drive, Natick, MA 01760 * (508) 653-0603 |
| Business Description | The company develops, manufactures and markets anesthesia monitoring systems that enable anesthesia providers to assess levels of consciousness and administer the appropriate amount of anesthetics during surgery. |
| Offering Information Company has | |||
| Trading As | ASPM (NASNTL) | Industry | Manufacturing (SIC 3845) |
| Type of Stock Offered | Common Shares | Filing Date | 6/25/98 |
| Domestic Shares Offered | 3,500,000 | Offer Date | 1/27/00 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 3,500,000 | Offer Price | $15.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.050 |
| Gross Proceeds | $52,500,000 | Selling | $0.630 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | 77 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Morgan Stanley Dean Witter | Lead Manager | (212) 761-5900 |
| Deutsch Banc Alex. Brown | Co-manager | (410) 727-1700 |
| U.S. Bancorp Piper Jaffray | Co-manager | (612) 342-6220 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/93 | 12/31/94 | 12/31/95 | 12/31/96 | 12/31/97 | 3/29/97 | 4/4/98 |
| Revenues | 0.155 | 0.852 | 1.067 | 1.389 | 3.068 | 0.415 | 1.733 |
| Income from Oper. | - | - | - | - | -10.308 | -2.224 | -2.941 |
| Net Income | -3.657 | -4.260 | -5.546 | -5.396 | -9.886 | -2.166 | -2.817 |
| E.P.S | - | - | - | - | -1.280 | - | -0.300 |
| Revenue Growth (%) | 449.68 | 25.23 | 30.18 | 120.878 | 317.59 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -8.75 | -2.12 | -2.64 | ||||
| Cash Flow - Inv. | -4.69 | -2.03 | -3.03 | ||||
| Cash Flow - Fin. | 12.46 | 12.63 | 11.58 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 4/4/98 | Financial Ratios | ||||
| Total Assets | 17.46 | Current Assets | 15.45 | Current Ratio | 3.43 |
| Total Liab. | 4.58 | Current Liab. | 4.50 | Debt Ratio | 26.25% |
| Total Equity | 12.87 | Working Cap. | 10.95 | Debt to Equity Ratio | 0.36 |
| Cash | 13.21 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to fund sales and marketing, research and development, the sales-type lease program, possible acquisitions and working capital and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Hale and Dorr |
| Bank's Law Firm | Testa, Hurwitz & Thibeault |
| Auditor | Arthur Andersen |
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| Industry Competition |
The Company believes that competition will initially come from companies, including patient monitoring companies, currently marketing conventional EEG monitors utilizing standard signal-processing techniques such as the Spectral Edge Frequency and Median Frequency or from companies that market EEG monitors utilizing novel signal-processing technologies, including at least two companies that are currently conducting clinical trials on products under development. Additionally, a number of academic researchers worldwide are studying the potential use of other techniques to measure the effects of anesthetics, including the use of auditory evoked potentials, heart rate variability, pupillary reflexes and skin blood flow measurement techniques. Competitors that develop a product that is substantially equivalent to an FDA-cleared product developed by the Company may use the Company's product as a predicate device to obtain more quickly FDA clearance under the 510(k) process. Accordingly, there can be no assurance that competitors will not develop and market products that compete with any of the Company's products in less time than it took the Company to develop its products. Further, the Company may face substantial competition from companies developing sensor products that compete with the Company's proprietary BIS Sensors for use with the Company's BIS monitors. |
| Business Plan |
The company's objective is to become a major multinational anesthesia-monitoring company by establishing BIS monitoring as the standard of practice in anesthesia and sedation monitoring. Key elements of the Company's strategy to accomplish its objective include the following: (i) Direct Sales Force for Rapid Commercialization, (ii) Clinical Specialists to Educate and to Promote the Use of Aspect's BIS System, (iii) OEM Relationships to Broaden Distribution Channels, (iv) Technological Leadership and (v) New Product Development. |