Mr. Husain: In terms of how my coverage universe breaks down, I cover a miscellany of different spaces. Medical technology is a pretty broad space, and within that space there are numerous buckets. I cover a number of these buckets, including diversified medical supplies. And within that bucket, you've got companies like Hospira, Baxter, ICU Medical and to some extent Mindray Medical, which is a Chinese company. I also cover the capital equipment universe, including the radiation oncology triumvirate - Varian Medical Systems (VAR), Accuray (ARAY) and TomoTherapy (TOMO). I also cover Intuitive Surgical and then Hologic. On the diagnostic side of the house, I cover companies like Sequenom (SQNM), Bio-Rad Laboratories (BIO) and micro-cap stock SenoRx (SENO). Within all of the different spaces, there is a lot of cross-talk. Within my capital equipment universe, for example, I've got companies that also play in the diagnostics space, like Hologic. Their bread-and-butter business for years has been breast imaging, but they also have clinical diagnostics, which includes the Cytyc cervical cytology business as well as molecular diagnostics through their 2008 acquisition of Third Wave. Even Mindray Medical, which is a capital equipment company, has a big part of its business levered to clinical diagnostics, including in-vitro diagnostics and hematology. So net-net, a very diverse medical technology universe but with a lot of cross-talk between the different spaces, which makes things interesting from an investment perspective.
Tickers included in this excerpt: BAX, Hologic, HSP, ICUI, ISRG, MR
For more information call (212) 952 7433. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.