Healthcare >> Analyst Interviews >> July 26, 2004


DR. ALEXANDER ARROW covers medical technology stocks at Lazard Freres & Co., specializing in implantable and invasive surgical products, and his semi-annual industry piece is among the most quoted of all medical technology equity research publications. Known to some Portfolio Managers as the most skeptical of all medical device analysts, his research calls are based on detailed surgeon customer channel checks and are known for their objectivity and bluntness. His invitation-only special events, including the Street's only Pending Infringement Suit Expos, frequent medical technology dinner panels and physician-guided floor tours of the major medical device trade shows, are also cited as among the top reasons the buy side uses Lazard medical technology research. Prior to joining Lazard, Dr. Arrow was the medical technology analyst at Ladenburg Thalmann & Co., where his unusual surgeon channel check system also worked; he achieved the top stock-picking record of the firm's 11 publishing analysts during his year there. Before that, he was the CFO of PLX Systems, Inc., where he raised $32 million in three equity financings from 11 institutional investors without the use of investment bankers. He also created and led the firm's six-person intellectual property valuation team. Prior to PLX Systems, Dr. Arrow was Vice President, Research at Wedbush Morgan Securities and led the firm's medical technology practice, which covered 14 companies and published industry reports on three sectors, quotations from which still occasionally appear in the technical and business press. Prior to Wedbush Morgan, he was a general surgery resident at the UCLA Medical Center, a management consultant at Arthur D. Little, Inc., a biotechnology analyst for Hambro Biofinance, Inc., and a biomaterials researcher at MIT. Dr. Arrow is a Chartered Financial Analyst and holds an MD from Harvard University and a BA in Physics from Cornell University. Profile
TWST: What is the current equity and research objective at Lazard Freres

and what is your role in that coverage?

Dr. Arrow: We are entirely an institutional investor, trading-oriented