This article was originally published in The Gray Sheet
Executive SummaryThree-for-two stock split is effective Nov. 16. The additional shares will be distributed on Nov. 30 through a stock dividend of one additional common share for every two shares of Xomed stock held. "The stock split is designed to provide a trading price range that is accessible to a broader group of investors," Xomed explains. Third-quarter 1998 results announced in conjunction with the split show a 17.5% sales increase to $21.9 mil. Net income is up 62% to $2.2 mil. The company's flagship XPS model 2000 StraightShot power resection system, used in least invasive endoscopic sinus surgery as well as certain head and neck procedures "continues to receive strong market acceptance with a global installed base of over 1,500 units at the end of the third quarter," the firm reports
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