MediVision Medical Imaging Ltd. (EuroNM: MEDV) small Upper Yokne’am-bsed company, was the most recent Israeli company to hold an issue on the Euronext stock exchange. Its current market cap is only $10 million. MediVision develops ophthalmic imaging systems.
Trading in MedVision’s share is negligible, like the other Israeli shares listed on Euronext. Among other things, this is due to lack of coverage by analysts and a shortage of market makers. The company is therefore considering having its share listed for trading this year on the Nasdaq SmallCap index. It is believed that MediVision has not yet decided whether the listing of its share will include a capital raising round. In contract to many Israeli companies, the British capital market is not an option for MediVision, because most of its activity is concentrated in the US market. If MediVision carries out its plan, it will be the second Israeli company listed on Euronext to have its share listed in the US capital market. The first was SuperCom Ltd.(Euronext: SUP; OTCBB: SPCBF), whose share was listed in the US towards the end of 2004.
”Our vision is to become the leading company in imaging and IT ophthalmic solutions,” MediVision president, CEO, and shareholder Noam Allon said. Founded in 1993, MediVision was one of the companies to present its products at the “Small and Medium-Sized Companies Large Opportunities” conference held today by the Gelbart Kahana investor relations firm. Six other companies attended the conference, two of which, Advanced Vision Technology (XETRA: VSJ) and Valor Computerized Systems (XETRA: VCR), are also Israeli companies listed on European exchanges.
Despite its small size and low market cap, MediVision’s sales and profits have been growing consistently. Its revenue increased from $7.6 million in 2001 to $12.3 million in 2004 and $10.4 million in January-September 2005, including $3.6 million in the third quarter of 2005. Its earnings before interest, taxes, depreciation, and amortization (EBITDA) rose from minus $350,000 in 2001 to $1.4 million in 2004. The company earned a $1.2 million profit in January-September 2005.
Alon is both a co-founder and shareholder in MediVision, in addition to being president and CEO. He and his brother, Gil Alon, jointly own 22% of the company. Photography equipment giant Agfa (Euronext: AGFA; XETRA: AGEG) owns 19%, Intergamma Investment Ltd. (TASE: INTR1; INTR5) (controlled by managing director Tanhum Oren) 31%, and the public 28%.
Published by Globes [online] - www.globes.co.il - on January 9, 2006