Other segment share of revenue at an all-time low of 14% compared to 20% a year a go and 25% a few years ago

Opthalmic segment revenue was highest quarterly total ever.

Fluid segment quarterly revenue also an all time record

The 09Q2 quarterly EBITDA margin of 33.3% was the highest I have seen (going back to 2005).

For comparison, the Q2 quarterly EBITDA margins from 2005 to now are as follows:

05Q2 23.2%
06Q2 25.4
07Q2 29.1
08Q2 31.7
09Q2 33.3

That is simply OUTSTANDING management focus on the basics: selling, cost management, etc.

With 2 million shares and a $130 stock price the market value is $260 million. Subtract $20 million for cash and investments and its $240 million.

For the LTM period, Cash from Operations has been $25.25 million and after deducting capex, FCF on a LTM basis has been $20 million.

Thus valuation is currently 12x FCF.

When the stock was at $80 a few months ago, it was selling for 8x FCF.

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