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
and what is your role in that coverage?
Dr. Arrow: We are entirely an institutional investor, trading-oriented
capital
