Healthcare >> Sector Roundtables >> January 12, 1998

Roundtable Forum: Investing In Medical Technology & Medical Devices

PHILLIP E. NALBONE is a Managing Director and Senior Medical Technology Analyst at Volpe Brown Whelan & Company. Previously, he was associated with Hambrecht & Quist as a Medical Devices Analyst and with Dow Jones & Co. as a Reporter. Mr. Nalbone graduated from St. Lawrence University in Canton, New York. Profile
MICHAEL G. MULLEN, is an Independent Analyst and was formerly a Managing Director with S.G. Cowen Securities and previously associated with Banc One Asset Management. He earned his Bachelor's degree from Fordham University and his M.B.A. from Indiana University. A Chartered Financial Analyst, Mr. Mullen is a member of the Boston Securities Analyst Society and a Board member of the Indiana University Investment Management Academy. Profile
JULIET M. MILKENS is an Associate Editor at The Wall Street Transcript. A graduate of Exeter University (U.K.), she holds a Certificate of the Institute of Education of Cambridge University and attended graduate courses at Hunter College in New York. Her interests include reading, aerobics, running and pottering about in her garden. Ms. Milkens is married and has two children. Profile
FREDERICK A. WISE, CFA, is a Managing Director at Bear, Stearns & Co., covering the medical supplies and devices industry. Mr. Wise is a six-year member of the Institutional Investor All America Research Team. In 1999 he was ranked number two and in 2000 he was ranked number three. He was named to the 2000 Wall Street Journal All-Star Analysts Survey for earnings forecasting. He was also ranked number four by The Reuters Survey 2000. Mr. Wise has a unique valuation approach, and has accurately anticipated the underperformance of stocks, as well as the performance of the industry in recent years. Prior to joining Bear Stearns, he was an Analyst at Kidder Peabody & Co. and Forbes, Inc. Mr. Wise received an MA and a BA from the Manhattan School of Music. Profile
CAROL D. WINSLOW is a Managing Director and Medical Device Analyst at Jefferies & Company, Inc. and is Co-Head of the Medical Device Practice of the firm's Health Care Investment Banking Group. Prior to joining Jefferies, Ms. Winslow was associated with Vector Securities International as well as Medtronic, Inc. in the medical device industry. Ms. Winslow received an A.B. from Mount Holyoke College and an M.B.A. from the University of Minnesota. Profile
ANDREW T. JAY follows medical technology at First Union Securities. He has been a sell-side analyst on Wall Street for six years and is widely known for his work with emerging growth companies such as Perclose, Target Therapeutics and Wesley Jessen. His previous work experience includes three years of management consulting with a major firm and five years running a sizable dental practice. Dr. Jay holds an M.B.A. from Northwestern's Kellogg School and a D.M.D. from the University of Pennsylvania. He completed his Bachelor of Science degree at Rensselaer Polytechnic Institute in two years. Dr. Jay serves on the Board of Directors at the Epilepsy Foundation of Massachusetts and Rhode Island. Profile
TWST: How did the medical technology/medical device stocks perform in

1997, and how would you differentiate between the performance of the

small cap stocks versus the rest of the group?

Mr.