Bio-Logic Systems Corp. (BLSC)
Interview with: Roderick G. Johnson, President and COO
Business News, Financial News, Stocks, Money & Investment Ideas, CEO Interview
and Information on their computerized electro-diagnostic
systems for hearing, neurology and sleep, used in hospitals, clinics and physicians’
offices. |
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A strong balance sheet, sales growth in
disposable products and new technology releases brightening the future for Bio-Logic
Systems
Healthcare
Medical Equipment & Supplies
(BLSC - NASD)
Bio-Logic Systems Corp.
Roderick G. Johnson and Gabriel
Raviv, Chairman & CEO
Roderick G. Johnson
President and
Chief Operating Officer
Interview Conducted by:
Diane Reynolds, Co Publisher
CEOCFOinterviews.com
April 2003
BIOs:
Gabriel Raviv has been a
Director of the Company since it commenced operations in March 1979. He became President
and Chief Executive Officer of the Company in February 1981. In September 1999, Dr. Raviv
relinquished the role of President retaining the position of Chief Executive Officer of
the Company. Dr. Raviv formerly served as director of the Clinical Research
Instrumentation Laboratory at Evanston Hospital (an affiliate of Northwestern University)
and is currently Adjunct Professor at Northwestern University. Dr. Raviv received his M.S.
and Ph.D. degrees in Electrical Engineering and Computer Sciences from Northwestern
University.
Roderick Johnson
joined the Company in September 1999 as President, Chief Operating Officer and a member of
the Board of Directors. He founded the Neurocare Group in 1994 and served as Chairman,
President and Chief Executive officer until 1999. From 1992 through 1994, Mr. Johnson
served as Chief Executive Officer in Residence at Weiss, Peck & Greer and the
Continental Illinois Venture Capital Corporation. In addition, from 1988 through 1991, Mr.
Johnson was President and Chief Executive Officer of Domino Amjet, Inc.
CEO Analysis:
Bio-logic Systems Corp. is a leader in the design, development and marketing of
computerized electro-diagnostic systems used in hospitals, clinics and physicians’
offices. Its core businesses are in hearing, neurology and sleep. Bio-logic has been a
leader in the hearing assessment market since the Company’s inception in 1979,
offering integrated solutions for hearing screening and diagnostics incorporating the
latest technology. And now offers a wide range of systems and disposables for screening
and diagnosis of sleep disorders, also a broad range of computerized systems used by
neurologists, epileptologists, EEG technologists, neurosurgeons and other professionals to
record and analyze electrical activity in the brain (EEG), which is used for the diagnosis
and management of intractable seizure disorders. Mr. Roderick G.
Johnson, President and COO of Bio-logic Systems Corp. states, “Although
we are a primarily a medical equipment company in terms of revenue, we have seen more and
more sales from our disposable products used with our hearing screening systems as well as
for a competitor’s systems.” Continuing his thought on where the growth
in Bio-logic’s business will come from, Mr. Johnson
tells us, “Our growth will come from Ear Muffin disposable and
new products in hearing diagnostics and nuero/sleep systems. The first new hearing
diagnostic product is M.A.S.T.E.R, (Multiple Auditory STEady State Response
Technology), which is a product used by Audiologists to test hearing thresholds of infants
in order to ultimately fit hearing aids accurately and quickly. The second new
diagnostic hearing product is called Stacked ABR and it will be used by audiologists in
ENTs offices to screen patients for auditory nerve tumors less than one centimeter in
size. This latter technology is exclusively licensed from House Ear Institute in Los
Angeles. We expect to receive FDA 510(k) clearance by the second quarter. Also, our new
Sleep and improved epilepsy monitoring systems will continue to provide growth as
well.”
Addressing potential Mr. Johnson says, “As
a micro cap stock our main advantage is how we run the company for profitability and
growth. We’ve built up a very strong balance sheet for a company this size,
having no debt, and $10 million dollars in the bank. We are trying to keep the
growth going with relatively high expenditures in R&D. I don’t know if we are in
the category that people would say is a “ten banger” but I do believe Bio-logic
is a very solid company that compares extremely well to others that are in the medical
technology field.”
Each area has its’ own market potential:
-
-
Hearing assessment: Automated hearing screening
in newborns, aimed at early detection of hearing loss, is one of the fastest growing
markets. Of the 4 million births in the U.S. each year, approximately 3 of every 1,000
infants are born hearing impaired. This focus on early intervention has generated a
growing need for improved diagnostic equipment that can quickly and accurately identify
and assess the baby’s hearing loss.
-
-
Sleep disorders: There are a wide range of
sleep disorders including sleep apnea, narcolepsy, insomnia, pediatric disorders and many
others. These disorders affect the quality of life, pose a threat to public safety on the
road and at work, and can be fatal. It’s been estimated that the diagnostic market
will grow to $100 million annually within five years.
-
-
Electrical activity in the brain (EEG):
Long-term monitoring is used to diagnose disease, monitor the efficacy of medications and
obtain information critical for surgical treatment with indicated. The market is in
transition from analog to digital video technology. Digital video systems save both EEG
and video records in digital form, replacing paper and videotapes.
Product Offerings:
-
-
ABaer™
-
-
CUB™ (ABR)
-
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AuDX® (OAE)
-
-
Navigator® Pro
-
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Scout® Sport
-
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Ceegraph™
-
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Ceegraph Traveler®
-
-
Universal Reader™
-
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Sleepscan™
-
-
Airflow Pressure Transducer
To
find out more about:
Bio-Logic
Systems Corp.
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interview. To
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