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intheblack,

The refractive market is discretionary, and my understanding is the revenue from this side of the business will be comparable (ie flat) with the 07 results.

The vast majority of eye surgery is indeed elective, but far from discretionary, eg cataract surgery. This is growing nicely, though is much lower margin.The refractive market does not form a "large" part of their revenues, but it is the "growth" story of the company. It's important not to confuse elective with discretionary.

Going forward, a PE of 8 and growth of 10% looks pretty cheap..I think the flatness of the refractive market has been factored in. Weakness in the general market will continue to weigh on the stock.