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The End of the Endoscope

While a medical professional might describe a colonoscopy as minimally invasive, anyone who has ever had one will testify to how unpleasant it can be.

But Given Imaging is trying to change all that. This medical-device firm makes PillCams, which are just what they sound like – pill-sized cameras that you swallow in order to detect internal problems.

Given has already rolled out a PillCam for endoscopies, which cover the small intestine. Cameras for the esophagus and colon are expected to come next.

Herein lies the speculation. (It wouldn’t be a Friday without it, right?) The company is barely unprofitable now, but if the colon PillCam gets approved soon and insurance companies in France are willing to reimburse for the procedure, both of which Cramer thinks are likely, Given’s earnings could start to jump. Cramer said this could happen by mid-2008 through 2009.

He admits the stock is expensive at 45 times earnings, but it has an incredible long-term growth rate of 33.5% that more than justifies the multiple. Given has to grow sales or give the market a reason to believe its new products will grow sales in the future. Cramer’s confident it will.

Bottom Line: Pain-free colonoscopies, PillCams and incredible growth – what’s not to like about GIVN?

Questions? Comments? madcap@cnbc.com

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