Perth-based CustomVis was set up by Dr Paul van Saarloos in 2001 to address problems in the laser vision correction market. The group’s cutting edge system, the Pulzar Z-1, incorporates a solid-state laser, rather than the existing and less effective gas system. It tracks the movement of the patient's eye and incorporates diagnostic data into surgical planning software and treatment. Since listing in 2003, the business has had numerous setbacks and the share price looks decidedly bombed-out. Earlier this summer, CustomVis also alarmed followers with a worrying trading statement, flagging up a lack of revenues (delayed sales have dogged the business) and the need to slash its burn rate still further to £150,000 a month. However, directors have taken pay cuts, staffing levels have reduced, the business is far leaner and crucially, a number of recent orders suggest the corner has been turned. CustomVis has just announced the sale of a second laser into Korea, its third of the quarter. This news came hot on the heels of a sale in Singapore – where the customer expressed interest in buying more lasers for other sites in Asia over the next two years – and a sale to an eye surgeon in the Netherlands. CustomVis lost £2.1m in the half to December and the business will certainly post losses for the year to June. Nevertheless, if the orders keep coming and the company can conserve the cash – £2m – it has left, margins on its systems are going to be bumper. At bargain basement levels, we feel the shares are high risk with speculative appeal.