The choppy/consolidating (or perhaps worse) market conditions sometimes give the impression that growth plays do not exist, but that is not the case, and one growth company worth reviewing is Inverness Medical Innovations.

Inverness Medical Innovations, Inc. (NYSE: IMA) is a manufacturer of consumer and professional products including home pregnancy tests and fertility monitors, such as Clearblue Easy, Fact Plus, and Accu-Clear.

The company also makes diagnostic, infectious disease and serum cholesterol level testing products, and vitamins/nutritional products.
Analysts project impressive revenue and earnings per share growth for IMA for 2008, aided by IMA's aforementioned, signature pregnancy tests/fertility monitors. Costs remain reasonable, and there is ample room for market share increases. The Reuters FY 2007/FY 2008 EPS consensus estimates for IMA are $1.42 to $2.43.

The risks? Analysts have an eye on IMA's advertising/marketing expenses, as well signs of increasing competition in IMA's key business areas.

The First Call mean rating for IMA is: Buy [7 firms]. Mean 2008 target: $74.00 [high: $90, low: $65].

Stock Analysis: Inverness Medical Innovations is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than 2 years should be rewarded from IMA's shares. Sell/Stop Loss if you were to purchase shares in this company: $27.

Disclosure: Lazzaro has no positions in stocks. In addition to private real estate holdings, he owns corporate and municipal bonds, and cash certificates of deposit.