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 a review is Quidel Corp. (Note: Quidel is only for investors who can tolerate high-risk.)

Quidel Corporation (Nasdaq: QDEL) develops, manufactures, and markets point-of-care, rapid diagnostic tests for the detection and management of a variety of medical conditions and illnesses. Its products are used to identify a pregnancy, and detect infectious diseases, autoimmune diseases, and osteoporosis, among other conditions.

Analysts like Quidel's flu testing market share, and solid positions in strep and pregnancy detection. Analysts expect 15-20% revenue growth in 2008, after a double-digit increase in 2007.

In a choppy/consolidating (or perhaps worse) market, discretion dictates that one look for companies where the demographics are running in the company's favor. Health care services in the United States is one sector, and in this category Hologic is worth an evaluation.

Hologic (NASDAQ: HOLX) manufactures mammography tests/products, workstations, and detection systems, as well as cervical cancer screening systems, among other health care service business lines.

Analysts see solid-to-robust growth for HOLX on favorable demographic trends and increased health education awareness to undergo regular, as-required tests for the conditions HOLX screens. Margins remain solid in both the breast cancer and cervical cancer detection areas, with promising opportunities to increase market share. The Reuters F2007/F2008 EPS consensus estimates for HOLX are $1.69/$2.25.

The risks: Negative changes to Medicare and/or private insurer reimbursement rates would hurt HOLX's results, if clinics consequently reduce tests with machines/devices manufactured by HOLX. Analysts also are monitoring intensifying competition across HOLX's revenue streams.

The First Call mean rating for HOLX is: Buy. [13 firms.] Mean 2008 target: $73.00. [high: $77, low: $65.]

Stock Analysis: Hologic is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than two years should be rewarded from HOLX's shares. Sell / Stop Loss if you were to purchase shares in this company: $42.

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