[buffett]

Even with all that cash and the stock down over 50% from its high, its EV/EBIT is still ~10x, so I don't think you can call this ultra-cheap/a no-brainer/cigar butt/net net.

So you'll need to have a good idea of the sustainability and level of future cash flows, and for that you have to have a good understanding the competitive framework. Some questions I can think of off the top of my head.....

how much does vein stripping cost?
how much does vnus' rf thing cost?
does vnus have patents?
what other alternatives to vein stripping are there?
is all or part of the procedure covered by medicare?

Of course, it may be very easy to find the answers to these and other questions just by reading the S-1 and 10-K. But I don't want to do that, because this is outside my circle of competence.