Aug 5 (Reuters) - Pulse Health Ltd PHG.AX :
* Pulse response to vision target's statement PHG.AX
* Says target's statement misrepresents pulse's strategy, operations and financial position
* Pulse is of the opinion that the Vision board's analysis of the offer is fundamentally flawed
* Vision's claim that its earnings history is stable and consistent is also misleading"
* With the incorrect EBITDA number, gives false impression that underlying Pulse net debt/ebitda level is 149% higher than reality
* Says gives the false impression that the underlying Pulse ev/ebitda is 91% higher than in reality
* Vision has chosen to ignore the $6M in proceeds from sale of gympie property to arrive at Pulse net debt of $21.9M
* Vision's guidance for FY 2016 is also inconsistent with claims in relation to its growth prospects"
* Steep fall in vision's earnings between FY 2008 and FY 2010 has been omitted from vision's financial track-record
* Says Pulse notes with interest that jangho has effectively reserved the right to accept a revised offer from Pulse
* Also omitted was the $26.3M goodwill impairment in FY 2013 and cumulative goodwill impairments of $120M since FY 2010
* Vision is itself forecasting a decline in EBITDA for FY 2016
* Vision has not given proper weight to the risks attached to sharevaluation
* Vision board has not given due consideration to the likely strategic and synergistic benefits a merger with Pulse
* Source text for Eikon ID:nASX7Xw7d8