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Once the stuff of science fiction, the laser has found applications beyond even its inventors' imaginations. Lasers weld transmissions for General Motors, analyze chemicals at Stanford University and play music on more than a million compact disk players. But despite their Buck Rogers appeal and widespread applications, lasers have yet to become big business. No laser company has experienced the dramatic growth of earnings or sales enjoyed by high fliers in the personal computer or semiconductor business, and the entire industry remains below $500 million in annual revenues. '20,000 Intriguing Uses' ''There are 20,000 intriguing uses, but no one's had the time to settle down and pursue the business,'' said Wayne Johnson, an analyst with Stillman Maynard & Company in New York. ''It's vexing that they haven't been able to bring the promise of the technology down to the bottom line.''

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ESC Medical Systems Ltd, Israeli maker of medical lasers, acquires unit of Coherent Inc for $203 million in cash, shares and bonds, becoming largest oompany in market (S)

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