e-ore's sleepers

[e-ore]

Some ASNB dd

http://www.advbiomaterials.com/

Here's their patent
http://www.businesswire.com/news/home/20100825005505/en/AdvanSource-Biomaterials-Announces-Patent-Antimicrobial-Polyurethane-Resins

Here's their deal with Access Scientific, the company that makes the innovative catheter called the Powerwand
http://www.businesswire.com/news/home/20110426005794/en/Access-Scientific-AdvanSource-Biomaterials-Announce-Agreement-ChronoFlex

Here's the Powerwand website
http://accessscientific.com/powerwand/

Here's the January 2017 deal Access Scientific signed with Intalere
http://www.prnewswire.com/news-releases/access-scientific-llc-awarded-intalere-choice-agreement-for-powerwand-line-of-catheters-300396266.html

This is Intalere
http://www.intalere.com/

This is the latest Powerwand study
http://www.avajournal.com/article/S1552-8855(16)30127-1/fulltext

And an excerpt from it:
"Contrast these outcomes with the predictable consequences our patients would have had if PICCs had been mandated for all vancomycin administrations. At the low end of the reported PICC-associated bloodstream infection rate, approximately 16 patients in our cohort would have had catheter-associated bloodstream infections, and 1 or 2 of these patients quite possibly would have died. The unreimbursable cost of treating 16 patients with CLABSI would have been $896,000 Compare this with the actual hard-cost savings of $97,740 (1086 patients × $90 savings per procedure) that resulted from using the study midline catheter (the Powerwand) instead of a PICC for vancomycin administration."

CLABSI stands for Central Line Associated Bloodstream Infection. Since CLABSIs are acquired in the hospital insurance and Medicare don't pay for cost of treatment

One of the things I've always liked about ASNB is management's ability to control costs
Revenues -
2012 $1.86 million
2013 $2.19 million
2014 $2.63 million
2015 $2.57 million
2016 $3.18 million

Gross profit
2012 $969 thousand
2013 $1.38 million
2014 $1.62 million
2015 $1.65 million
2016 $2.10 million

SG&A expenses
2012 $1.84 million
2013 $1.61 million
2014 $1.43 million
2015 $1.22 million
2016 $1.38 million

Profit (loss) from operations
2012 ($1,496,000)
2013 ($671,000)
2014 ($207,000)
2015 $68,000
2016 $404,000

You can see that this multi year trend is outstanding. They maintained their level of research and development spending throughout that period. They have never accessed the markets for capital so there's no shares held by "investors" waiting to be sold. But the problems at Access Scientific have put their revenues back down to about 2012 levels. So it's sold off down to about .06 and is now forgotten again. My opinion is that the Access Scientific deal with Intalere will cause Access Scientific to again order large amounts of Chronoflex C from ASNB and we'll go back to profitability. We'll get an idea when the annual report comes out in mid July with results through 3/31/17. The quarterly with results through 6/30/17 I think will be more telling.

ASNB has no "toxic" debt. When they needed some money back in 2011 they did a sale/leaseback with their land and building to a friendly investor. They pay about $90,000/year which is manageable. They have no other debt other than payables in the ordinary course of business. Market cap at .06 is about $1.25 million. If they return to profitability they should have a market cap of at least 1 year's revenue which would price them at about .25. Similar, larger, profitable companies, though, have market caps at least 5-6 times annual revenues. And if the Powerwand sells very well I think ASNB would be a very attractive takeover target. Most likely a stock swap deal with CR Bard, J&J, Teleflex or Boston Scientific. Any of those or another similar company could acquire them with "couch change."

Anything traded over the counter is basically an all or nothing proposition. They're there because they're very small, aren't profitable, so they are unnoticed. But this is one of the very, very few ones I've found that I believe to be competent, real, and with good prospects.