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mrholty - After thinking things over, this is how i see it. Horton has been along term buyer and holder of RMS stock.They are now the second largest shareholder. The exercising of the options would only be dilutive if Horton planed to sell the shares and I doubt they intend to do it now. Remember Andy is trying to take back control of the company. By exercising the options Horton will make this more difficult for Mr. Sealfon.
Interesting about the warrants. I cannot remember them at all and I don't like it. Its usually somehting I have in my notes on each company.
Guess I'll konw what I'll be doing this weekend (won't get to it before then). Disappointed for sure and does somewhat explain Andy's behavior a little more. In general I like the current mgmt staff they brought and will give them a few quarters but depending on the size of these warrants could change the game materially.
CC - For me the most interesting thing was the brief part of the presentation by Don Pettigrew. I have the impression that here was a guy that has been in a similar position in the past and got the job done. He knows what to do and what needs to be done and will get it done at RMS as well. He is going out to meet the end users and drug makers to establish relationships and increase visibility. I think his imprint will result in a more dynamic and focused sales organization helping to guide new product development.
The most SURPRISING thing was that Horton management company(Joe Manko) will be exercising warrants. When questioned about how many and at what price by a caller, a private investor, was referred to past filings. Anyone who knows this please post it. This is both a plus and a negative. It could be seen as dilute. Or it could be seen as a vote of confidence. I see it as both. I suspect andy's trying to remove/replace the current management might be partially behind the Horton management decision.
The presentation will be posted on the company's websit. These were just my impressions from listening and could be a little bit off.
CC - For me the most interesting thing was the brief part of the presentation by Don Pettigrew. I have the impression that here was a guy that has been in a similar position in the past and got the job done. He knows what to do and what needs to be done and will get it done at RMS as well. He is going out to meet the end users and drug makers to establish relationships and increase visibility. I think his imprint will result in a more dynamic and focused sales organization helping to guide new product development.
The most SURPRISING thing was that Horton management company(Joe Manko) will be exercising warrants. When questioned about how many and at what price by a caller, a private investor, was referred to past filings. Anyone who knows this please post it. This is both a plus and a negative. It could be seen as dilute. Or it could be seen as a vote of confidence. I see it as both. I suspect andy's trying to remove/replace the current management might be partially behind the Horton management decision.
The presentation will be posted on the company's websit. These were just my impressions from listening and could be a little bit off.
no surprises - met expectations. The new management is executing and will continue to grow the company. The mention of "higher regulatory expenditures" means that new products will coming. "clinical trial activity" was mentioned as it was in the previous quarter. The press release reminded me that the company's balance sheet has no debt and a growing cash position.
I was not looking for it this morning. I thought it was coming out afterhours since the call is tomorrow. I like usually seeing the 10Q but the press release provides enough to work.
Revenue flat over prior quarter but better margins by 2%.
SG&A are inline but up over the prior quarter. Supposedly driven by increased legal fees and R&D spend.
Nothing too surprising which I guess is good. At a company this size I'd like to see growth both Q over Q and over PY. However we did this same thing where Q3 of 2017 was flat to Q2 2017 and then Q4 was up 7%. I know how hard it is to drive sequential improvement on the top line and I like the comment that they are seeing operating efficiencies. Overall when you take a longer term picture the story is compelling as sales, gross margins and NI both $ and % are up.
I'd like to see a shakeout in the share price to add but I can live with my investment.
link to earnings press release
https://finance.yahoo.com/news/rms-medical-products-announces-second-203000970.html
third quarter earnings release date and conference call date/time
https://finance.yahoo.com/news/rms-medical-products-report-third-205000738.html
here is a pdf put together by andy and company.
http://www.rmsmedicalproducts.com/wp-content/uploads/2016/11/f60_po_sci_infusionpumpdesignvert_03-1060vb.pdf
What i am beginning to understand is that there is a paradigm shift in the medical community concerning drug administration. Its not just about more applications for subcutaneous infusions. Its about why companies for medical reasons are moving to administer their drugs via subcutaneous infusions. This is the exciting story behind RMS. This is a story that is just beginning to be told and just beginning to be understood.
thank you for letting me educate myself and letting me share my views. i am very long in the stock.
below is a link to different methods of drug administration;
https://en.wikibooks.org/wiki/Structural_Biochemistry/Routes_of_Drug_Administration
Every drug delivery system will have pluses and minuses.One of the minuses of subcutaneous infusions according to the article is it can be painful. This brings back to the super26 needle. It allows a smaller less painful needle to be used. Kudos to andy.
On the plus side, subcutaneous has more complete absorption. More absorption can translate into smaller doses and less toxic side effects. I also believe the subcutaneous tend to stay in the body for longer periods of time (compared to iv delivery). It gives the drug more time to do its thing. Again the rms system, because of its design, has a relatively even flow rate. This is another plus.
i hope this was useful and educational.
that is what I see. I think that that is a good portion of the reason for the recent interest in the company.
budge - was thinking about something and reread your last post. Below is a quote from the post:
" HALO's ability to create infusible formulations out of regimens that require injection is being tested in an increasing number of trials"
What I see here is the beginning of a paradigm shift. There are some drugs, and maybe a large group of drugs, where there might be advantages to being administered via subcutaneous infusion. So as you point out drug makers are re configuring the drugs to be infusible. In addition RMS is partnering with pharma to use subcutaneous infusion in their clinical trials. This is huge
budge - there is not much to add to your post. The RMS infusion system is superior to the alternatives for several reasons Spring infusion models result in uneven flow. Too much to fast in the beginning. This means problems for the patients. Electric/battery models are more expensive and I suspect as batteries get older then the flow rate is effected.
This also should be noted as far as distinguishing RMS from its competitors. The super26 needle set which is awaiting fda approval provides a higher flow then a 24 guage needle. This is huge. The design is a credit to andy sealfon's brilliance. He talks like a proud parent about the needle set in one of his Princeton research appearances.
As far as RMS being a take over target. I think you are correct. The value of the company will be substantially higher down the line as more of the company's potential is actualized!! The current management is working to realize that potentially as quickly as possible. With that said there is an old saying "one in the hand is worth two in the bush".
new management may be a major plus here. but we can't ignore the fact that every drug regimen that is approved by the FDA for infusion opens increasing markets for REPR. they have made note of the purchases by drug companies for the purposes of trials in this area. HALO's ability to create infusible formulations out of regimens that require injection is being tested in an increasing number of trials. I would expect to see a rapidly increasing addressable market for REPR. it seems logical that others see that as well. REPR may well become a takeover or a take private target. I wouldn't like either.
budge below is a quote from a previous post.
"they are now licensing tech to big pharma that allows some drugs that now require intravenous delivery to be delivered with subcutaneous infusion"
We are in the early part of a trend to administered drugs via subcutaneous infusion This is possible because of improvement in needle design (ie super26 needle set). It used to be when one was getting a drug then one would get a shot or take a pill. Now the medical community is opening its eyes to the possibility that subcutaneous infusion is also a viable way to deliver drugs and in some cases might be preferable.
The primary driver in moving the stock price up is the new management team. Look for the next couple of quarterly earnings report(report card) to see how they are doing.
Halozyme Theraputics.
budge - what do you mean by "HALO"? You have mentioned it in previous posts?
take a look at HALO and see if what they are doing might translate to an increase in TAM for REPR. that may in part explain some of the rise.
kush - why not go to the company website and look at some of press releases . Also look at the quarterly and annual earnings report. that is how i would get an overview.
Soooo, I apparently bought a ton of shares of this stock like 18 years ago and completely forgot I owned it, oops! Not a ton of action on the message board these days, but if anyone happens to read this, any idea why the stock is so high now?! Any info/insight would be greatly appreciated, thanks!
new quarter new highs - works for me.
for the forth quarter it would be nice to see uplisting to a major exchange. if not then, expect it will come in first quarter of 2019?
third quarter earnings?? can they equaled second quarter numbers?
expect fda blessings on super26 needle set and major marketing campaign to begin.this is one thing that will set RMS apart of the crowd.
the elephant in the room is the last 8k. hopefully this will be put to rest with a minimum disruption and expense. not good for anyone or the company.
last trade at 1.80. who would have believed it? Not me
mr holty below is a quote from your post
Common ones include stuff like Country Club Memberships, parts of travel, etc. For Selfon he viewed this company as his baby and probably charged some personal items to the business. He also probably worked more than anyone else and didn't charge some stuff to the company since he viewed it as his business. Every small business owner that I know operates this way and REPR is a small business.
i want to add to my response to you. the 8k said the problem is not financial. And the current management would not go to the expense to go after the little stuff. They would either close their eyes or ask that andy reimburse the company. The management is looking into something more serious. what it is we do not know.
i am not disagreeing with you about family businesses. family businesses are in business to enrich the family. provide jobs for family. and as you pointed out give some perks for the family.
hello mr,
thanks for the reply. the 8k explicitly said it was not financial in nature. that takes a lot of possibilities off the table but leaves the door wide open to speculation. the company is being very careful to say very little and not saying anything that would be libel. the current management does not want this to be viewed as a personal vendetta against the formal ceo, sealfon. this is one reason why they hired the outside firms for guidance. but the current management is also saying that there is something that can not be swept under the rug and needs to be looked at.
its a narrow difficult road the management is walking. They are trying to be as transparent and honest as they can.in the end there might be a settlement with a non disclosure and we will never know what is behind this? in some ways i think this would be best.
I agree with much of what you wrote on this being an expensive and probably distracting endeavor. I also understand why current management wants to do this. Using the corporate shell they probably have deeper pockets than Andy directly and will use time and $ to try and force a settlement.
I get the playbook and when you are a small company its really easy for an audit staff to come in and review the books and find discrepancies or potential issues.
Common ones include stuff like Country Club Memberships, parts of travel, etc. For Selfon he viewed this company as his baby and probably charged some personal items to the business. He also probably worked more than anyone else and didn't charge some stuff to the company since he viewed it as his business. Every small business owner that I know operates this way and REPR is a small business.
I didn't love Selfon as CEO but I'm unimpressed that the current mgmt team is airing this dirty laundry so publicly.
RMS went out and hired two highly regarded firms. Kroll to help with an investigation. the other Olshan for additional legal counsel.
https://www.google.com/search?q=Kroll&rlz=1C1GMIN_enUS696US696&oq=Kroll&aqs=chrome..69i57&sourceid=chrome&ie=UTF-8
https://www.google.com/search?q=Olshan+Frome+Wolosky+LLP&rlz=1C1GMIN_enUS696US696&oq=Olshan+Frome+Wolosky+LLP&aqs=chrome..69i57&sourceid=chrome&ie=UTF-8
what this says to me is RMS is looking into something and that they are uncomfortable talking about as to not libel themselves. Additionally they are paying top dollar to get quality people to make sure that everything is handled properly.
kudos
glad to see the offer is back at 1.50. and the dip in price was on lite volume. this is the market giving rms a vote of confidence.
companies, in the sue happy culture, need to do everything correctly to protect them self. this is what the management and board of rms are doing, it does mean that something is wrong or anyone did something wrong. it does mean that a company must look into things carefully, soberly and with open eyes. perhaps this is the best interpretation of the second part of yesterday's 8k. also note rms went out and hired experts to guide them.
kudos to them.
correction - was an 8k not a press release
https://ih.advfn.com/p.php?pid=nmona&article=78330202
not sure how to process this info. seems the current management is walking very carefully, legally and politically to do the right thing. The management is fulfilling its fiduciary responsibilities to inform the shareholders but is unable to say more, pending further investigation.
new press release.
getting ugly in rms land
below is a quote from the release which came out on Tuesday 9/25
Shortly following the termination of Mr. Sealfon’s employment and service as President, Chief Executive Officer and Chairman of the Board, certain non-financial discoveries were made involving Mr. Sealfon prior to his termination from the Company. On the advice of and through Company counsel, the Company engaged Kroll, a division of Duff & Phelps Corporation, to perform an independent investigation of certain of Mr. Sealfon’s non-financial activities while employed by the Company. The Special Committee, through counsel, will oversee Kroll with respect to this ongoing investigation
"holy cow batman have you seen the price of rms stock?"
"yes robbin i have."
interestingly i think we are now in a black out period preventing insiders from purchasing??
tried calling rms medical investor relations and was unable to speak with anyone. interestingly my call was forwarded to a karen fisher.
My sense is something is happening in the background. Manko is not buying as aggressively as i would expect. Pettigrew's large stock purchase closed the door for andy sealfon resting control of the company.
it seems to me the chances of a buyout by either party are for now dimming.
just my speculations.
if i get through to Ms Fisher later I will post more. But she is a smart cookie and will not say anything that is not in the public domain.
http://www.rmsmedicalproducts.com/person/karen-fisher/
link to 9/5 presentation
http://www.rmsmedicalproducts.com/wp-content/uploads/2018/09/repr-september-2018-presentation-rev-9318.pdf
Copy the link below into your browser for a replay of the webcast presentation:
http://wsw.com/webcast/liolios4/repr/
press release
https://ih.advfn.com/p.php?pid=nmona&article=78246687
New CEO is opening with a lot of money. Very impressive. Would very much like to see Goldberger buying as well.
Custer should have walked (actually ridden) away from little big horn. Andy should walk away from this battle as well.
i do not think there are a lot of shares available for Manko. I suspect that he was behind the 35k trade at the end of the day on Monday.
Even though andy and company have a slight advantage in number of shares I do not think that they have the access to capital that Manko and company do.
If Manko keeps buying up the shares in the 1:40's I may offer a few shares above 1.50. The float must be getting narrow.
Friday is was Manko--the filing hit just after market close on Friday. Link a few posts back.
I'm waiting to see if any filings show up on who purchased shares either on friday or today. larger volume than we are used to seeing.
Those filers that are more than 5% would have to declare it within 3 days, no?
offer me some feedback on this idea??
Sealfon and company get res-q-vac and cash - possible spin off?
Manko and company get infussion business
everybody gegts something?? Crazy idea??
interested in feedback - think it over before rejecting please.
looks like it was Manko today.....
http://secfilings.com/searchresultswide.aspx?link=2&filingid=12955591
45k shares at 1.38 acb, nice.
Wow is right.
I think people could read the writing on the wall.
There are 7 people on the board. Sealfon (founder), Dr Baker (probably friends with Andy), and Pastreich (who owns the building).
I assume Manko got in once he bought a bunch and got Goldberger to join him. They also probably hired the new CEO and CCO Pettigrew.
What is surprising is that presumably Anderson and Radin came in with Andrew as they have been on board since 2015 and 2016. Clearly they must have been onboard with this as they must have been the ones to side with Goldberger and Manko. I remember when Anderson joined as it seemed like a step up in quality vs prior board members.
This battle is going to cost the company money, time, focus. The good news is that this fight will allow us to really see the playbook for the new team as they have to convince us to side with them as they are behind in ownership of shares.
Done and done. Wow.
One block gone. If they want to offer me a couple bucks per share, they can take it anywhere they want. ;>)
this is like a family feud that everyone knew about and now is very public.
i believe that between manko, goldberger and the new guy they have access to or can get access to the money to take the company private. Is this better then a third party buyout? not sure? I suspect andy might prefer a buyout?
With 20 minutes left in trading, it will be interesting to see if those blocks offered at 1.42 and 1.45 get bought. Could indicate a fun week next week.
the movement of the stock price suggests people expect a bidding war. My reading of andy's filing is he can buy additional stock. what Will horton capital do? Not sure if they will want to add to their position?
If andy suceeds in removing manko and company then they manko will want to sell. This is not what they have worked for and clearly not what they want. With this possible scenario in the background and the inability of rms and andy to resolve the issues then i see manko and company trying to gain control by taking the company private. Remember RMS has no debt and this would make it easier.
way above my paygrade.
The filing appears to have motivated someone to buy. Perhaps the interested parties are trying strengthen their positions.
Nice jump on low volume, interesting.
wow - i am speechless.
i do not think this is in the best interests of the shareholders.
maybe something else will surface
The saga continues. Will 26% be enough to reverse the coup?
http://secfilings.com/searchresultswide.aspx?link=2&filingid=12954558
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You may have heard of Repro Med Systems, Inc. That’s us! Today, we are operating as RMS Medical Products, a leading developer and manufacturer of medical devices and supplies. The company was incorporated in March, 1980 and is now publicly traded . Our stock symbol is REPR.
Worldwide, RMS Medical Products drives healthcare inspiration – in the minds of our patients, our employees, our customers and our shareholders – to give everyone greater freedom for living. We design and manufacture safe, affordable medical devices to make quality healthcare a reality for everyone.
We focus on home and specialty infusion solutions, emphasizing responsive problem-solving for our customers, and careful consideration for the patient experience. Our primary products are the FREEDOM60® and FreedomEdge® DynEQ Infusion Systems, RMS Precision Flow Rate Tubing™, HIgH-Flo Subcutaneous Safety Needle Sets™ and RES-Q-VAC® Hand Held Medical Suction.
We are passionate about helping people with our reliable medical devices made at our HQ in Chester, NY (USA). Our products, as well as product support, are offered worldwide by RMS and through a global network of distributors and service providers.
RMS is excited to expand into new markets with innovative, more technical products. We look forward to productive partnerships with people and companies who share our vision and can help us effectively deliver our value promise to stakeholders in our industry.
Web Site
http://www.repro-med.com
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