C - they dropped the marketing ball after approval. They have a big product - covers entire suite of this MRI add-on tech. Computer programs/biopsy guides with frames, drapes, and the surgical equip specially fitted for the system, etc..So - its a big investment for any hospital and requires much staff training. Train surgeon to procedure, MRI tech to software program, OR tech to set-up. Advantage of increased safety and accuracy in multiple procedures indisputable - but obviously sales need real investment in marketing and that's where they totally failed. Once a hospital buys, the company has recurring customer as procedural tech (which is diverse) is done with multiple single use items - assisting in infection control and requiring ongoing resupplying by hospitals.
So - last year they cleaned house. Replaced CEO in Oct. New VP marketing early Dec and 10mil private placement 2 weeks later! New CFO this March. Closed their TN offices - as they needed to - they were paying admin salaries and getting nothing in return. Now that money goes to marketing including a push to get slots in multiple medical conferences - which was not priority with old management. These guys are not kidding around. They have made marketing a priority - finally - and we can expect things to pick up from here on out. It's a big undertaking. Once this tech is adopted by a hosp - this is what they use. Too expensive to change out in a few years.
This will continue to be a slow grower, but it should experience steady growth now that a good team is leading. Its cutting edge and updatable tech that works with the current MRI systems hospitals have already invested in - so MRIC designed a huge technology improvement assist for a machine that most hospitals in our country have. Slow and steady until it becomes preferred standard of care is best outcome and I believe that is quite possible. But not for a few years of consistent marketing push.
