Sales were higher Q2...WITHOUT B.Braun...PITIFUL. YIELD-SIGN on OTC now. They are NO LONGER CURRENT. Sales are pitiful and there is no FDA coming. Adding B Braun in 3Q, showed 2Q beat Q4 with B Brauns addition. Thats not good at all.
Asked to share.
More shady accounting.
There's something fishy about the margins on that annual report.
They claim $660,981 Revenues and $509,502 Gross Profit for the quarter. Yet $140,000 of those revenues came from selling 20,000 of the Trial version.
Assume it costs $7 to manufacture and ship the Trial version (probably more but let's simplify) -- so those are break even -- That means $521k revenues from the full retail version produced $509k gross profit?
Really?
As I look at the last few years of financial reports... their Cost of Goods Sold is ALL OVER THE PLACE. Pity we can't see a breakdown of that. But I'm sure the "sophisticated investors" who own a billion shares have seen the books. Right?
You have to admit that $661k in revenues is pathetic, especially when you consider that $140,000 of that was from selling 20,000 Trial Version units. Looks like Staelin's guidance of Trial Version users returning to buy 3.5 more units within a year is just wishful thinking.
I think there's an error in their Operating Loss expenses. How could they spend $203k for I.R. Expenses through 9 months but only $148k for 12 months? Knopick gave them back $55,000 in 4th Qtr? Not likely. Looks like they subtracted IR expenses instead of adding them. Still -- increasing IR Expenses by $110,000 leaves them with a lower operating loss of about $260k. Looks like they trimmed some fat from their operations, and their margin definitely improved -- wish we could see a breakdown of how they calculate THAT.
At least they are consistent in one way: their Operating Loss lessens when they sell less product.
So my prediction of poor revenues was correct, 11Billion O/S not too far off, and I was too pessimistic about a new record operating loss but correct about how their operating loss increases as revenues increase (and vice versa).
My next prediction: the 510(k) receives a NSE rejection, followed by BIEL submitting a de novo application. Hope I don't have to wait too much longer for that because BIEL just got boring with this terrible Financial report.
And I can predict that 1st Qtr 2016 financials will be a lot like 1st Qtr 2015..... $500k revenues with a $500k operating loss. Flatlined. Stagnant. And the O/S will increase by another billion
