I think management is doing the best they can to manage Bavi and try to move it forward. Keep in mind this is no easy feat, trying to help/cure cancer.
I think management should be commended for starting and growing AVID. they built that into a nice business, sounds like market is good, demand is strong and needs are there. Growth should continue.
Where there is a colossal failure is at the BOD level. they pay themselves and certain mgmt outrageous salaries and options while they dilute the Co into oblivion. It seems they don't care what the share price is, as long as there is a share price, and since there is no debt they will still get their salaries.
The other colossal failure is to ignore the expense side of the business. They have to cut costs to shorten the 2 yr time to profitability.
There were many positives on the call/10Q. The 2 biggest negatives to me were 1) the failure to cut expenses to shorten the time frame to profitability....283 employees?????; and 2) to learn that they were using the ATM at 40 cents. That should be unacceptable to shareholders.
They cannot sell shares at 40 cents to fund outrageous salaries and 283 employees for a business grossing 50M. Yes they have R & D programs and research but there has to be an ability to cut to get to profitability. Then add from there.
The last benefit of the doubt I will give them is maybe that level of employees will continue to wind down as Sunrise winds down.
ALL IMO. I think the longs need a strategy to get these issues in front of the BOD. Anyone know an activist who will accumulate shares and start a proxy fight? I think there is potential profitability here and R & D value, but the shareholders need representation.
I missed the Q & A. I don't know if any of the analysts on the call are asking tough questions, like do you really need 283 employees for what the Company is doing now? and if you cut employees and salaries, wouldn't that shorten the time frame to profitability, thereby raising the share price??????
They really need to show some good faith and fiduciary duty here, IMO
