Bioelectronics Corp (BIEL)

[Det_Robert_Thorne]

Boots-Walgreen average monthly revenue down 8.6% from 2015

They are not losing market GEEEEZ their main retail Boots Walgreen in the UK increased their buying by 6% in the 2nd Q 2016 over the 1st Q and then increased it by another 2% in the 3rd Q over the 2nd Q.

Revenue share percentages are useless as a comparison of growth.

Using data from BIEL's filings, I've put together the table below, which shows BIEL's top customer concentration data covering 2015 and the first nine months of 2016. A more complete explanation of the data in the table follows the table itself.

If indeed Boots-Walgreen has been BIEL's top revenue producer for the periods where BIEL has broken that info out, then the last line of the table, which displays the average monthly revenue over three, six, nine and twelve months, clearly shows that the $71.3K/month average revenue attributed to Boots-Walgreen in the first nine months of 2016 is 8.6% lower than the $78K/month average in 2015.

IOW, Boots-Walgreens has seen a drop in revenues from the sale of BIEL products. Note: This will change if Boots-Walgreens had a strong 4Q/16. We'll know when BIEL files the annual report at the end of March.



How to read the table:

The top four lines of the table show the reported data from BIEL's filings, while the bottom five lines show calculations based on the reported data.

BIEL reports the concentration over a Year-to-Date period, IOW, first three months, six months, nine, etc, so those are the revenue figures I've used. In addition, the company has been a little inconsistent in the number of top sellers used, ranging from 4 to 6, but 5 has been used for five out of the seven periods shown in the table. Finally, BIEL began showing a percentage for the Top seller (Boots?) in 4Q/15.

In the table, I've calculated average monthly sales for the top sellers as a group, as an average, and for the Top 1 (Boots).

The Top 4/5/6 revenue line is the total revenue multiplied by the Top 4/5/6 Percent of Revenue, while the Top 1 Rev is the Total Revenue multiplied by the Top 1 Percent of Revenue percentage.

The Top 4/5/6 Avs Mo Rev is the calculated Top 4/5/6 revenue divided by the number of months (3,6,9,12) of revenue reported, and the calculated Top 1 Avg Monthly revenue is calculated the same way.

Finally, the Top 4/5/6 avg mo rev/seller is the Top 4/5/6 avg mo rev divided by the Number of Top Sellers reported in that period.