There really is only one negative of concern to the company being late with financials, it's a loss of investors confidence. The SEC won't take any action against them, neither will any of the brokerages, but investors will question whether they can believe other information from the company.
Year's ago the CEO of IMGN would tell us certain events were happening soon, he didn't provide a concrete date, but soon sometimes came out to more than a year. We started spelling it backwards in caps, NOOS, when discussing him using soon.
Perhaps our CEO needs to add some language like, we're striving to have our financial out on time, rather than declaring they will be, that would be an honest statement whether you make it, or not.
I believe we're getting closer, the Annual Report was later than the first quarter report, if we do get the second quarter report shortly, it might be less than a week late, that would be a big improvement. Frankly the improvement I'm more interested in is the increase in income, which I believe will be substantial.
While I'd love to see the company pay off all of what can be considered as toxic debt by the end of the year, if in doing that they slowed the rate of growth we're experiencing I'd rather see the growth continue and live with the debt a little longer. I cannot say how many new distributors they'll add by the end of the year, especially the Level 3 distributors who make product, but I believe we could end the year with 20 or more Level 3 distributors. I don't know how many hospitals we'll add by the end of the year, but I don't think 25 is out of the question. All these estimates are without considering what, if anything, we've delivered on the U.K. agreement.
We still know almost nothing about what will be happening in the U.K. While I don't believe it's an agreement where we're not paid until every unit has been delivered, installed and operating, that would be one extreme. The other extreme would be not building a single unit until it's paid for in full. I believe we're somewhere between these extremes, and of course we've yet to learn of anything from the other European countries our E.U. distributors are authorized to work with.
Gary
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