Wednesday, November 18, 2020 2:24:55 PM
Negative financials due to COVID impacted (a) Plasma (revenues, 25% y-o-y reduction) and (b) Pharma (also impacted by the accounting policy change to recognize unspent balances as revenue, at card expiration (rather than pro-rata during lifetime), and related revenue reversal of $6.3Million.
Activity was good. Total programs (including Plasma and Pharma) increased from 305, end 2Q20 to 324, end 3Q20, expected to be 365 by year end. CEO expects continuing increases in Plasma centers openings over 18 to 24 months. Likewise, Pharma "is executing extremely well" (a number of executive appointments were announced recently). Various initiatives underway.
Looking ahead Plasma industry as a whole is still down due to COVID, although the worse (May, 2020, was the low) is in the past and seems to be getting progressively better.
October, 2020, Actual revenues were $2.3Million, or $6.9 annualized (under new accounting policy).
All in all, the policy change dominated the financial figures. It came out of nowhere. It was painful. Operationally, activity is good, and the future seems promising, subject to COVID, which continues to be big factor, although diminishing with the passage of time.
I am very, very long, long term, and continuing so.
Best wishes to all.
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