Biotech Values

[DewDiligence]

ISRG: They decided to provide an additional number (Q1 procedure number) that they don't usually give in order to give investors more information about the state of their business during these difficult economic times. And you get suspicious because they didn't give yet another number that you would like (Q4 procedure number). Big deal.

In my experience in biotech investing, selective reporting of a company’s most important business metric (in the case of ISRG, the procedure count) usually is a big deal. In many cases, such selective reporting has been a harbinger of an adverse inflection point in the business. ISRG could prove be an exception, of course, but I would be more than a trifle concerned if I were long. Regards, Dew

p.s. Thanks for the reference to the non-exclusive license given to CoGenesys—that clears things up with respect to Teva.