Repro Med Systems Inc (REPR)

[zenvesting]

Yeah, revenue growth increased nicely last quarter with the 24% sequential growth in revenue and 195% growth in operating income. I know their revenues can be a bit lumpy, but after doing some DD, I think that was just the beginning of a long-term growth trend for Freedom60 pump and accesory sales.

The new Subcutaneous Immunoglobulin (SCIG) was just approved in March and is much more user friendly. From what I've seen, CSL Behring seams to be pushing Hizentra (launched in March 2010) much more aggresively than their previous SCIG product, Vivaglobin (FDA approved in 2006). Vivaglobin had to be refrigerated, had a short shelf life, and had to be administered more slowly:
http://www.hizentra.com/docs/hizentra-and-vivaglobin-differences.pdf

If you look here you'll see CSL Behring created an intensive training program for training nurses to train patients on SCIG administration and have had weekly web conferences the past three months since Hizentra was approved....I don't recall seeing any effort like this for Vivaglobin:
http://www.hizentra.com/share/training-information.aspx

If you register for one of the archived web conferences and skip to about 26:00 you'll see that several infusion pumps could be used for Vivaglobin, but the Freedom60 is one of only two infusion pumps determined to be "Optimal" for use with Hizentra due to increased viscosity. At 42:20 you'll see they use the Freedom60 as the only illustration of a pump in the training web conference.

Here the Freedom60 is illustrated on the last page of the "Prescribing Information" brochure:
http://www.hizentra.com/docs/hizentraPI.pdf#page=7

In conclusion, I decided to buy back some shares here today because CSL Behring seams much more committed to this new product than their previous product Vivaglobin.....and the Freedom60 seams to have a better advantage now of being one of only two pumps determined to be "Optimal" by CSL Behring....and still the only one approved by Medicare. I this may finally be the begining of the growth trajectory I've been expecting since Vivaglobin was launched back in 2007.

Good luck!