sfraven1466, we need to reconcile some knowns. We haven't purchased top-line companies that were profitable. Each acquisition as stated by Pit was not a profitable entity. Pit is absolutely correct that this sector was hurting. Whenever +20 companies are competing for 168k samples/yr out of 4.2M the Pitman is correct... little interest in the stem cell sector. Each country no matter the location has an exorbitant amount of stem material discarded unless you live in France, Italy or Greece. There you can't store it privately. Not sure how it works with gov't whether they pay for all ucbs to be stored in the registry but it could lead people who have an interest in private storage to bank out of country. China takes a percentage of the private ucb for the Nat'l registry. Do you see it differently based on Pit's view? I agree with the guy. China injectable of stems for medical tourism are coming from what tank - Annuity or Discarded? Folks are traveling to China without their own stem so it's gotta be coming from the Discarded side. Do you see it differently?
That said, we have to also reconcile another truth. The acquired businesses CBAI has purchased are all failures. Not one a top-line business and even the CBAI CEO stated an absolute for all to understand last year. The mighty top-line company Viacord was under water due to advertisement and overhead costs when acquired by PKI. Another Pit truth that is absolute.
Based on the information that is in front of me in print and the analysis of said information:
1)Osiris Donor Placenta "Consent",
2)BioCordcell SA contract with "Consent",
3)Stellacure - First Public-Private combo in Germany "Consent" and
4)DW-Genzyme-Osiris demand for what stem - Discarded stem to manufacture products
I must conclude that unconventional wisdom to acquire essentially waste for pennies is going to be re-purposed. CBAI likely holds more DISCARDED stems in storage than ucbs generating any annuity.
I put up the most convincing evidence. The CorCell/IBC/CBAI acquisition deal. Fisher BioSciences took possession of stems from CorCell at close that CBAI paid to ship to Fisher BioSciences; the NIH. Were the samples Discards or Annuity? Of course they were Discards. It is to a Pit standard of Absolute when it's in the SEC filing saying that is what they did. Just like IBC retained Bioreactor Rights.
Maybe that unconventional analysis is disturbing for a few investors. It fits the Pit's historical perspective and also fits the annuity revs; or lack there of and accounts for Dilution. How do you reconcile these knowns?
We know 1 DW ucb = 20 pints or $20k; that is Just ONE Demand for DISCARDED material.
The DW model doesn't yield the same revs when used for a private sample... who owns the pints in yield? Not CBAI and not DW. No resale value.
Pit's historical analysis is correct but the future presented is far more attractive. Just ask Sanofi-Aventis.
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