Biotech Values

[apljack]

NGNM:

I said, "and a slower than expected transformation from providing bulk testing services to other labs"

and you said, "They also lost one of their biggest customers, who took the work in-house"

We're both referring to the same thing. The larger picture is that NGNM had many more bulk service customers in the past and are now rid of all of those customers and the relative decline is now fully out of the earnings and revenue stream. Sequential growth should pick back up to 17-20% YOY now, if not better. The other detail is that mgmt has now trained a whole new cadre of sales reps who were not expected to grow business signficantly in their first year, but that too is now past h(x) and they should be much more productive.

aj