Simply stated by Aslan, Gary was a breath of fresh air. I probably missed the January activities due to discouragement and expected lack of comprehension. When I last listened in to discussions by SRDX management, Ankeny was more comprehensible than the CEO. This time his presentation was a little clearer and Gary presented very carefully and clearly.
Gary sounds a bit like a Harvard B school graduate in his description of the analysis being performed. Nothing wrong with that in my opinion though one wishes to see the results as well as clear understanding of the situation. I took notes of the conference call and found myself carefully parsing every word he spoke. Didn't he say they all weighed a ton? Even mentioned the number of words in "hydrophyllic coatings of catheter based vascular delivery systems". I can understand that, Phil can understand that, even the analysts seemed to ask clearer questions and get more direct answers in this call.
I guess Pharma (Brookwood) was another mistake. I saw the announcement and am a little confused by the high congratulations given Brookwood management in signing new R&D programs. Filling up the capacity of that new building certainly has to be important to profitability and apparently Gary does not think SRDX is the optimum company to accomplish that goal. It almost feels to me like SRDX does not regard Birmingham as connected to them. A complex business like Chemistry does not need to add complications like far off people/plants. So I applaud Gary's emphasis on focus, derisking, and clarity of definitions (simplicity).
Oh, and thanks for breaking out operating margins. That makes a huge difference to me. I'm optimistic again.
Best, L.
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