Good posts and I wanted to provide some thoughts...
As to the Oxycontin market share reduction, it may be more attributed to the "Purdue Effect". Still, even at $500M and limited competition, it could be a notable addition to Elite's line up for revenue production.
As for the point of repeating the logic for the property purchase, I am in agreement with you; but it actually touches on the larger point of the questions...
I did not offer any questions this time around. Still, I was interested in what would be asked and I admit to feeling underwhelmed by what the company chose to answer. Of the seven, only two were enlightening - Dexcel and Oxy. The other five were at best softball questions and at worst time fillers. Seriously - Buybacks? Robert bringing any drugs from his old company? Contract manufacturing for a drug that does not fit Elite's manufacturing capabilities? And I call bullshit on deciding to answer why they bought the building...again...after discussing it on the last call AND in Nasrat's comments earlier on this call.
I would also like more clarity on what it means to say they are "Happy with Lannett" and, yet, there seems to be a small market share capture for XR.
Separately, the CFO needs to do what Ward did at the end of his tenure...give us some liquidity ratios. I hate to have to do that when they can touch more minds on the call.
What did I like?
* Though limited, the discussion of how the derivatives factored into the financials.
* The discussion of buying the SunGen share from Mikah, as it was sounding more like it could happen soon. Although, as Nasrat pointed out, that decision needs to be balanced by a decision on where to most effectively allocate capital for its best return (which should point to the fact East West Bank, an excellent bank, that deemed Elite fit for a loan).
* The discussion of current and pending distribution options (e.g., LCI, 3rd party partnerships, going it alone). LCI will eventually become untenable and I think the going it completely alone is very unlikely, I am glad to hear Nasrat recognize the issues. If I were betting, I am beginning to think he might engage a 3rd party to warehouse and distribute through a limited Elite sales & marketing team. In moderation, I suggest Nasrat considers the mistakes made by other firms trying to do just that. I can name two that increased G&A costs and went BK, while holding approved NDAs. And then there is AMRN, which has begun to sink under its own G&A weight.
* Though limited in description, the discussion of the 3 trials and reminder of their development efforts.
Additional thoughts?
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