Smart. Anyone that implies bankruptcy is a remote possibility based on fundamentals either knows nothing about fundamental analysis or has an alternate agenda. I won’t speculate which one it is but all that implication does is spread Fear, Uncertainty and Doubt (FUD)
Understand that an organization files for Protection under Chapter 11 of the US Bankruptcy code if they cannot make due on their obligations. That means debt and interest on that debt. You will see this from a recent 10Q
“As of September 30, 2022, the Company had no debt outstanding.”
So, while we have plenty of headwinds (slow Europe rollout, US leveling of scripts, etc) it’s pretty nefarious to spread this type of Fear.
The company has $300+M in cash and has taken real measures (proxy aside) to maintain that position with more dry powder if needed).
Now, while I think Denner will be able to help this company (reasons have been discussed ad naseum here) and/or the management team MAY be able to make something out of Europe, risks remain but I remain comfortable (albeit impatient) with my position. Denner has $100M or so invested at an average of $4+. At that price, he explicitly stated that he thought the company was undervalued. IMO, he will do all that is needed to get us to a number at or above that level. Only time will tell and with my shares not on margin, I will wait
Best of luck to you and all longs/patients.
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