Heh love your optimism and you do make some salient points! To me, the convertible debacle is such a big deal, and it is something that is slowly strangling them! Plus I would really like to know if the holders of the 7% convertible note(the financiers) are the same as those who held the original 1.25% convertible.....that would be very very telling(and may warrant an investigation?)!
So to me one the biggest issue is getting their balance sheet in order by somehow paying off or getting rid of this horrible 7% convertible!
I wish Nick would come out and give some kind of clearer picture of when he believes we will be getting close to filling capacity....as in what is the plan?? Is it the same old, same old.....just going to all of these industry Bioservices conferences and events, hoping to snag some contracts, or are they making some real progress on landing some huge contracts.....contracts that will get them closer to their 30% profit margin.
Yes things may start improving next year if rates continue to fall and financing options open up for smaller Biotechs, but there is no real guarantee of this happening. Rates may not fall as far as everyone hopes if inflation again comes back and rears its ugly head once more and there is also no guarantee that funding will improve for small Biotechs.....why put money into these high risk propositions when the market is doing so well...both stocks and bonds?
Without some solid business execution, we may just tread water here for years hoping and hoping for more business with our share price either stuck in its current range or heading back to the $5 range....having unused excess capacity becomes a drain on finances rather than a boost as you have to have the personnel(management and staff) ready to handle full capacity whether the contracts come or not....a lot of these are fixed costs whether you do $100 million or $500 million in revenue, so it is paramount that they start landing some contracts to start filling capacity!
And finally, I doubt Nick will hang around if things do not improve and I still think he is an excellent CEO based on how he managed the expansion.....but if the business developement folk can't nail down some more contracts, the future looks a little grim...IMO! This is why I believe the Board is overpaying him for what he has done to date with all of his compensation and stock options, because if he leaves, we really are in trouble!
I believe our future is somewhat bifurcated.....one branch goes up, and one branch goes down.....fill capacity, and we have a grand future.....continue to stumble along and we are heading way down into single figures on our stock price!
Like you, I still believe Nick can pull this off inspite of all of the financial miscues....but we are running out of time!
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