Not sure if you are still following this story but I have a question for you or anyone else for that matter on the recurring nature of the revenue.
We have seen the revenues grow 15% while advertising is flat to declining which to me means that they are becoming more efficient on the marketing which ties to the their shift to direct mail vs TV. (A company that does this well will do very, very well).
However, I struggle with the idea that they can throttle back the ad spending considerably. My understanding if the lifecycle or user base of this product (catheder) is much shorter than diabetes in that the average user is less than 90 days. If that is true I don't think we get that multiple.
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