In addition to GKP's excellent response, I believe the Mkt Cap of PNV (especially pre-covid sell-off) was also baking in the fact that management have told us they see BTM for burns as only ~10% of the future business revenue for PNV. So whilst some fret about current BTM sales doubling etc (BTM sales currently are really only related to burns treatment IMO) many of us are looking 2-5 years ahead for the other Novosorb uses to come online (eg Hernia, Breast reconstruction, drug elution depot, BTM off-label, etc) - at that point there will be multiple revenue channels for PNV, not just BTM for burns. So you have to decide (as a LT Investor) what percentage probability you assign to these other markets coming to fruition.
PNV Price at posting:
$1.50 Sentiment: Buy Disclosure: Held
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