I agree about the bottom draw approach with this one. The best...

I agree about the bottom draw approach with this one. The best thing I did over the past few months with this stock was... absolutely nothing. Bottom draw.

Also agree that traditional approaches to valuation to these kind of growth stocks don't really cut the mustard. I had issues with valuing Xero, for which traditional valuation metrics are also not very useful for. I ended up buying some based on my knowledge of the business, the product, competitive advantage/moat, and their 'life time value' of each customer acquired, not traditional metrics. The result has been fantastic and I've averaged up (my mistake was not having enough faith in my approach and not allocating more).

What I like about this kind of product with Trophon and the consumables is that once you get in - you stay in without even trying and it will be incredibly difficult to dislodge. Who wants to go back to washing expensive, invasive equipment with dangerous (and less effective) chemicals?

It's also too easy to underestimate how hard it can be to execute well even when you have a seemingly good product, which was why I brought AXP into the discussion for a comparison on strategy execution.

On the other hand, I feel like PNV is going to be another NAN like stock for me. Early signs is that they have a good sales strategy, though different to NAN in that they haven't not, and don't appear to need a GE-like distributor as a launch pad.

In summary - the combination of good management and a fantastic product is hard to find and is worth holding on even when it may appear a little expensive - you'll often get rewarded handsomely for it.