Agree with some of your views but personally I am happy so far with the route the company has taken by signing up with various distributors to target the larger markets. Keep in mind they spent most of their time before the IPO developing the product than actually marketing it, and any sales they did target was only in asia .
If they had chosen to go alone and target contracts, I reckon they may still be in about the same position burning a whole lot more cash and with a potentially longer timeframe to achieve scale.
Not sure how you would define overvalued but it looks to be more attractively priced than the comparables in previous presentations.
IMO the catalyst is growing the market share and revenue from these distributor partnerships as they did not already have a presence in these markets. Not saying it will come overnight as they have only signed on last year, but hopefully within the next 12 months.
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