Bit of a mixed bag for sure - I'm going to give it a "B".What I...

Bit of a mixed bag for sure - I'm going to give it a "B".

What I liked apart from the (admittedly modest) increase in revenue:

• It came out before the special meeting. - shows a bit confidence/openness
• Record in revenue per US ECP, suggesting that when we get in a practice we are getting traction with sales
• Landed right on the lower end of my prediction for cash use (thank you Brian - confirms to me we have pretty good control on spend)
• Over 90% enrolment for the RCT - very important, and sets up for key news when cash will be at its lowest

The disappointing bits:

• US ECP number remains stubbornly static - no improvement in this for 5 quarters. Suggests we are not making an impact in new territories or with new chains in the US
• No update on international sales (predictable I guess). Not sure how to read the fact they felt the need to remind us of the launch dates in the non-US markets.

Putting this together with the convertible note solution, on balance I feel a bit more confident about my investment in VTI.