So… apart from the fact that things clearly aren’t progressing as well as planned, and management seem to want to avoid simply admitting or explaining that, I have some concerns about how this update is worded and several of the statements made.
Two examples:
”Shareholders should gain confidence from the fact that I have been personally wearing and testing the device and I fully expect it to be a significant disruptive entrant to the landscape of current health & fitness wearables.”
Is this guy a narcissist? How does one person testing & wearing the device give any weight to the development or commercialisation of the device?
”Taking a movie analogy, you don’t release two versions of “Thor” by different studios at the same time. You take advantage of release “windows” to maximize the commercial impact of your specific product so as to gain optimal media coverage, sales, and impact.”
Are we making a movie or a wearable tech device? Who thought this was a good analogy to draw on to explain delays rather than just openly and transparently telling shareholders what the issues have been?
Not the best update IMHO, and the delay to launch is now certainly material - not until the Dec Qtr.
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