Ann: BTM delivers positive First in Man results in Cell Therapies, page-229

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20/05/25

18:17

Post #: 79120449
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Originally posted by Sojourner: ↑

They definitely don’t need to raise cash for working capital. Cap ex is going to drop off with the completion of the new production plant. They will have enough headroom for some time before another plant will be needed (and if that day comes early it will be great because it means sales is going well).

I think there is to see operational leverage is starting to show showing. There’s been some of initial investment to expand into new markets like India, new indications and the new plant being built which obscures the operating leverage this company has, but remember there is massive margins on the products sold.

The other key cost driver is sales staff, but we all know they pay for themselves, otherwise PNV wouldn’t be hiring and DW has pretty much confirmed that as PNV has gotten bigger, it’s been easier to recruit and is being viewed as an employer of choice.

Contrast this with comments a few years ago from Ed Graubart, who said it sometimes took a while to find the right person for the job and he preferred to wait to get the right person rather than just hire anyone.

What this means is larger and better talent pools, shorter recruitment times, better payback period when they are hired. I’m not surprised DW gave the example of some one recently hired who paid themselves off in sales within a month or two.

The issues Integra have had probably had many of their staff looking elsewhere and many worrying about joining a company that may still be under the microscope of regulators for poor quality assurance.

Things look pretty good to me. The only thing they would need to raise capital for is maybe an acquisition, but you only need to look at DW’a record as an investment banker and the amount of shares he has to know he isn’t going to do a deal to build an empire at the expense of shareholders.

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And DW's not going to make any deals that will reward the shorters and allow them to close open positions profitably.

PNV Price at posting: $1.38 Sentiment: None Disclosure: Held
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