seems to me to exemplify the cogstate theme of late.. great long...

seems to me to exemplify the cogstate theme of late.. great long term prospects and bad short term prospects. both in the way that it suggests they dont have much work in the near term but are prepared for more work in the future to be completed with higher margins due to lower staff costs and in the way that this is going to make this FY financials look really bad, cash flow possibly negative, profit falling catastrophically but also lower cost base next year, plenty of cash, business set to grow profitability vs fy22 once revenue returns to fy22 level. could be great outcome from this slowdown that they become a more lean business prepared to be more of a cash cow in future years when cognition related research is booming. They really needed to come up with some serious action because they have been saying forever now that the revenue will just be pushed out, the next period's revenue will be disproportionately higher as a result, but now that is clearly not the case.. the trials have not ramped up as per their third revision
my concern is, all this revenue they say they have contracted, which the valuation is strongly based on, whose to say it wont all be delayed and recognised in later periods? Seems to me they have very little visibility of how likely this is or isnt. very unfortunate, the progress and pace of these trials seem quite unpredictable, that makes cogstate's revenues also so