Yes, I was on the call, for what it's worth & maybe I over-summarised in my earlier post. They went through the slide deck (now published on ASX) explaining :
Financials - no royalty this time, thus $29m revenue and $1m exp removed from P&L, though I thought Kotsanis referred to the nest royalty in 2016 in passing
Axiron - Sales now growing again & they expect cloud from FDA to be removed soon
Pipeline - vague deliverables and platitudes with only commitment being to Ellavie being launched in France "next year"
They puzzlingly asked for questions, but most people were on an internet connection, rather than phone line & thus couldn't actually ask.
So my analysis puts ACR (at $1.10) on a PE of 10.2 times 2015 and 3.2 times 2016 earnings with the prospect of receiving up to 35c in divies (although other posters see the 2015 div being reinvested). Hence a buy at these levels.
I see we lost a director this morning too, so that's another $100k+ saved....
ACR Price at posting:
$1.11 Sentiment: Buy Disclosure: Held
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(20min delay)