Ann: Market Update, page-41

Only my opinion, but if the ~32-35c resistance doesn't hold PET could be all the way back at <$150M market cap, the complaining is rightly justified - growing unprofitable companies are valued in some cased on price to sales... With the revised $30-40M sales forecast, can you justify paying the current $280M market cap of PET.... 7-9 times sales... Hmmm maybe not...

NEA - $930M market cap, $105M annual recurring revenue, 20-40% growth rate, 70% gross margin - P/S of 8.8
CAT - $210M market cap, $68M annual recurring revenue, 20% growth rate, 73% gross margin - P/S of 3
SDV - $76M market cap, ~$28M annual revenue, +100% growth rate, 33% gross margin** - P/S of 2.7

People are complaining because there is realisation that IF PET were to be valued at a P/S of between 3-4, this would equate to a market cap of only $90-160M which would be falls of greater than 50% from the current SP... It isn't about complaining, it is about protecting wealth.

PET IMO has gotten a little caught up in the hype, and unfortunately there is no profitable underlying business to prop up the share price. I genuinely like the product, but a simple comparison to some peers suggests that PET is overvalued.

Time will tell...