They've cut a lot of sales staff globally and other spare fat including far too generous share awards (it was indeed a lifestyle company in the past). The strategy has changed significantly with the Zimmer Biomet deal. That said management have been absolutely atrocious. The CEO is a recent promotion (the Chair unfortunately is not - proverbials on a bull and needs to go) with some genuine very good achievements to his name in partnerships in Singapore and wider afield. They are primarily clinical or academic and they need a commercial one.
But to be be fair they have expanded sales, impeded by Korea having had a mass walk off late last year by Doctors, etc in the medical industry. Otherwise I actually thought they might be heading for an even smaller recently announced full year loss - regards your failure to grow Asian mkts call:
That said their sales are simply still off too low a base and not growing quick enough to work into that still too high cash burn, but that's been obvious for years and with a number of other reasons, why its been a sub $5 million cap stock for a while after previously being a bit of a market novelty. It had a market cap of around $20 million in 2022 - lots of corp' actions, etc and raises since - when the show pony Chair was talking it up amongst the great central bank cash giveaway when investors went a bit crazy (not unusual in bio-techs).
https://www.australianmanufacturing.com.au/new-osteopore-chairman-says-tissue-regeneration-will-revolutionise-surgery-in-australia/
Many of your assertions are absolutely right though, but again, that's why its priced as it is.
They literally need to double sales at least to even make it through next year without some partnership deal - there were two potentially that disappeared from focus last year - holding all things equal, to cut into the cash burn/shareholder equity decay. But you also have to say partnership possibilities just went up with EU approval too.
Personally I have been buying this stock at lower levels knowing it was absolutely (IMO) a
risky binary punt - boom or bust. As said above, the European MDR approval and ZB distribution deal make it a feasible
possibility of survival. But the riskiness in this stock is self-evident - particularly the recently procured debt as you point out (it was that or another dreaded raise).
I get your anger at the company as a past shareholder entirely and agreed management have been atrocious, but go look at sales again. Past shareholders have been killed in dilutive raises and corporate action share structure meddling - why I hate the Chair, but as a past shareholder you should also know they've had past sales in Italy, Portugal, Spain, Switzerland and Germany, albeit low, contrary to your statements. I'd take their expansion into knee osteo' with a pinch of salt, but their products in tibial osteotomy okay; rhinoplasty good; and craniofacial regarded in many geographies as indicated again, by clinical partnerships (again they really need a decent fruit bearing commercial one [beyond distribution deals])
It was trading on a 1:1 Price to Sales basis before today, with good reason - the crappy past management and finances you mention. But I've seen far worse prospects trade far higher and succeed against the odds. I maybe putting too much fait in Zimmer Biomet, A*Star, SingHealth, etc, but I am not sure the many recent clinical and academic collaborations that have emerged in the last year if this lot were completely aimless.
Strongly suggest people DYOR in this one (and not listen to my ramblings or other past shareholders understandable gripes)
(20min delay)