Ann: Profit Guidance, page-19

Yes, OCL is indeed applying a very long-term growth-driven strategy here by focusing single-mindedly on R&D to the point that their annual spending on R&D has been consistently and substantially higher than their actual profits. Over the past 4 years, their total R&D spending was $78M, 50% higher than total profit ($52M).
OCL could have easily doubled their profits if they were to follow the common practice in the industry by capitalizing part of their R&D expenditure. This would have halved the PE ratio to a more reasonable level, say 50-60.
However OCL has chosen the other path, which demonstrates their full confidence and conviction in the business and will certainly bring long term benefits to their shareholders, considering the fairly high ROI of their investment in R&D: with the $78M invested in R&D over 2017-2021, they generated $10M in incremental profits, meaning for each dollar invested, they get back around 13 cents, i.e. 13% ROI.

All IMHO DYOR