Just keeps on getting better, doesn't it.
Big lesson for me in going overweight (think Mr Creosote...) in such an aggressive manner on my holding here. Won't be forgetting that one.
It's difficult to imagine a more depressing tone to a quarterly, but it's the continued use of infuriatingly imprecise language that really saps any confidence.
Abiomed: "We had production line quality control issues with processing the Abiomed sensor during the quarter. We have recitifed the issue, and production has recommenced. We expect to be able to met the demand from our key customer over the next 3 quarters". Is that what they mean? Who knows - the tortured language used in this paragraph could mean anything.
Nova Biomedical: "Although we anticipated ramping to production for this sensor in this quarter (from May update), a new sensor design has been required as a consequence of XXXXX. We expect the pathway to production for this sensor will now take X months". Is that what they mean? Who knows - what the hell does "currently in test" mean? I've done the reading Ralph, and it isn't part of any standard industry terminology I've come across, and certainly not expansive enough to keep your shareholders adequately informed. Sounds like quite a long wait now for any meaningful production.
Nanodx: I guess we should be thankful for now being told that FDA approval was the issue, and not just a move to a new design required by volume production, as previously relayed. The lack of consistent communication is just unbelievable.
I'll still hold, but only for three reasons:
- We have looked like a plug-and-play acquisition since the divestment of Nanotron and Ralph's transition, and that strategy looks like it has come in to favour out of need.
- The macro environment for within-US semiconductor production gives some hope for being an attractive acquisition.
- Tooth, and to a lessor extent Ralph, have considerable incentive to get this right.
Good luck to all those, who quite rightly, have had enough. It's been a great experience to learn from all your contributions.
Just my opinions.
