I'm out. I'll take the tax loss - small position for me anyway - and recycle the funds into other biotech that has better prospects.
Problem with Avita is not the technology or the story. Their SG&A continues to increase faster than their revenues. Their revenues are declining in real terms, but excluding BARDA are growing at an aenemic rate. Gross profit is not increasing in line with their revenues. They have cash on hand but continue to burn it with their expensive offices, trials etc so never coming back to shareholders anyway. The product may be great and have all these new 'easy to use devices etc coming online, but they still can't get the adoption beyond the <20% "super adopters". The share based compensation, selling by management, and general mistrust of management has got the better of me.
Seriously, good luck everyone. I completely understand why you may want to remain with Avita. Indeed, I may come back with new management or when their underlying performance has improved.
AVH Price at posting:
$1.60 Sentiment: Sell Disclosure: Not Held
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