Ann: Sales Update, page-20

Anyone can see Lev's commitment.
However, the performance of the business is far behind expectations (mine and also those of mgmt). as an investor I can have my opinion on management and also express it even if large shareholders do not agree.

Running a business is hard and the right people are key to success. ultimately management is judged by its results. when the business was growing in 2019 we saw many press releases. since then the company more or less went into silent mode/confusing statements.

Initially I thought that it does not matter who runs the company because demand would be much higher. over the years I changed my mind because growth is slow and because management appears very passive.
APPEARS because there is very little information available and if there is a PR we have to figure out what the words could mean.
I can be wrong in this regard and they are actually working their ass off 24/7.

take a look at BKNG - the business is booming. if there is a correlation between travel und sun screen demand growth should be higher.
the sun protection market is relatively small and therefore might not be a priority for brands. the seasonality of demand might also play a role in the delayed pick up of demand.

If the FDA makes some changes that will boost the demand for zinc oxide ANO will obviously benefit.
the stock trades at 18x EV/EBITDA. the valuation is rich but that won't matter If demand would finally rise.
the FDA will consider the alternatives to chemical sunscreens and how consumers might react.