broker recommendation, page-257

Great analysis @hottod as always. Agree about the PMA value.
Regulatory moats are one of the most significant value elements in medical devices and why the sector is so expensive in which to develop products.

Additionally, the patent for BTM can be "refreshed" by adding further innovative aspects that present an improvement to the art that have been added since the original patent. There will also be trade secrets on formulation and forming of the foam that can remain secret forever (if protected well enough) that the device will be very expensive to emulate while differentiating from existing patents and then trial for FDA /EU/ ROW approval.

The biggest factor here is time and the faster PNV establishes the product as std of care in as many verticals as possible, the less attractive it will be for a competitor. That is one reason IMO the BOD is pouring every spare dollar earned into expanding the customer base and uses for the product. It is also why I was delighted when they did a judicious CR to accelerate that expansion into a huge and unaddressed market such as India.

I don't care if analysts don't get it - as long as the clinicians get the advantages of the product and keep finding more uses for it. Having sales people on the ground to support the clinicians enthusiastic uptake of the product is what is supercharging the growth. SP will catch up and by then it will be too late for those who are clueless.