Prob worth a recount on those who believe ADO will be cash flow...

Prob worth a recount on those who believe ADO will be cash flow positive in 2013.

Thumbs up if you do and thumbs down if you don't (please be honest - a thumbs down in this case is not a negative view on the company - just a view that they won't be cash flow positive next year).

I do think they will be but only just.

I think the spend is about $3 to $3.5m and the revenue will come from some or all of the following -

Govt R&D concession $1m (admittedly this might come this quarter which will wreck my assumptions)
eBio/Affy $1-2m
POC collaboration R&D $0.5m
Bead deal $0.5m
'Other' eg IVD start $0.5 - $1m
Microtiter deal $0.5m
2nd POC collaboration $0.5m
Random funding - other govt source or R&D partnership $1m

Total - prob minimum $4m but could be as high as $6m

My timing could be all wrong as delays might see these occur too late in the year but if a couple of things drop between now and Feb/Mar we should be able to do it.

If tehy are running a spend rate of $4m then maybe they fall shor but I don't think they are and I think they are going to start getting fee for R&D income slowly.

Thumbs up - they will make it cash flow positive in CY 2013
Thumbs down - they won't (you might have to wait for a few thumbs ups to count as I don't think HC can go negative despite how many time Ella presses her button).