Irrational Indifference, page-3

Unfortunately they weren't profitable in Q4, so we still can't use PE.

Takeover valuations for other similar medical device companies have been ~6-8 times revenue so on trend UCM seems reasonably valued ignoring significant future positive events or further dilution. Few companies their size in the industry are profitable because every sale is hard. Distributors either fail to put in the effort to sell anything or they eat your margins.

Thankfully in China their margins improved, but there is still the risk they just end up as an at-cost manufacturer/importer for Chinese distributors. While i'm in it for Meng, we can't look past the fact that related parties in China could be making a lot of money off the company while we go backwards slowly. Though with that in mind i'm still buying if we go below 20c.