Moelis update, page-5

Not sure why they bothered? I think they just banged this out in their coffee break. From the look of it the analysts have read through the report and wrote a commentary on not much apart from this bit of insight!

"It is also worth noting that as AJX’s products increase in demand, the company could adapt its business model so it shares (or passes through) the cost of R&D, chemical sourcing etc. "
ie. clients will need to start paying for all chemicals even in the test phase.

Is it just me or am I weird to expect the analysts to at least pick up the phone and question a few things. To be honest there is more relevant information coming out of shareholder questions to management than the people who are paid to write this.