New Philips Minicare study, page-44

I'm not sure if I am agreeing or disagreeing!

To say a Philips deal would not be a big bottom line deal for ADO I would have to disagree with. I think it will prove very, very valuable to both the bottom line and ADOs global reputation. As others have mentioned the whole risk sharing agreement was because GC wouldn't sell out the upside. I'll bet that Philips (I have a little Dutch blood in me) tried to do a deal early on where there was a small royalty and a CAPPED nominal figure. A risk sharing agreement was strong as it showed we knew what the tech was worth and were happy to hold out for full value (think 3-8% royalty without a cap). If MnG is used on every device this will be massive (but royalty probably drops to 2-5%) so it will have a serious effect on ADOs bottom line. Then the reputation all issue comes in - many other companies sitting on the sideline will step up - in theory the Philips signature could be worth 2x or 3x the nominal $ figure they actually pay ADO.

My other little bio has some monster deals with multi million dollar milestone payments and I feared they had sold out the royalty potential but I am relieved that both ADO and PYC management know what they are doing when it comes to protecting value (it's questionable about their success in closing out deals though) as both have retained royalty upside.