At risk of sounding like an ACR cheerleader, I think there is another possible issue here. The $280m (addressable market) is on sale of exorbitantly expensive product (#). I would imagine that this is the sort of issue (toe fungus) that would sit on a spectrum, from causing extreme distress to some, through to minor irritation to others.
I would imagine then that a high price would mean a lot of people decide to live with the irritation. Or said differently, I suspect a lot of price elasticity here.
What I'm getting at, is that if the product is available at a vastly cheaper price (say 30% to 50%), then the demand might potentially rise sharply. If so, then the "addressable market" might actually, in practice, be substantially greater than what has been indicated.
Though, admittedly, if ACR is having to share the spoils with 5 competitors (if this is actually the case) then that would probably only be a minor consolation.
(#): From what I have seen, prices look like they would be unaffordable to a great proportion of the population.
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