I was at the AGM and asked a few Qs. SM did say that in "calendar year 2012 we can probably only expect a coupe of hundred thousand dollars revenue..." as a small comment in answer to a larger question (can't recall that topic).
In my view, (repeat, my view) this could be quite reasonable if you think of logistics and the difference between 'sales', and 'revenue'. If sales start in Q2 1012, it could in fact be as late as June 2012 before the first teams hit the road. They (Quintile) get orders which they pass on to Movianto, who arrange delivery and do the invoicing. (Could be up to 30 or 45 days to pay from EOM). Movianto collects the $ and after costs will then pass on the balance to TIS, which can then book them as 'revenue'.
At the end of the year we could have millions in orders, but only have a received a couple of hundred thousand in our hands...
On the VitroGro production, it was said that the 350 litres product run took about 3 months and would produce "millions" of doses but nothing more specific than that. SM and the CoB also said in passing that they thought they would only need to have two runs a year for the next few years, so there was 'plenty of spare capacity'.
TIS Price at posting:
41.0¢ Sentiment: LT Buy Disclosure: Held
