still overvalued in my opinion

Hate to say it, but my valuation model indicates a figure in the 35 - 45 cent range. I was surprised to see that 45 cents was the upper end of the scale - my gut feel is for fair value around 35 cents. Anyway, I guess I could be seen to be a little pessimistic.

Having said that, profits are a long way off, and many uncertainties remain. Best not to be in the business of catching falling knives.

Competition from other "Australian" companies like HeartWare and Sunshine has not been factored into my forward projections, as this is very difficult to quantify. But one should remember it can weigh on investor sentiment.

In short, VCR is probably headed much lower.