I don't think we can totally blame management for falling revenue or falling sp. Sure the buck stops with them, but you need to analyse what happened, why it happened and how it could have been prevented or handled better.
The falling revenue is due to a change of direction from hardware to software. As you point out they have stopped mentioning the holter. It still exists, they just aren't waisting time on it.
The Wheezometer sales are also on the backburner. But it's still simmering in the background. Management are still seeking insurance cover over the product. If their is a subsidy it will then spring to life again.
It's also important to note that old management may have earned more revenue, but it was still a loss. Something needed to be done.
The sp...Well most of it is risk and funding related. New direction is higher risk. Gotta be in it to win it.
This change of direction coincided with the name change and removal of the old director responsible for the hardware. Makes sense. New direction, new name, new management.
He promptly sold. No longer a director, so why hold? Pushing the sp down.
Around the same time company enters a line of equity funding deal with Bergen. Did they have a choice? Probably not. They needed money. Market wouldn't give it ti them.
Bergen like all line of equity vehicles prompty got issued discounted shares and sold them for profit. Pushing the sp down. Then repeated, pushing down further.
With the balance sheet looking healthier, they then went more traditional rights issue. Again at a discount. Again pushing sp down further. Once cashed up they terminated the Bergen deal. Well not exactly, but they haven't drawn down on the next note and probably never will. The did the right thing.
That accounts for the lions share of the sp fall: -ex director selling -bergen selling -discounted rights issue.
Since then it has continued to fall, but slowly. This is more news driven, or more precisely lack of news.
Managements hand have been tied to a degree. Doesn't make them great managers but doesn't make them bad either. Can't be blamed for the enevitable.
ISN Price at posting:
8.0¢ Sentiment: Hold Disclosure: Not Held
