For what it is worth cochlear was on a PE of 40+ for several...

For what it is worth cochlear was on a PE of 40+ for several years while ramping up results.

For me there are 3 key events for 2011 which will create shareholder wealth or not:
1) EMA approval
2) The pricing in Australia which is to be set and will be completed by June quarter end
3) THE BIG ONE. Q3 and Q4 sales of Bronchitol in australia and the take up and the increase in sales between quarters.

What i do hope is that the company decides to do monthly updates on the sales uptake in the second half of this year. In my opinion it will be this that will drive a very high PE ratio as then it can be extrapolated that high take up in Oz means high take up in Europe and ultimately the USA.