my view is that like all startups - initially cost of doing...

my view is that like all startups - initially cost of doing business is higher than receipts. sales is good indication of when breakeven and +ve cashflows are attained.

NAN is doing a lot of things very well - agreements with device manufacturers, certification of devices, etc. (Nearly doubled the number of probe devices approval list).

There will come a time, and this will happen quite quick, when it breaks thru to +ve cashflows - why ??
a) no competitors (zero pricing pressures)
b) groundswell to move from current (30yr old) disinfectant methdology to new NAN methodolgy
c) time for new entrants/ competitors at least 3-5yrs by when NAN will become entrenched
d) NAN value-adds into probe lifecycle (pre & post disinfection) will increase NAN margins and further closeout competitors - software with patient audit trails, build the Trophon device into manufacturers machines, etc ...

Barring some game shifting event (e.g. patients don't need invasive probes in the future) - NAN is on a winner.

Cannacord believes that NAN will breakeven (and into marginal profitability) as early as FY2014 - then it's all bluesky.