Welcome to the thread!
1) DMIC has no Point-To-Multipoint products in its
portfolio... it has a broad portfolio of Point-
-To-Point products that cover a range of data
rates, distances, and operating frequencies.
This allows them to sell their products in
many different markets throughout the world;
they have a top-notch sales force to do this.
NTRO has one Point-To-Multipoint product and
no other products; it is a far less diversified
play but it happens to be in a niche that is
particularly hot right now. There are many
other companies in this niche, notably PCMS
and privately-held Ensemble Communications;
PCMS was first out of the gate with a P-MP
product but it suffers under a heavy debt
load and an erratic past performance... its
other (P-P) products are only so-so... while
Ensemble is the newest kid on the block with
claims of the greatest technology. Recently,
DMIC led a $25M round of financing for Ensemble
which will be used to help bring their product
to market; I expect DMIC will develop closer
ties to Ensemble (including a possible acquisition
of Ensemble) as Ensemble proves its technology
and product in the marketplace.
2) DMIC uses high-order modulation (e.g., 64-QAM)
to achieve high spectral efficiency in their
point-to-point products... these products do
not offer multiple-access (like P-MP products)
so CDMA (code-division multiple-access), TDMA
(time-division multiple-access), and FDMA
(frequency-division multiple-access) really
doesn't enter the picture. DMIC's products
are occasionally used for "access" but, more
often, they are used for "backhaul"... e.g.,
multiple-users in a building are connected by
a traditional wired-LAN and this building/LAN
is then connected to another building (which
houses a wireless HUB connected to an ESS switch
on a fiber-optic network) by a DMIC radio. But
despite the allure of P-MP, its worth remembering
that the biggest, fastest-growing market for
DMIC's wireless products is still outside the US
(e.g., in Latin America and Asia) where terrain
and time-to-market make wireless an obvious
winner as compared to traditional wireline.
3) Yes ADAP (formerly known as CMIC) is a competitor.
In their former incarnation as California Microwave
(CMIC) they were trounced by DMIC... they seem to
be doing better now. I looked at them briefly last
Spring but got distracted by my day-job and never
bought a stake in them; given this stock price
movement this past year, I now wish I did.
DMIC is, by far, my largest holding and we're not
yet close to my price targets... so I'll keep holding.
Rob |
