I guess there are 2 parts to the answer.
#1 this company has confusing financial presentation, because it does not publish fully segmented information. This is understandable, if they are trying to protect some information about strategic activities. So, that ball is in their court and you would have to write the VP Finance for an answer.
#2 and perhaps i should have written this as the first point. They are a combo of 2 divisions, bio-implants and bio-pharma. One has a gross profit and the other has a gross loss: a summary, culled from their published numbers si :
1999 1998
Bio-implants gross profit 9 months 759,000 342,000
Bio-pharms gross loss 9 months ( 309,000) (491,000)
BUT this is before amortizing
R&D and charging overheads in total
(no divisional split is available) (1,962,000) (1,769,000)
hence, the loss.
I am ambivalent about the stock, until they come to grips with presenting their story in a more improved fashion. (OK -i'm a CA). cheers Don. |
