Eman, it seems to me that we are somewhat if not largely in the dark on EU sales despite optimistic words. Here is an excerpt on Vitaros sales from Cath our Accounting Officer from November's Q3 transcript:
The numbers include only a partial quarter's worth of sales in France and Spain where Vitaros was launched midway through the second quarter. With that in mind, we expect Vitaros royalties to continue to increase in the fourth quarter of 2015 as sales increase in territories where the product will have been launched for a full quarter. Regarding product sales, we continue to transition our commercial partners to a direct relationship with our manufacturers. In particular, Majorelle, our partner in France, Bracco, our partner in Italy, and now, Recordati, our partner in Spain and other territories, work directly with our manufacturers to obtain Vitaros. As such, those product sales and cost of product sales do not flow through our P&L.
So from the above, we have only initial reporting from France and not even a full quarter. Maybe, maybe that helps explain low numbers from France so far. But this direct relationship between our commercial partners and manufacturers seems to fuzz up the reporting. To wit: As such, those product sales and cost of product sales do not flow through our P&L. So what the heck does that mean?
And in Germany, what is going on? It is hard to be optimistic when there is no explanation.
I know, I am beginning to sound like some of those Yahoos on the other board. The only good news that I can think of is at 99 cents we can now buy our shares at the Dollar Store...and we only have 99 cents per share to lose. |
