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Biotech / Medical : VVUS: VIVUS INC. (NASDAQ)

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To: mc who wrote (4053)	12/26/1997 2:35:00 PM
From: blankmind	Read Replies (1) of 23519

-- I don't recall VVUS managment saying anything about a $20 mill drop in cash on the confer call. I do recall them speaking about the huge cash horde, and what could be done with it, but no mention of reducing it by $20 mill. If I'm mistaken, give me a quote & I'll stand corrected. -- For 1/4 ending 9/30/97, if you go to the statement of changes in cash flow, VVUS spent an additional $10 mill in cash for "property purchases." (note: need to compare 9/30/97 vs. 6/30/97) -- Yet cash & equivalents still went up by $3 mill. -- And as silly as it sounds, a reduction in sales can actually bring down your a/r balance and drive up cash. Why? B/c you're collecting on old sales and not racking up new ones. Is this good for business? NO way. However, does it help the cash balance? Yes - at least in the short run. -- My point is that the cash balance may not be a $100 mill on 12/31/97 - but it won't necessarily be lower - and all indications from a reasonable valuation shows there's no way the balance will drop by $20 mill. Out.

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