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Biotech / Medical : ACMI - Accumed Inc.
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To: Frank Buck who wrote (1524)3/13/1998 12:19:00 PM
From: Sigmund  Read Replies (1) of 1894
 
I just received the investor packet from Dana (thanks) and I read it while I was monitoring the exam I gave to my students this morning.

1. No I was there not buying more ACMIC stock.

2. Looks like my analysis of AutoPap was incorrect. Based on the Grohs article included in the investor packet, AutoPap is used to "select" the sample for QC purposes in secondary screening not to do the rescreening itself. This drives up the cost of secondary screening far above what I thought it was and makes the economics of primary screening at a 25% sort rate no worse than those of secondary screening. But I think there is a big loss of health benefit in primary versus secondary screening and more difficulties in getting reimbursement because of this so I still don't see it although I now would not be surprised at all to see SKB immediately switch to primary screening. It looks to me like the revenue impact to NPTH of SKB doing this is modest. This Grohs article is good but I would prefer to see a comparative analysis done by someone not associated with any of the competitors. Grohs is an officer of ACMIC.

3. I also got a chance to leisurely read the last quarterly. It is easier to read a nice printed document than stare at Edgar or read what comes off my printer. If you take the shareholders equity, subtract an estimate of the fourth quarter loss and subtract the intangible assets (good will?) you can see why NASDAQ wanted a lot of additional tangible assets.

4. I assume that fourth quarter shareholder equity is negative prior to the recasting of the debt. I wonder what kind of auditor qualification re "not a going Concern" or whatever that is called might accompany the 1997 10-K. Hopefully whatever moves are being made now will eliminate the need for this if indeed it is warranted. IMO ACMIC is not to be criticized for wanting to have a "Subsequent Events" section in their Annual Report. This makes sense to me.
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