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Biotech / Medical : ACMI - Accumed Inc. -- Ignore unavailable to you. Want to Upgrade?

To: aatkinson who wrote (401)	10/30/1997 7:29:00 PM
From: Cisco	Read Replies (1) \| Respond to of 1894

I feel it is much more appropriate to compare this quarter to last quarter rather than the same quarter last year. The company is a lot different from what it was last year! For example, gross margin was 34.1% last quarter and 32.2% this quarter. R&D expenses was $1,145,491 compared to $1,340,234 this quarter. R&D expenditures and gross margins seem fairly stable to me. General and administrative expenses was down from $2,586,988 last quarter to $1,833,732 this quarter. Interest expenses last quarter was $361,304 compared to $472,851 this quarter. AccuMed at this time last year hadn't purchased the ESP blood culture line from Difco Laboratories. They had also not acquired Radco Ventures Inc., or 2/3 of Oncometrics Imaging Corp. which is the backbone of their AcCell Systems. They hadn't upgraded their manufacturing capacity to meet future market demands. In other words, they didn't have the two main products that they are now hanging their future on or a way to get it to market! About the only thing this company owned at this time last year was alamarBlue and the microbilogy platform they aquired from Sensititre Ltd. I disagree with your statements that there are "significant negative direction" in their "gross margin" and that "it is extremely difficult to project any earnings, let alone positive earnings, when the margins keep changing, the level of R&D expenditure moves wildly and the amount spent on 'selling' decreases with increasing revenue". I believe you were comparing apples to oranges. BTW, the (cost of sales)/sales was 65.9% last quarter compared to 67.8% this quarter. Cisco