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Biotech / Medical : PRCY - ANY BODY HAS ANY NEWS ON THESE -- Ignore unavailable to you. Want to Upgrade?

To: Douglas who wrote (406)	10/19/1998 1:28:00 PM
From: Douglas	Read Replies (1) \| Respond to of 670

Anybody review the 3rd quarter results? Here is my analysis: Comparision of 3rd quarter 1997 to 1998: Product Sales up 15X (extremely positive, increasing sales) Contract Manufacturing down 9% (somewhat negative, product sales are more important) Research and Development Costs down 52% (extremely positive) General & Administrative Costs up 20% (somewhat positive, company costs did not increase allot after the HumaTech acquisition) Comparision of Balance Sheet Data Dec 31, 97 & Sep 30, 98: Cash & Cash Equivalents dropped $4.5 million (includes acquisition of HumaTech)- $8.2 million remaining (extremely positive, should have adequate funding to the year 2000, equals 57 cents/share) Inventories were up 10% (somewhat positive, not a big increase with slower international markets) Liabilities are only $657,569 (extremely positive) Other Comments from the Press Release: Positives: 1. The revenue base continues to expand and grow the successful introduction of new products like...gel. 2. During the 3rd quarter, the company launched Tricomin...with very positive results. 3. Expanded our wound care distribution agreement with Tanox Pharma for the Far East by adding 5 additional countries. 4. We will be shipping products to China before year end 1998. 5. In October we sucessful completed the consolidation of HumaTech...to our Redmond facility. 6. No litigations! Somewhat Negatives: 1. Sales to international markets were slower in the 3rd quarter. (let's hope it is temporary) 2. Addition of more full-time company sales representatives. (more overhead, let's hope that the sales/repressentative numbers grow) With all this positive, why is the price below 50 cents? Any suggestions? My guess is the threat of NASDAQ delisting, the drop in biotechnology stocks in general and a lack of information (public releases)? PRCY looks like a long term hold. Doug.