Flatlander schreef op 28 november 2022 14:40:
Can the Board provide answers to some questions,
For the last 3 years my position has been drawn down as I trimmed my BCART position to harvest loses for tax purposes. Unfortunately, the sales have been my most productive BCART trades. I'm left with questions I have hesitated to really delve into on this board. But with the SP where it's at I think frank discussion is warranted. I've been accused of always wearing rose colored glasses when it comes to BCART. Early on I saw parallels to Cepheid that has racked up about 15 years of 20%+ earnings growth. But this parallel has never materialized. As I expressed about 18 months ago, I worried that perhaps in 2018 the present management was brought in to catch and kill BCART. This concern remains in the back of my mind. Maybe some answers to my questions will help.
1) Where did the funding come from tin 2018 to buy out Rudi Pauwels and Co. from BCART?
2)Why really did the prior CFO leave (not the BS reason given)? I suspect as a young guy he did not want to be associated with the current debacle, which he foresaw.
3)Why has the headcount at BCART doubled but the rate of release of new assays halved?
4)Why have major correctable deficiencies in assays gone uncorrected for years? The EGFR T790 mutation amplification curve issue has been known for years and is recognized by the market as a major sensitivity limitation for the assay, but yet BCART has not corrected this amplification curve issue.
5)Why do BCART's registration applications languish at FDA when they have approvals in other jurisdictions, and seem to have numerous head to head peer reviewed studies comparing results favorably to approved assays?
6) Why do major shareholders such as Oppenheimer-Invesco not push for answers?
7)Why do partnerships get announced to much fanfare but then fizzle and die without much discussion? Think Amgen, Merk KGaA, Kite, Abbott, GHDX.
8)Why was there no definitive report on the source of last summers fire?
9) Why when most the world is concerned w supply chains and run away inflation is an assay that allows the buyer to lock in costs for a year for a shelf stable product not finding tremendous traction? This is especially perplexing when you consider Idylla takes less hands on time and also allows the user to overcome staffing needs that have been commonplace the last 2 years.
10)What is the actual status of ML3 in China. How much more investment is necessary for this line?
11) What cost controls are being implemented?
12) Why am I still holding any shares when my thesis has been decimated by this management at every turn? I chalked it up to "hope" which I'm told are the four most dangerous letters in investing.
I really want this management to prove me wrong since Idylla can fulfill a critical need in this marketplace. The question is who will be the beneficiary of this technology? Will it be Phillips, possible Agilent (from where Verrelst came), JnJ who still holds considerable shares.
So many questions, so few answers,
FL