missing the point
Guys... I really think you are missing the point. WHO CARES whether a million dollars of revenue was defferred vs realized in Q3... and whether the company "made" their Q3 number... when the number is so completely meaningless and inconsiquentional in the whole scheme of things ? This is NOT a revenue story yet.... the mere nature of the type of revenue at this stage makes it lumpy and unpredictable. Making judgements about the health of the future of this company based on the things youre focussing on is really misguided in my opinion. Institutions are not in or out of this story based on revenue in the now.... they are in it for the enterprise value creation of the technology platform resulting from the large licensing and revenue streams that are in the pipleline.
Would I rather that they had been able to recognize this $1mm of defferral from the Tecpar agreement...and that PRDT revenue was flowing exactly as planned..... of course...but it certainly doesnt give me cause to sell or revalue the company ? In the case of Tecpar...the important part is that the payment was made as per the agreement... and there should be an additional $3mm to be received in Q4...things are in tact. Same with PRDT... the delays appear entirely legitimate.... and things appear to be squarely on track... and arguably even better than previous given the UK has also initiated trials.... which is something that really hasnt even been discussed... a substantial development IMO...which accelerates the revenue ramp if they too come on board in a similar timeframe to the Irish...
In my opinion, the most important thing to evaluate here is the state of the large scale initiatives, those that have huge.... like $50mm, $100mm, $500mm dollar licensing or revenue potential. Things like the Kedrion and Nabi deals that have real and tangible NPV's based on very real projections in the $10's of millions. Things like the novel MABs platform and the potential for a very tangible $25-$50mm licensing deal... Things like the VERY real compound value creation that we are seeing coming out of the 1402 results....This is what creates enterprise value... this is why institutions want this stock.... Dont mistake this for a mature / dividend EPS play at this point ..... its really not the right measure.... and I really dont think something like a $1mm here or $2mm there at this stage of this company has any bearing whatsoever on the health of the pipeline and the resulting market cap that should be reflected...