A good report from Pacific Edge. My summary:
They appear to be setting July 2013 as the base date for sales, turning from getting everything in place to driving sales.
A lot of talk about their "User program" which appears to be basically giving away the tests and results to clinicians. They expect this will be translated to sales in the future.
The report has an excellent summary of all the risks involved in investing in their company. Its quite comprehensive and should be an excellent starting point for anyone who doesn't understand the risks.
They are quite bullish and I believe rightly so.
Interesting that they state there isn't much competition in the bladder cancer detection market, very interesting.
I like the bit about CxBladder being a "market disruptive product". Bodes well...
Their available market size is listed on page 19, about 2.35 million tests a year, across USA/Spain/NZ & Aus.
A back of the envelope calculation shows that @1% penetration that would mean 23500 tests a year or about $11+ million in revenue, enough to cover their current expenses and most likely the testing (I am assuming $500 per test).
@5% that would mean around $58 million in revenue with a probably 10c per share profit.
@10% that would mean around $100 million plus, based on those figures. I figure 10% market penetration is probably what they are after in 5 years.
Of course @0% that would mean $0 in revenue! Always need to keep that in mind!