Seems right ...not long before it went to $1.67 or something
Who sold then?
Not me ...I sold at $1.50 odd
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Looks like to me that PEB are getting their accounts retrospectively in order so that they can go back to the market for more money, they are trying to comply with the U S accounting standards so that they can raise there and not be found to be in breach of U S law , very distressing to me if that is the case , have they been pulling the wool over N Z investors and regulators eyes ?
Yes, just about everyone except the ones who swore that PEB never gave away free tests and we were the ones who had no idea how medical reimbursements worked in the States!
Turned out that PEB was busy 'manufacturing' sales revenues and gross profits (in effect, minimizing the already sizeable losses).
I honestly cannot see how PEB can recover its credibility after this. The fund managers are going to have to justify to their investment committees why they should invest in PEB, alone alone put in more money!
I will be buying lots of popcorn..
My wise finance professor always said to me "cashflow is paramount, all else is noise". Wise words those, especially the light started flickering once I embarked on an accounting degree. As a naieve youngster I thought "revenue", "expenses" and "profit" were good parameters but now I know a lot better.
So true blackcap
The Cash Flow Statement is the most important part of the accounts
Pity more punters don’t understand it better
Classic example is Pushpay ....reported revenues arev$70m odd but cash from customers is $38m. The difference is the cut taken by the card companies (MasterCard etc) - Pushpay never see that cash butvstill count it as revenues (which is proper accounting treatment with the fees going into cost of sales)
David says it’s ‘been a busy year’ losing $20m (accumulated losses now $120m)
Just imagine the gush of cash that’ll come flowing when all those ‘billable’ tests get paid - transformational
http://nzx-prod-s7fsd7f98s.s3-websit...614/280066.pdf
So FY 18 op revenue is $3.4M?? I am trying to understand their shambolic release. Incoming cap raise and/or staff reduction. Its border line fraud or misleading the market imo.
The most appalling set of financials any auditor would have seen in their auditing life best describes PEB results.
Not because of the losses (expected) or the cash outflow (expected).
But because it's very clear that PEB had indulged in creative and deceptive accounting in the worse manner - booking and recording revenues when the revenues were based upon 'expected' reimbursements.
In other words, pray and hope but let's deceive the market in the meantime that the company was actually making progress.
But for the change in accounting policies and restatement of the historical accounts, the company would be making another round of account receivables write-offs.
Operating revenue of $3.4m with one year to go to get the US$100m target - HUMBUG!
I would love the chance to charge $235 a test....
wow...... I've been a bit of a critic over time but I never thought it was this bad.... the difference between 8.1M and 3.2M isnt just creative accounting in anticipation of rev, its outright lying about the state of the company. I'd be interested in seeing the FY16 corrected numbers, has there been essentially no cash growth in 24 months?
https://www.pacificedgedx.com/assets...EPORT-2016.pdf
Can work back from 2016 accounts which showed accounts receivable of $5.73m but is now restated at $1.46m - a drop of $4.27m.
Revenue showed in 2016 accounts was $4.98m.
Simplistically, it means that PEB did not even generated $1m of real revenues in 2016.
Means after proclaiming to all and sundry that PEB made its first commercial in the US in October 2013 (yes, nearly 3 years ago), PEB did not even sell 5,000 tests or $1m of real sales in 2016!
So much for all the bullish announcements and positive progresses made by this company in the last 5 years!
What credibility has this company got left when it comes to the market for more cash - what's left in the balance sheet as at 31 March 2018 is enough to last just another 10 months of cash burn from now.
I see this company looking more
Like a takeover target, if the technology is so fantastic. I would not have a clue at the price they would want to pay for it, but US companies with deep pockets might find PEB very good to add to their other products. I would not expect to see an offer greater than 60-70 cents per share though. Just my thought of the day.
So you think there is a company out there will pay:
$280m to $325m
for a product which has singularly failed to get traction after having over a hundred million dollars thrown at the commercialization program in the last 5 years?
I held the view which was challenged by some on this site that PEB has been one of the most dishonest company with its announcements in the market.
Today's announcement of non-existent revenues in 2016 confirms my view imo.
There is but one hope left for PEB - it is to team up with an existing player with established distribution channels (J & J for eg) and cut operating expenses to less than $5m a year.
Start by getting rid of the existing management.
Chemists usually pretty good at magical jiggery pokery stuff ....when it comes to accounting they do it even better than artists
I agree with most of what you say about PEB Balance.
The previous Chairman Chris Swann was clearly out of his dept chairing this company.
However under the present Chairman Chris Gallaher the accounting system has been changed for the better. Should we give the present chair some more time to prove himself?
I am not following this company very closely lately so have no opinion on this.
If what they say about their products being fantastic and how far ahead they are of any competition out there is correct, then the issue becomes a management problem not a product problem.
Then with the correct management, any fantastic product would take off with the right push.
The idea of any offer lower than 60-70 cents per share would mean that negotiations would take too long before any investors could get their hands on this (fantastic) product.
That is where I got my valuation.