italian guidelines, page-11

Hi Eby,

Your quote .. 'That management misguided the market on likely approval times, product take up rates and cash flow projections just illustrates their inexperience in these matters...'

Not quite. The management of CST never gave any guidance on approval times other than the CDC and FDA are their own people and it may take as long as it takes. After they took 18m to approve the new improved IT test they actually apologised to the company for taking so long - we have been short staffed etc. Everybody including both management and those following the stock simply expected better. Hence they are about 18m behind in their sales schedule through no fault of their own.

Incidentally recent talk has suggested a target of doubling revenue year on year and if one looks at the quarterly revenue numbers and they maintain their 20% quarterly growth numbers then that doubling will just fall out. As you will be aware if you have read widely enough about the Cellestis test you will have noticed the take up and acceptance by the medical community has been accelerating world wide thus those quarterly numbers are quite likely to be achieved and also that profit number I mentioned. So if you are in this stock I believe you will do OK.

Cheers