Unfortunately, it confirms my suspicions about their announcement a few days back. In my opinion, it is ugly, although, once again, things promise to get better "next quarter". This is what their announcements led me to believe last time but they failed horribly to deliver on their promises.
The only highlight is that they have market leads into China for Pepp and have sold some more bird flu kits as per last announcement, but nothing compared to what was promised under the "Multi Million MOU" that never materialized.
Yet more excuses regarding Anheal. If the deal was going to be hard to get through, then announce it as such and set market expectations early.
With Pepp in China, I would have thought sales would be higher than those reported and I believe that most sales are due to one 400,000 order. It still does not really indicate the pace of sales since that order was executed so I cannot ascertain how things are really going.
Cash received from customers this quarter $113K. This will be higher next quarter (hopefully) but the burn rate was higher at $668K (I thought they were taking steps to lower this, but hey). More promises of things improving but overall I feel it is a horrible report from a company that continuously over promises and under delivers. Unfortunately, I believe that there is a disconnect between information provided and reality from RBY.
RBY Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
