The Bottom Line: A “good to great” clean-up year to … position NBS for the future and specifically that Suzhou Erye is gone replaced by cash, cancellation of options, return of shares and warrants. Revenues in relation to continuing operations increased 43% over 2011; R&D expenses increased of 35% over FY11, primarily due to enrolling patients in the P2 PreSERVE clinical trial while SG&A expenses decreased of 19% from 2011 and the loss from continuing operations, excluding non-cash charges was $21.8 M. Cash wasn’t bad with a year-end number of $13.7 M. The question is … what is next as many RegMed companies share pricing suffers in this clinical data driven market. PCT will be the driver of NBS’ revenue and other than Lonza – there’s not much competition. FY13 will be a year of watching the burn, consolidation and “opportunistic” technology grabs!
NBS closed at $0.60 and is trading -0.37% in a tight range of $0.59 to $0.61 upon the open on Monday. The 50 day moving average is $0.62 and the 200 is $0.65 – so as always it is a hair away versus many who have suffered the hostage taking of their short positions – NBS’ is 3.70% of the float or 114.53 M shares