I agree with you completely that the dividend is unsustainable. However, they can cut it in half and get payout right in line. Today with price under $18, I again (3rd time in 5 years) bought in and would continue right down to $16 or so which would be rock bottom. With small the short interest, my group finds this very attractive with a 2% plus dividend guaranteed for the year out and a hitch on business that wcould be a great incremental acquisition to Beckton Dickenson or the Abbott regents/device spin off in 2012.
Pharm is on the prowl and i doubt VIVO will be left alone for more than a year more or so. The short squeeze could be spectacular. Great risk rewrd scenario for a long - much more upside than down, and paid a little to wait.