For the period ending 4/30 short interest declined 71 thousand shares to 4.5 million.
As of today most institutions have reported their balances as of 3/31/16. There were some notable moves.
1) Broadfin Capital up 1.8 million shares to 5.5 million.
2) FMR down 2.8 million shares to 2.9 million.
3) Manufacturers Life sold out their position of 819 thousand shares.
4) William Blair sold out their position of 505 thousand shares.
Overall institutional exposure remains very high at 88.5% of shares outstanding. I wonder what Broadfin is up too? Sorry to see William Blair call it a day.
How many surgical hospitals are there in the U.S. that perform the type of surgeries most applicable to our equipment. I'm going to assume a big number at 3000. Divide that by 100 salesmen and you have an average of only 30 prospects per salesman. If I was Arun, I would breakdown the country into 50 marketing territories. I would then blow off at least 40 of the least experienced or least productive salesmen. Imho, since they are now set on taking the sales force up to 120, they are moving in the wrong direction and marketing expenses
continue to mount. Sorry to sound so negative lately, but hiring no experience college graduates is foolish and the results are proving this.
Since commencing an independent marketing effort, Arun has repeatedly made a comment which has always irked me; namely, it takes 12 months for a salesman to become productive. At the latest CC Arun responded to a question about the sales force and indicated that since the company is now clearly established, the quality of the prospective salesman resumes they are now receiving is much better. The recent posting by controltek with the subject SOCIAL MEDIA indicates that most of the salesman that have been hired are college graduates. So that means no experience in the industry and no experience in direct marketing. Now it is easier to understand why they entered the 1st quarter with 100 salesmen and only sold 51 machines.