He really isn't entertaining at all, and his claims are deliberately untrue. This is one he posted on the Osiris board yesterday. It was from a law firm grasping for straws and looking for a whistle blower in early 2013. The posting from the law firm is clearly dated 2013.
"Mimedx has a similar product called AmnioFix® and their unapproved product may be in big trouble. Here is a current internet advertisement I've recently seen; "Alleged Wrongful Conduct Kessler Topaz Meltzer & Check, LLP is currently investigating whether the MiMedx’s Board of Directors breached its fiduciary duties to shareholders in connection with its failure to ensure that the company’s manufacturing and marketing of its core products were in compliance with regulations of the U.S. Food and Drug Administration."
I just bought a few Oct. $10 calls for 13 cents. The market must think the news next Tuesday will be lousy. I'm optimistic. We will see.
Osiris was probably hoping that increased insurance reimbursement for their products would bail them out of their receivables mess. I find it ironic that cezassse was over on this message board crowing that December is Armageddon Day. December is really a month and not a day, nonetheless, he got the company wrong. December should be the month Osiris recognizes a massive writeoff for their uncollected receivables. It should come as no surprise though that Osiris wants to kick that can down the road for as long as possible.
I'd be willing to pay my own sales tax if one of our Osiris friends could line me up with a free refrigerator. They probably have a pretty good size freezer compartment. I might even buy one with their generous terms. Nothing down and the balance in 3-5 years.
I have been meaning to ask you for a little more clarification on how the game is played at Osiris. Does that company tell customers that they don't need to pay until after Osiris receives insurance reimbursement or FDA approval for their products? They book the revenue when the product ships, and then hope they receive insurance reimbursement for their products before the company gets caught with their pants down? Actually Osiris has picked up some additional insurance reimbursement in the past 9 months, so what is the excuse now for why the customers still aren't paying for the product? I'm not sure I would book revenue when product ships if the payment for that product is conditional.
How big an order do you have to place with Osiris to get one of those free refrigerators, and can you buy on terms? Nothing down and the balance in three years?
I don't have anything to add that Brean Capital hasn't said already. It should be pretty obvious to anybody who read that report that MiMedx is best of breed. If you follow horse racing, then Osiris would probably be best described as an also ran.
OSIR is about to hit single digits with a Department of Justice investigation into their sales practices. I certainly hope we aren't falling in sympathy with OSIR. They are pretty small potatoes already.
do you understand what you are saying?? that this company shipped product to customers they knew couldn't or wouldn't pay for it without getting insurance reimbursement?? This is outrageous, unethical and stupid, if not illegal to recognize revenue at a time when you have reason to believe the customer can't pay for it under existing terms."
What would the Department of Justice say about these type of sales practices if they investigate Osiris like they investigated MiMedx earlier this year? Then there are always those sleazy class action lawyers who need little reason to sue over anything. If the share price starts to plummet, or as Pirate says pummet, then those slimy bas^%$#S are ready to pounce. MiMedx stock dropped 35% in one month and that company never did anything wrong either.
I have a question for you about your Osiris products. It appears Osiris is giving away free product and free refrigerators, or at least that appears to be the case with the accounts receivables at 148 days. I was wondering if they enticed the doctors in Las Vegas last week to try their product by throwing in some high priced liquor, or high priced prostitutes as well?
By the way, you probably noticed the DOW was up over 300 points today, yet Osiris was dropping again anyhow. What is going on over there?
Calling Pirate a Yidiot is insulting the intelligence of people of Hebrew faith. They are far more intelligent than our Pirate/halloweencandy.
"the real question is why on earth did they feel the need to give product away with such loose payable terms....it's like they were giving away free samples, and calling them sales..... wouldn't touch the stock with pirate's money..........."
Why on earth? Leave me out of it. I'm not the reason for the high number of days receivable, or Brean Capital's comments. I did notice the stock was plummeting again, or as pirate likes to say pummeting, but I don't have anything to do with it.
I would still like to get on that "Friends of Osiris" list for a free refrigerator.
On a more serious note, I'm speculating that Osiris sold product with the understanding that the customer wouldn't have to pay until the company obtained insurance reimbursement. It was probably slower and more difficult than they anticipated to gain MAC approval. I have said it in the past but it bears repeating. Dr. Don Fetterolf has been a huge asset to MiMedx in obtaining insurance reimbursement and maintaining a competitive advantage.
Osiris begins every press release by saying " the leading cellular regenerative medicine company focused on developing and marketing products to treat conditions in wound care, orthopaedics and sports medicine markets"
Osiris is certainly the industry leader, if the measurement is giving away free product. Does that company recognize revenue when they ship product even if they know they will never get paid?
Look what the cat has dragged in now. It is Mr. Smut himself. You are fortunate that Pete Petit is too busy, or doesn't find you important enough to sue you personally. Your attacks on this company, and Mr. Petit's character are untrue and inflammatory. Stick around awhile and keep running your mouth though. Hopefully that will change.