Getting Any Better

Well, have you taken a look at the stock price? This company can be described in one word: Titanic.

 

Looking at the financials, they are out of money in 3 quarters unless they double Fuse sales. They sold the same amount of Fuse in the US last quarter that they did in the first quarter, so, not much chance of that happening.

 

Agreed. I am assuming you mean by first quarter, the first quarter they launched Fuse.

 

I have never seen a response that quickly to a post on an obscure chat room. Is someone watching me? But yes, that is what I meant.

 

How long until the board of directors gives MG his walking papers?

 

If MG goes, you can expect the rest of the crew to leave as well. I wonder if Eddie will threaten the board again to keep Gregg as VP of Sales?

 

I don't care how long you have been with the company or what you have done during your tenure here, no one rep should have this much power or perceive they have this much power. If Eddie doesn't like the changes and wants to leave...bye!!

I work here and while I don't echo the same sentiments of the trash being posted here, the next 2.5 quarters will have a profound impact on the future of both MG, GC, and EndoChoice.

 

I wasn't aware of the threatening the board thing. When did that happen?
The only person who will replace MG @ this point will be someone put there to oversee the sell off of FUSE if they can find a buyer, & maybe even sell off other parts as well (scope services etc) and trim down the operation enough (fire a lot of home office people & make a new pay plan for sales) & get the company in a position to be profitable. It won't make much profit & they will be starting all over selling kits & blocks.

 

He let a couple of the board members know that if they fired GC, that he would quit as well.

 

At this point, don't you think GC & the rest are looking for an exit strategy anyway? I don't see any solution for the company to survive & it is probably a lot clearer to the people on the inside. They have been burning through so much cash every quarter & never have any real plans on the quarterly investor calls to address this. They just say we have $58 million in current assets and a $15 million line of credit. This provides us with enough operating capital for at least two years."
Meanwhile they say that on every investor call as they burn through $16 million a quarter. It's like they keep producing the same amount of revenue each quarter and keep upping their forecasts of future revenue in order to say they have two years of operating capital. Then they get softball questions from these investment banks for some reason. There is always someone sitting in for someone else at these investment banks asking questions. They are basically throwing complements at MG instead of asking him questions. It's a joke & I don't understand why they do this in the face of piss poor performance. It's like they don't even care about their investment. If you look at their cash burn rate and compare it with their current assets & $15 million line of credit, it becomes obvious real fast that they don't have two years of operating capital. A 4th grader can see that & yet the bankers still throw them lobs.

 

Hard to believe that MG has survived as long as he has with the lousy financial performance of the company. Fuse has been one of the all time great money pits. MG has to be living on borrowed time.

 

It is a good technology. When you launch, you can expect problems with glitches etc. They should have taken into account the accounts that were really dependent on pediatric scopes early & focused exclusively on accounts that were using CF scopes. They also totally screwed themselves with the pricing. Whoever insisted on that pricing structure should be fired immediately. However, hindsight is 20/20.

 

Fuse has been a great case study on why, when you launch capital, you can't launch it early because of financial constraints and expect to fix it on the fly. You can't expect it to be perfect but it needs to be at least as good as your competitors in terms of durability, reliability, etc before you bring it to the market or else you run into what we are seeing. Getting close to the three year mark with Fuse and it is still getting fixed.

 

I agree it is important to have a working product, but what kept it from selling first & foremost was the exorbitant price. Not a lot of people knew about all the reliability issues because they weren't selling enough systems for anyone to hear about that. Bottom line is the pricing strategy was designed to keep hype and exclusivity around the product instead of letting the clinical differentiation be the focus on its own. It was a stupid and arrogant decision to try to sell the system for almost twice what an Olympus system would cost.

 

Lol! Where do you get your info from?

 

Wasn't it just about a year ago that MG so proudly took the company public, and the stock quickly soared from $15 to above $19? Boy what a difference a year makes.

 

What's your point? We are all well aware of where the stock is.

 

It's interesting to see so many people pissed off at MG or GC and wishing for the entire failure of a company which employees several hundreds just because they stepped into a role in which I will agree, did not have a ready product at the time.

It's also interesting to see people still complaining long after they have left and are rather incorrect on our financials, and completely ignoring the fact that we exceeded quota last quarter and are continually lowering our expense column.

But fuck me right?! Lets continue to act like a pissed off teenager who cannot move on. We get it, Fuse was not ready for prime time until maybe a year ago and some people may or may not have been mislead by their RM's into the reality of fuse, the challenges with the system and also change for physicians.

But guess what? There are people who stuck it through the shit show because they do believe we can right the ship and that this is truly a product which will improve patient outcome. I'm sorry that this is not an easy sale, maybe you can go back to Boston, Stryker, and Olympus where its easier to just take the PO.

 

Before the trolls or the unhappy fucktards that still work for EC come out to play, well said! I couldn't agree more!