Customvis Share Discussion Threads

[rheiner] 01/7/2009 08:47

Pleased to see the news is slowly improving for CUS. A few more bits of news about increasing sales and we have a winner. Perhaps even for me eventually.

[rolo7] 17/6/2009 19:51

agree dt negative view for me on board takeover. It would be interesting to who brought those 1million shares the other day.

[discoverytim] 17/6/2009 19:29

sorry, here's the link -

[discoverytim] 17/6/2009 19:27

not sure if anyone holding has read through the reasons for the EGM and the voting, I returned mine with all negative. Hope you take the time to have a look and vote - IMO this seems null and void: all motions are from previous directors that shook the stock down from major highs to where we are today and made off with big salaries. Best to read the article on the EGM and decide for yourself. I'm only a minnow in this, but hopefully it will go big in the long term.

They are now selling major stock with cash up front. GLA.

[mikehardman] 16/6/2009 15:15

rolo - that's true!

[rolo7] 15/6/2009 19:28

nice cup with handle forming.

[mikehardman] 15/6/2009 19:09

1 million buy at the end - explains rise today despite the dribble of sells

[mikehardman] 08/6/2009 22:13

shaping up nicely, and just starting to show some volume again, too

[mikehardman] 08/6/2009 07:48

ooh - nice sales update - 5 new sales since 11may update - heading towards twice the 3-a-month targeted earlier, and with one of them fully paid for up-front, and the other 4 with higher deposits paid -- good stuff!
If they can keep the cash coming in, you'd have to think they'd be looking at investing it in ramping up the Pulzar Z1 manufacturing, to keep pace with the increasing demand - compounding the whole affair.
...Though they have other projects/products to manage as well.
Speaking of which... Some news on the low cost retinal imager would (like I said a month ago) be nice...

[mikehardman] 14/5/2009 17:32

Getting on for a million buys today, and no sells;
the price might have done little today, but that feels good nonetheless.

I can't help wondering if the bit of shareholder activism (see recent RNS) is providing buying interest both from the parties that think they can run the show better than current management, and from current management wanting to bolster their percentages to help fend off such interest.

[mikehardman] 12/5/2009 20:05

A bit of coverage in the Telegraph yesterday presumably did no harm:


Oh - and I just stumbled upon chapter 10, concerning the CustomVis PULZAR Z1,
in "Surgical Techniques in Ophthalmology Series: Refractive Surgery":

though that was published in 2007.

...which reminds me how the basic product has been out there for a while, gradually sneaking into professionals' awareness, leading to where we are today - refinements made, sales rate picking up, etc.
Plus, of course, CUS has other products in the pipeline; an update on the low cost retinal camera would be nice.

[mikehardman] 12/5/2009 12:43

...Moorfields, yesterday, like rheiner posted

v.pleased with continued perkiness

[gavios] 12/5/2009 12:35

what hosp deal?

[rolo7] 11/5/2009 23:12

I added a few on the news hoping will breakout again hoping for some UK press with the london hosp deal.

[rheiner] 11/5/2009 08:39

Surprised there is not more interest in CUS. On the top riser list this morning with Moorfields news.

[rheiner] 28/4/2009 10:34

One to tuck away for a pleasant surprise?

[gavios] 19/3/2009 12:45

Well personally i think it will be in to next year when all long term holders will reap the rewards they deserve.
I will continue to top up monthly on payday, news is positive and can only see this CUS growing upwards and upwards.

Good luck all.

All IMHO.

[dell314] 19/3/2009 11:00

R&K - What is your point? If you want to fascinate me with laser installation figures, at least compile six monthly figures for the last few years to get some idea of trends...

My points are:

1. Recent results look a lot better than they actually are due to unrealised Forex gains.

2. Cash outflow is severe.

3. Business model with considerable deferred payment needs regularly increasing working capital to fund additional sales. The installed base isn't large enough for service contracts & deferred payments to meet increasing working capital requirements until the installed base is significantly larger.

4. The company have lowered the stock par value, implying they plan to raise additional funds with a discounted equity issue.

5. Auditors raising concerns over "going concern".

I like the product and believe the potential for world health is commendable but, from an investing perspective, I don't see the stock as a buy before considerable strengthening of their financial position.

Rgds
dell

All IMHO, DYOR etc.

[valustar1] 19/3/2009 10:43

Because it does not mention cash flow!

[robandkerry] 19/3/2009 10:23

How do you comment negatively on this Dell.

At 30 June 2008, the Group had installed 28 Pulzar Z1(TM) lasers and this number
increased to 35 by 31 December 2008. More importantly, these lasers had treated
approximately 90,000 eyes and interest in the laser continues to gain momentum.
Since the period end, two more lasers have been installed, taking the installed
base to 37 lasers in 19 countries, and our order book remains strong.

[valustar1] 19/3/2009 10:12

Can we get back to cash flow.

Sales are booked on installation but payment is normally on deffered terms say over 3 years.

Dont worry about sales at present look at the cash

The FX gain is unrealised ie not a cash flow item.

Sorry dont worry about that look at the cash.

If they reach cash flow positive the business will be in a very strong position to take advantage of their opportunity in the market.

There is no new info in the results to indicate they are any more positive on the cash flow issue.

What they need to do is sell some machines for cash not on deffered terms.

On balance I would think they need to raise new funds to give the business certainity.

[dell314] 19/3/2009 10:10

R&K - As a rule, auditors only comment on "going concern", when there is risk that a company may not be a "going concern".

Would you agree that without the Forex benefit, the bottom line would be broadly comparable to the previous year?

AFAIK, they've had to place new stock to raise funds every year since listing and I'll be surprised if this year is any different. The directors seem to agree with me, as they've already taken steps to facilitate a placing below 1p by lowering the par value to 0.01p......

Rgds
dell

All IMHO, DYOR etc.

[robandkerry] 19/3/2009 09:59

We know about the possible placing Dell, but nothing is set in stone. Regarding the going concern issue, i think this applies to every company does it not.

Anyway Dell, if you had bought this instead of constantly talking it down, you would be sitting on a nice little profit now, as I am. :)

[dell314] 19/3/2009 09:55

R&K - Actually, if you delve a little further than just reading the positive spin, you'll see that the results are once again flattered by a significant Forex gain. This time the results are "improved" by an unrealised £375k from nothing more than exchange rate fluctuations.

Unrealised foreign exchange rate differences (375,676)

I imagine that you can deduct £375k from the result and see how large the loss would be without this flattery?
Do you think that exchange rate moves are a one way bet, or would you expect the benefits from Forex moves to be at, or near, an end for CUS?


Also, the auditors have again emphasised going concern issues:

Emphasis of Matter

Without qualifying our conclusion, we draw attention to Note 2 to the interim financial statements which explain the directors' assumptions as to the continuing application of the going concern concept. The directors are optimistic as to the continued development of the business of the Group. However, unless an increase in sales is achieved, there remains doubt as to the ability of the Group to continue as a going concern. The interim financial statements do not include any adjustments that would result if the Group was unable to continue as a going concern.

2. Going Concern

Having considered the guidance given in the document Going Concern and Financial Reporting: Guidance for Directors of Listed Companies Registered in the UK issued in November 1994 by the Going Concern Working Group, the Directors have formed a judgement that, at the time of approving these interim accounts there is a reasonable expectation that the Group has adequate resources and likely income to continue in operational existence for the foreseeable future and therefore adopt the going concern basis for the accounts. However, the continued going concern of the Group is dependent upon the Group achieving its revenue forecasts.


And just in case you forgot:

In February 2009, the Company undertook the following capital reorganisation;

each of the issued ordinary shares of 1p each have been subdivided and redesignated into one new ordinary share of 0.01p each and one deferred share of 0.99p each; and

each of the authorised and unissued ordinary shares of 1p each have been redesignated into 100 New Ordinary Shares of 0.01p each.


Do you remember why companies lower their par value?


Rgds
dell

All IMHO, DYOR etc.