Author Topic: PDRX - PD-Rx Pharmaceuticals  (Read 27498 times)

bookie71

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 936
Re: PDRX - PD-Rx Pharmaceuticals
« Reply #20 on: December 18, 2014, 12:59:11 PM »
Looks like they bought 49,424 shares of stock back during the fiscal year.
Net book value increased from 4.71 to 5.91
they also reduced their current liabilities quite a bit
I wonder why it took so long to do the audit? (6-30 to 11-5) (this is the old auditor in me, asking

Always remember, Pigs get fat and hogs get slaughtered.


Travis Wiedower

  • Sr. Member
  • ****
  • Posts: 452
Re: PDRX - PD-Rx Pharmaceuticals
« Reply #21 on: December 19, 2014, 12:22:31 AM »
I wonder why it took so long to do the audit? (6-30 to 11-5) (this is the old auditor in me, asking

While I don't know the answer, I don't think it's anything to be concerned about. I've seen similar time frames with several other dark companies. Just not a priority of theirs it seems.
My investing blog: Egregiously Cheap

KJP

  • Hero Member
  • *****
  • Posts: 722
Re: PDRX - PD-Rx Pharmaceuticals
« Reply #22 on: December 17, 2015, 07:16:12 AM »
2015 results out:  http://ftp.pdrx.com/docs/2015AuditorsReport.pdf

Very tough year.  The accompanying letter ascribes the decline in sales to one drug.  I didn't see any commentary on how FY2016 is going.

mbrock77

  • Jr. Member
  • **
  • Posts: 94
Re: PDRX - PD-Rx Pharmaceuticals
« Reply #23 on: January 15, 2016, 06:52:55 AM »
Not good?

http://www.business-standard.com/article/pti-stories/wockhardt-tanks-15-on-issues-over-shendra-plant-drug-recall-116011500742_1.html

Wockhardt shares today slumped 15 per cent after the USFDA made nine 'observations' highlighting violations of its norms at the drug maker's new facility at Shendra in Aurangabad and recall of 62,555 bottles of its antibiotic tablets by PD-Rx Pharmaceuticals in the US market.

abitofvalue

  • Full Member
  • ***
  • Posts: 199
Re: PDRX - PD-Rx Pharmaceuticals
« Reply #24 on: January 15, 2016, 10:51:33 PM »

This recall seems to have started last year, so hopefully was the main cause of "the loss of market demand" they discussed in the annual though that would be a strange way to describe this situation (which makes me think that this is extrememly wishful thinking on my part).  Either way, the lack of information the company discloses does make it somewhat challenging to follow. 

 http://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/62500-bottles-of-wockhardts-antibiotic-tablets-recalled-in-us/articleshow/50581216.cms

Quote
This nationwide Class II recall is on account of "the original manufacturer's recall, in which the firm did not adequately investigate customer complaints," the United States Food and Drug Administration (USFDA) said in its latest Enforcement Report.

The tablets are in the strengths of 250 mg (45,022 bottles) and 500 mg (17,533 bottles), it added.

As per the report, the voluntary recall initiated on April 29, 2015 is ongoing.

KJP

  • Hero Member
  • *****
  • Posts: 722
Re: PDRX - PD-Rx Pharmaceuticals
« Reply #25 on: December 24, 2016, 06:42:35 AM »

wachtwoord

  • Hero Member
  • *****
  • Posts: 1268
Re: PDRX - PD-Rx Pharmaceuticals
« Reply #26 on: December 24, 2016, 07:12:45 AM »
2016 Financials are out:  http://ftp.pdrx.com/docs/2016AuditorsReport.pdf

At first glance it looks like things haven't improved since last year.
"Beware of he who would deny you access to information, for in his heart he dreams himself your master"

KJP

  • Hero Member
  • *****
  • Posts: 722
Re: PDRX - PD-Rx Pharmaceuticals
« Reply #27 on: December 24, 2016, 11:16:44 AM »
At first glance it looks like things haven't improved since last year.

Improved for whom?  Management's cash bonus is based on "a percentage of gross sales" (see Note E to audited financials) so things appear to have improved a bit for them.

Because of management's poor capital allocation, this is turning into a cash box that generates single-digit ROE.  Management also has no reason to care about the stock price until they choose to sell, so I wouldn't expect any changes until then.

Green King

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 743
Re: PDRX - PD-Rx Pharmaceuticals
« Reply #28 on: December 24, 2016, 01:03:42 PM »
At first glance it looks like things haven't improved since last year.

Improved for whom?  Management's cash bonus is based on "a percentage of gross sales" (see Note E to audited financials) so things appear to have improved a bit for them.

Because of management's poor capital allocation, this is turning into a cash box that generates single-digit ROE.  Management also has no reason to care about the stock price until they choose to sell, so I wouldn't expect any changes until then.
+1
Earning 5% on current assets less debt. This business is worth more dead than alive.
GK

writser

  • Hero Member
  • *****
  • Posts: 1632
Re: PDRX - PD-Rx Pharmaceuticals
« Reply #29 on: December 24, 2016, 04:14:27 PM »
Yes, that's the bear case. The bull case is that you get the business for free!

Book value has compounded by 11% annually for over 16 years now despite the excess cash. This is actually a reasonable business. Insiders are all in their sixties / seventies, have been working for 30+ years and own 52% of the company. At some point within a few years they will unlock the value on the balance sheet and the stock will react. Key question is whether that is worth waiting for.
« Last Edit: December 24, 2016, 04:16:37 PM by writser »
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.