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No. of Recommendations: 2
I've noticed that Biosyent's share price has pulled back a good bit. A bit more in USD terms than CAD.

Seems pretty straightforward. The growth has stalled, and the multiple has pulled back to reflect the stall. I don't know the company that well, but don't have any particular insight on whether the growth will kick back in.

They have listed a few products in the "regulatory" stage. I have to look back to see if those are new. SA hasn't posted a call transcript yet, so I am not sure if management expanded on their potential.

I do really like the balance sheet of the company. $0 debt. $22 million CAD in cash/short term investments. That's nearly 20% of the market cap. If you back out the cash, it takes the multiple from about 20x earnings to 15-16 times earnings.

Note that this quarter's sales included a major drop off in the legacy business from last year, apparently due to the variability of the agricultural market. Headline sales numbers would have looked a bit better without that.
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