Yesterdays, IPD released its 4C, I listened into the investor call.

Financials:

At this stage financials seem ok.  Growth in recurring revenue although hardware sales were down qoq, nothing jumped out at me here, some lumpiness can be expected with customer wins and onboarding. I didn’t glean anything new outside what was in the ASX presentation 

Management:

My observations are on the management team, it was a phone call so no visual cues.

Rick CEO sounded tired/weary which is expected giving the board spill which started several months ago. He said all the right things, support for new board etc, but what choice do you have.

Rick admitted that the spill was a distraction taking time away for the business for himself and the CFO and now they are back to managing the business.

On the positive they did not dodge any questions, patiently answered everyone asked, even if they were repetitive in nature and ran over time to do so.

There was no board input, the new board has been meeting in the US and reviewing strategy, operations etc. The board will be presenting their plan at the AGM next month, to me this is a key issue to watch in the short term.

Position:

I have held for some time, but sold half when this broke out, so at this stage I can afford to wait and see what happens. I have no doubt the product has a clear place in oncology clinics and processes, what I have doubts about is whether IPD have the plan and structure to successfully commercialise this. I won’t be increasing my position until I see evidence there is a clear plan of attack and the business fundamentals start to reflect that.