CGCDLR - Total operating costs in 2020 were 102.4€, Under the best scenario, I see total operating income of 80-85 million €, The cost of servicing the convertible, the multiple registrations and headcount increases will likely result in operating costs that are similar (under the scenario that they will not have the premature retirement of convertible shares as they did in 2020) or slight increase in operating costs (still assuming limited sales and marketing travel). They will not have the benefit of the contract termination (Genomic Health) cash infusion. I think break even occurs about a year after the multiple registrations (US, China and Japan). The registrations will enable BCART to leverage the partnerships. Currently, BCART bears the cost for new product R&D. After the IVD registration approvals they will be able to fully leverage the sales forces of ImmunExpress, Nichirae, Wondfo, BMY and AZN, This should mark a major inflection point in revenue generation. So I'm in the 2023 Breakeven Camp, with a greater revenue growth trajectory thereafter. The market is forward looking so I believe the SP will respond as the news flow begins to change later this year and into 2022.
Your ave cost per cartridge at 133€ is considerably higher than the 102€ discussed in the 2020 year end presentation. I believe it reflects the change in the geographic balance with a tilt toward more SARS COVID2 test sales in the US (this started to occur late in 2020). BCART will need more US approvals (MSI, Septicyte Rapid) to maintain the favorable ave cost as the overall COVID infection rates in the US have decreased (with some geographic exceptions in the South). It is still somewhat hard to justify 3 shifts, 6 days a week. BCART is likely ramping for training and in anticipation of building inventory into the end of the year.