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Post by jpg on Oct 1, 2015 0:39:27 GMT -5
This may sound counterintuitive but who wasn't expecting this? The sales suck, the convertible turned into a fiasco and the workers aren't, for now needed. Why the surprise? I think most are more worried about effect on share price than on overall cost benefit to Mannkind long term. I personally welcome sound financial management and would have been more worried if they kept on workers that aren't needed. No? Will this be used by bashers? Obviously. Will it hurt Mannkinds long term sales prospects? No. Apparently nobody on this board was expecting this except myself and the newbie from the Sanofi Insulin thread who got torn to shreds... I think the writing was on the wall, but it says something about the jaded outlook and rose colored glasses on this board that YMB was able to provide this info as fact before anyone here would even consider it. Tisk tisk. Don't know about that but management told us this was coming. They just didn't make it as crystal clear as some need it to be... When I knew layoffs were coming I was thinking first 'share price effect' then after reflection 'good management would do what'? Would I like management to keep a bunch of employes around for nothing? Obviously no...
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Post by harrys on Oct 1, 2015 0:47:55 GMT -5
Apparently nobody on this board was expecting this except myself and the newbie from the Sanofi Insulin thread who got torn to shreds... I think the writing was on the wall, but it says something about the jaded outlook and rose colored glasses on this board that YMB was able to provide this info as fact before anyone here would even consider it. Tisk tisk. Don't know about that but management told us this was coming. They just didn't make it as crystal clear as some need it to be... When I knew layoffs were coming I was thinking first 'share price effect' then after reflection 'good management would do what'? Would I like management to keep a bunch of employes around for nothing? Obviously no... I have no doubt this is the right move from a business perspective but from an optics perspective... it would seem MNKDs public view is like a horror movie where any and everything goes "wrong". I'm starting to think more seriously about the prospect of Al taking this company private for the sake of its own survival and to sever its fate from Wallstreet's cold greedy hands, in light of where the share price is now heading and with that thought in mind it's not good for a potential payday that we're currently flirting with the $2s.
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Post by jpg on Oct 1, 2015 1:30:30 GMT -5
Don't know about that but management told us this was coming. They just didn't make it as crystal clear as some need it to be... When I knew layoffs were coming I was thinking first 'share price effect' then after reflection 'good management would do what'? Would I like management to keep a bunch of employes around for nothing? Obviously no... I have no doubt this is the right move from a business perspective but from an optics perspective... it would seem MNKDs public view is like a horror movie where any and everything goes "wrong". I'm starting to think more seriously about the prospect of Al taking this company private for the sake of its own survival and to sever its fate from Wallstreet's cold greedy hands, in light of where the share price is now heading and with that thought in mind it's not good for a potential payday that we're currently flirting with the $2s. If Mann wanted to take the company private he would have done so a long time ago. I have never ever seen a patient look at the share price of the company before deciding to use a medication. Come to think of it I also have never seen a physician prescribe a medication based on share price. Mannkind will thrive or fail based on Afrezza and not on the short term share price.
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Post by sf1981 on Oct 1, 2015 1:54:59 GMT -5
Most of us are invested because we believe Afrezza will be very big eventually. If Afrezza will be eventually commercially successful, then the main risk we should be concerned about is a) survival of MNKD until turning cash-flow positive and b) further dilution. Layoffs were inevitable in that sense. In my opinion, we will also see the convertible being repriced or MannKind announcing they have raised the cash already via ATM. The share price is what it is. We have to deal with it.
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Post by seanismorris on Oct 1, 2015 1:56:00 GMT -5
I expect we'll be seeing 2$ soon. Afrezza is looking more like a niche product every day, but we won't know for sure until next year. I hope we start getting news about the status of the other targets for Technosphere soon or shareholders will be in for an unhappy Christmas...(myself included).
I also hope they didn't waste to much money on Afrezza marketing... Afrezzas prospects aren't dead yet, but until something changes regarding insurance coverage or the Label we'll be trending water.
This cost cutting is necessary to reduce the cash burn until pain, etc. products can be evaluated and brought to market. Expect the Shorts to be screaming about dilution tomorrow.
A lot of failures by Mannkind brought us to where we are today...very disappointing to see such poor execution by management for such a promising technology.
Still Holding...no point in selling.
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Post by trenddiver on Oct 1, 2015 1:58:24 GMT -5
I'm hoping that Matt Pfeffer is one of those who are getting laid off. I have said this many times before, he is a nice guy but is in way over his head in all areas of his job responsibilities. Mannkind and its shareholders deserve much better.
Trend
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Post by liane on Oct 1, 2015 4:11:32 GMT -5
Apparently nobody on this board was expecting this except myself and the newbie from the Sanofi Insulin thread who got torn to shreds... I think the writing was on the wall, but it says something about the jaded outlook and rose colored glasses on this board that YMB was able to provide this info as fact before anyone here would even consider it. Tisk tisk. I don't think that is a fair assessment. Up until last night this was a pure unsubstantiated rumor. We try to be more fact-based here. It's wise to consider all the possibilities, but not waste a lot of time on ideas without a shred of evidence.
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Post by tigiron on Oct 1, 2015 5:22:11 GMT -5
Just wondering why the management release the bad news at this moment when the share price is at 52 week low? At least I think they should have plenty of wriggle room as to the timing of the announcement, and when they make a decision to release such negative info, with all the "insider" info and internal sales projection, they should have put more consideration as to how to minimize the negative impact on the share price?
Other related question is that if there is any precedence that a startup at similar stage had to cut workforce because of the disappointing sales, though the sales numbers were already moot points, and at such a juncture what were the share price movements?
Since the poor sales number are already known, and quick ramp up is mostly improbable as reflected in the current share price already, the manage might as well be more transparent, and present the decision/action in a much positive way --- at least cutting cost and reduce cash burn etc, thus helping the share price?
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Post by Deleted on Oct 1, 2015 6:16:49 GMT -5
Conserving cash is always prudent for any company and especially so for a small or start up organization. It would be great to know Sanofi's plans for Afrezza not only in the US but worldwide. Unfortunately, that information will not be forthcoming. In light of this, I believe the only thing to focus on now is NRx, TRx and quarterly earnings reports. If Afrezza sales don't start to pick up in the next few months, and we don't hear about international expansion or Technosphere partnerships, it is likely game over.
The real test of management is not results during the good times, but how they handle times like these. Many years ago, I had breakfast with a gentleman who was a CEO for several large public companies whose names you know. He had also been part of several well known successful startups and I wanted to pick his brain about life at a startup company. His words were simple, every startup you work for will have 2-4 near death experiences. If you can bring the company back from the brink, you will have a successful organization. At the time, I thought his comments were far too simplistic. Having been part of over a half dozen startups (pharma/device) I now understand where he was coming from and his words ring true. At a startup company, people do make the difference. Hopefully Al has enough left in the tank to be in touch with Matt, Hakan and others on a regular basis. Money is power and Al still can influence the process.
As for the future, I have seen startup companies humming along growing, generating cash and run into a brick wall and implode. I have also seen young companies with two feet in the grave on life support pulled back from beyond the brink to prosper and flourish. Yogi Berra (RIP) was right, it ain't over till its over. As far as share price, today is going to be a blood bath and perhaps some others are correct in that MNKD may just be taken private to avoid all of the games being played by the little people who have neither the skills, morality or work ethic to earn a living in a productive manner.
I am not sure Afrezza will ever become a blockbuster and it may not even survive. What I am sure about is that clinically, Afrezza is the best Rx product for people with diabetes ever invented. The RAAs in terms of predictability and patient outcomes work well for a very small portion of the patients using them but prior to Afrezza, it was all the folks had. The oral meds are a pandoras box of side effects and if you had docs really understand how they work, their side effects and patient outcomes, and then had the docs all understand Afrezza, sales of orals would plunge overnight. But for now, the docs still don't understand and insurance coverage remains an issue.
I do belive Sanofi is going about things in the right manner. Are they pusing as hard as they should be and being as innovative and aggressive as they could be? Probably not but they are a large european company and have a corporate culture that is what it is. The big question in my mind is how long it will take to see NRx growth in Afrezza. While I know it cannot happen overnight, I also know time is no longer our friend. I guess the good news is the wait is almost over.
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Post by itrade on Oct 1, 2015 6:48:43 GMT -5
As a young investor(finally legal to buy a drink) Mannkind has taught me quite abit ever since buying in after approval. It's unfortunate that I'm stuck at an average of around $8.50 with all the eggs in the basket. I had hoped the s/p would remain close to my purchase price, but obviously that's not the case. I've come to the conclusion-there's no point in selling. Afrezza will decide the fate of MNKD. At this point, buying more shares is just about the same risk as a sports bet. You're either gonna win back your money and a little bit more or risk losing it all. It's true, you're not a loser until you sell but what if Al & the gang decide to go private? It's frustrating to think about these scenarios but at this point im ready for whatever the outcome will be. These next couple months will seal the deal. Gl to all longs, I'm still there with y'all.
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Post by itrade on Oct 1, 2015 6:53:32 GMT -5
Can someone else call IR ? I'm so new to this that I probably could have handled the call better . I got the impression that Roberta is used to getting alil beat up these days from disgruntled SH. I was really nice to her , to the point that she told me she enjoyed our conversation . I suppose they are more tight lipped than ever after settling a previous law suit . But I'm rather disappointed that she wasn't more forth coming with me . At the same time , I can see why we don't need 3 lines running if 1 has an abundance of surplus ( 160,000 pts per year if my memory serves me right ) . And if we don't need that now bc the company has to run a tight ship financially , I get that . I'm not selling nor even thinking about it ( if I was even & not facing a > than 50% loss , I'm not certain if I'd feel the same way ) . So I'll try my best to look at this as a selfish blessing that leaves me no choice but to hang on . And if I think about it abit longer , if I were even today , I still don't think I'd sell , but the Science only goes so far ... It is a bit of a bummer as much as I get it . I like people who communicate , Mannkind is not good at this ... I'll speak with Roberta. I spoke to her at the beginning of summer since she had to purchase some tickets from my job. Hopefully she remembers me lol. I'll pm you Lynn
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Post by nylefty on Oct 1, 2015 7:06:50 GMT -5
Just wondering why the management release the bad news at this moment when the share price is at 52 week low? At least I think they should have plenty of wriggle room as to the timing of the announcement, and when they make a decision to release such negative info, with all the "insider" info and internal sales projection, they should have put more consideration as to how to minimize the negative impact on the share price? Announcement? What announcement? I was in the news business (CBS, NBC, ABC, Fox) for almost 40 years and this was no "announcement." The Danbury paper heard about the layoffs and got some vague quotes from Matt. What did you expect him to do? Lie?
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Post by liane on Oct 1, 2015 7:09:20 GMT -5
nylefty, I agree! The more I read this "news", the more I think it was cobbled together from rumors and vague statements. Pretty low stuff.
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Post by tripoley on Oct 1, 2015 7:26:21 GMT -5
That explains Roberta's specific response to my question yesterday , I foolishly asked if they laid off 130 employees & she replied " as far as 130 , that is not true " . I should have been more vague with my question & followed up more , but I suppose it wouldn't change a thing . I do wish she was more up front about it though . Ugh ! I'm not so savvy when it comes to dealing w/ IR , lesson learned ! MNKD folks are perfectly Clintonesque on their parsing of words. Kevinmik - for all of his foibles - said Matt told him no layoffs and I believe Kevinmik's account. Someone give me a reason to trust their credibility going forward please.... Kevinmik confirmed this AM what Matt told him was accurate and agreed with the content of the article.
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Post by tripoley on Oct 1, 2015 7:39:40 GMT -5
This may sound counterintuitive but who wasn't expecting this? The sales suck, the convertible turned into a fiasco and the workers aren't, for now needed. Why the surprise? I think most are more worried about effect on share price than on overall cost benefit to Mannkind long term. I personally welcome sound financial management and would have been more worried if they kept on workers that aren't needed. No? Will this be used by bashers? Obviously. Will it hurt Mannkinds long term sales prospects? No. Apparently nobody on this board was expecting this except myself and the newbie from the Sanofi Insulin thread who got torn to shreds... I think the writing was on the wall, but it says something about the jaded outlook and rose colored glasses on this board that YMB was able to provide this info as fact before anyone here would even consider it. Tisk tisk. A poster on Yazoo MB was saying massive layoffs (like 100+) so I would hardly call it accurate.
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