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Outsidein Research Overvi

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OutsideIn Research is an affiliate of The ProActive Network that publishes high-quality company research reports and industry studies written by our staff of very experienced Wall Street and buy-side analysts. Our approach is to provide investors with the necessary tools and information with which to make sound investment decisions. We attempt to distill and present the essential facts of the company and avoid some of the trappings of most Wall Street.

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Outsidein Research Overvi

  1. 1. ""! ! !"##$%& Dave Talbot 212-792-4321 dtalbot@proactivecrg.com Mike Sweeney 212-792-4136 msweeney@proactivecrg.com ! ! 23+4,5%6718%4%9*$12-%-,%!1 !"#$%&(&)"*+,-.&!$/01-,/&,2&3040"/15& !!!!!!!!!"#$%&()*+,-%.%+!(/"*(01
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ur research services are available on an annualcontract basis, which usually includes an extensive basic report and several updates issued overthe course of the year. The following is a generic outline of a basic report.! • Investment overview/executive summary • R&D pipeline and milestones • Company review • Principal markets and main competitors • Corporate history and key acquisitions • Company growth strategy and 3-5 year goals • Recent operating performance • Financial statements and financial comment • Regulatory and legal issues • Stock history, ownership and relative valuation • Manufacturing and distribution • Management<02,%0=",0-+&3&>%-?/,0@$&A$,B-%C&4$(/5$2&!#())&7(;&*+@$2,-%2&!Our research is distributed on an ongoing basis through The ProActive Network to a global audience ofsmall cap investors. Our distribution system includes affiliations with certain local and regional brokeragefirms, as well as a network of over 20,000+ retail brokers. We have distribution agreements with thefollowing organizations. 12 $%&!()*!+,-./-0!$% !3455)!6-7!85)*0!68!!9"9:;!!$9$<;=$<%>$9! 777?@2-)5+A1B,-6-175)*?A5C! !
  3. 3. ! D5$&!#())37(;&4$2$(%/5&<0)$##(&S,-)! #"Z! 5Q! [?R?! F15A*F! 7B12! (! C()*-1! A(D! /.H-)! 9$&! CB44B5.! 2(,-! 4BCB1-H! 5)! .5! )-F-()A2! A5,-)(G-!72BA2!F1/HB-F!2(,-!F257.!2(F!(!FBG.BQBA(.1!.-G(1B,-!-QQ-A1!5.]!! • R15A*!4B^/BHB1M!(.H!E)-(H12!5Q!F2()-!57.-)F2BD_! • N`+!,(4/-!(.H!A5F1!5Q!A(DB1(4_!(.H!! • [41BC(1-4M!5.!12-!G)5712!5Q!12-!A5CD(.M?!!!!N5)-5,-)0! 12-! 4(A*! 5Q! A5,-)(G-! HB4/1-F! 12-! -.1B)-! JCBU! 5Q! B.Q5)C(1B5.O! C(H-! (,(B4(E4-! 15! B.,-F1C-.1!E(.*-)F0! Q/.H! C(.(G-)F! (.H! B.HB,BH/(4! B.,-F15)F0! 72BA2! 4-FF-.F! C()*-1! -QQBAB-.AM?! N(.M! 5Q! 12-! C5F1!D)5CBFB.G!2-(412A()-!A5CD(.B-F!()-!155!FC(44!Q5)!A5,-)(G-!EM!-,-.!Y/.B5)!V(44!R1)--1!QB)CF?!!!!@2-!,54/C-!5Q!L.H-D-.H-.1!IJD(BH<Q5)OP!a-F-()A2!BF!G)57B.G!E/1!H-C(.H!Q()!-UA--HF!12-!F/DD4M!5Q!G55H!(.(4MF1F?!L.H-D-.H-.1!)-F-()A2!2(F!-F1(E4BF2-H!B1F!D5FB1B5.!B.!12-!C()*-1!(.H!BF!5Q1-.!/F-H!(F!F/DD5)1B.G!H5A/C-.1F! B.! A5..-A1B5.! 7B12! A(DB1(4! )(BFB.GF0! C-)G-)F! (.H! 512-)! 1)(.F(A1B5.F?! @2-! A5F1! 5Q! (.! (../(4!)-F-()A2!D)5G)(C!BF!/F/(44M!)-4(1B,-4M!FC(44<<<!5Q1-.!/F/(44M!4-FF!12(.!&Z!5Q!12-!F/F1(B.(E4-!B.A)-(F-!B.!F15A*!,(4/(1B5.!12(1!BF!1MDBA(44M!(A2B-,-H?!!!V(44!R1)--1!)-F-()A2!A5.HB1B5.F!Q5)!C5F1!FC(44!A(D!F15A*F!A5.1B./-!15!H-1-)B5)(1-?!! • a-1(B4! B.,-F15)F! (.H! D)5Q-FFB5.(4! C5.-M! C(.(G-)F! ()-! 5,-)72-4C-H! 7B12! C()*-1! B.Q5)C(1B5.?! b5CD(.B-F!7B12!.5!(.(4MF1!A5,-)(G-!()-!D-)A-B,-H!(F!.51!75)12M!5Q!(11-.1B5.?!! • L.,-F15)F! 2(,-! E-A5C-! B.A)-(FB.G4M! )BF*! (,-)F-! (.H! ()-! HB,-)FBQMB.G! B.15! JF(Q-)O! B.,-F1C-.1F! IQ4BG21<15<^/(4B1MP?!!@)(HB.G!,54/C-F!B.!12-!F-A5.H()M!C()*-1F!2(,-!E-A5C-!B.F/QQBAB-.1!15!Y/F1BQM! 12-!5.<G5B.G!A5F1F!5Q!)-F-()A2!A5,-)(G-!5Q!FC(44!A(DFE&! • b5.1)BE/1B.G!15!12-!4(A*!5Q!B.Q5)C(1B5.!5.!FC(44!A(DF!<<<!4()G-!B.,-F15)F!4B*-!,-.1/)-!A(DB1(4!Q/.HF! 1-.H!15!*--D!B.Q5)C(1B5.!12-M!2(,-!G(12-)-H!A5.QBH-.1B(4!Q5)!12-B)!57.!D)5D)B-1()M!B.,-F1C-.1F?!! • @2-!./CE-)!5Q!F-44<FBH-!(.(4MF1F!BF!H57.!F/EF1(.1B(44M?!!+.(4MF1F!B.A)-(FB.G4M!Q5A/F!5.!12-!4()G-< A(D!F-A15)!4-(,B.G!C5)-!(.H!C5)-!A5CD(.B-F!7B125/1!12-!E-.-QB1F!5Q!A5,-)(G-?!! • +.(4MF1!A5,-)(G-!2(F!E--.!.-G(1B,-4M!BCD(A1-H!EM!B.A)-(F-H!)-G/4(1B5.!5Q!12-!F-A/)B1B-F!QB-4H!<<<! F/A2!(F!12-!D-..M!F15A*!)/4-!12(1!-QQ-A1B,-4M!D)52BEB1F!)-1(B4!E)5*-)F!Q)5C!F54BAB1B.G!F/E!&?""! F15A*!5)H-)F!Q)5C!12-B)!A4B-.1F?! • @)(HB1B5.(4!B.,-F15)F!B.!FC(44!A(DF0!4B*-!C(.M!2-HG-!Q/.HF0!2(,-!G-.-)(44M!F2BQ1-H!157()HF!4()G-)! (.H!C5)-!4B^/BH!F15A*F?!!! • N()*-1!HM.(CBAF!2(,-!H)(C(1BA(44M!A2(.G-H!<<<!12-!./CE-)!5Q!25/F-254HF!7B12!5.4B.-!(AA5/.1F! BF!(DD)5(A2B.G!9%!CB44B5.![?R?!(.H!12BF!2(F!E-A5C-!(!*-M!2/E!5Q!(A1B,B1M!B.!FC(44!A(D!B.,-F1B.G?!! 12 $%&!()*!+,-./-0!$% !3455)!6-7!85)*0!68!!9"9:;!!$9$<;=$<%>$9! 777?@2-)5+A1B,-6-175)*?A5C! !
  4. 4. ! 4$2$(%/5&D$(#&<(@0.&FE&D()=-,&&&c(,-!@(4E51!BF!(!4-(HB.G!FD-AB(4BF1!B.!12-!2-(412A()-!QB-4H!(F!(!Q5)C-)!F-.B5)!(.(4MF1!(1!QB)CF!4B*-!G0))0(#&<E&G0,,$%0!E&H=$%2,(.,0!?%+5-).&(+.&!E&8)$0/5%-$.$%0!A$$.5(#0!(.H!<%$I$)&8"%+5(#&6(#=$%,?!!K-!7(F!.(1B5.(44M!)(.*-H!5.!12-!*+2,0,",0-+()&*+@$2,-%&?))3!,(%&>-))!IC-HBA(4!H-,BA-F!(.HT5)!25FDB1(4!F-A15)P!Q5)!99!M-()F?!!N)?!@(4E51!C(.(G-H!(!>"!CB44B5.!2-(412A()-!B.,-F1C-.1!1)/F1!12(1!7(F!4BF1-H!5.!12-!d5.H5.!R15A*! eUA2(.G-! A5<FD5.F5)-H! EM! F!873J(#$2& 7(;$)?! ! e()4B-)! B.! 2BF! A()--)0! 2-! Q5A/F-H! 12-! EBG! R7BFF!F15A*F! 4B*-! 4-/5$! (1! (! DB,51(4! 1BC-! 72-.! )-D5)1-H! -().B.GF! G)5712! E-G(.! 15! (AA-4-)(1-?! K-! 2(F! (! f+!Q)5C!8%-B+&K+0@$%20,L!(.H!(.!Nf+!Q)5C!12-!M$))-NN&:%(."(,$&!/5--)&-O&P(+(N$#$+,E&F(%%02&6E&8$%$+5-)Q9&7?!!K())BF! A/))-.14M! 2-(HF! b()D-! cB-C! +H,BF5)F! ddb0! 72BA2! D)5,BH-F! B.,-F1C-.1! BH-(F0! )-F-()A2! (.H!(.(4M1BA(4! F-),BA-F?! ! K-! Q5)C-)4M! C(.(G-H! (! D()1.-)F2BD! 12(1! B.,-F1-H! B.! /.H-),(4/-H! FC(44! A(D!A5CD(.B-F0!(.H!7(F!(!C(.(GB.G!HB)-A15)!5Q!*+@$#$.&?22-/0(,$2&6670!(!68Re!C-CE-)!B.,-F1C-.1!QB)C!57.-H! (.H! 5D-)(1-H! EM! g-..-12! d(.G5.-?! ! K-! BF! (! Q5)C-)! B.,-F1C-.1! 5QQBA-)! 5Q! G(%="%N9& >0+/"2&7-"+2$)-%2! (.H! 2(F! 2-4H! )-F-()A2! D5FB1B5.F! (1! P(+"O(/,"%$%2& F(+-@$%& D%"2,& 7-#;(+L0! (.H! ?%+-).&8$%+5(%.& R& 7-#;(+L?! K())BF! 2(F! (.! Nf+! B.! Q)5C! ASK& :%(."(,$& !/5--)& -O& 8"20+$220! (.H! (! f?R?! B.!(AA5/.1B.G!Q)5C!70,L&K+0@$%20,L&-O&A$B&S-%C?E!!!,$;5$+&6E&F(+.)$L&R1-,-! G)(H/(1-H! Q)5C! !,(+O-%.& K+0@$%20,L! 7B12! (! f?R?! B.! b2-CBA(4! e.GB.--)B.G! (.H! )-A-B,-H! (.! Nf+!Q)5C!!,(+O-%.&8"20+$22&!/5--)?!+Q1-)!F-),B.G!B.!12-!)-F-()A2!H-D()1C-.1!5Q!P-%N(+&:"(%(+,L&D%"2,!B.!6-7!85)*0!R1-,-!Q54457-H!A2-CBA(4!(.H!H)/G!F15A*F!(1!G50,$&G$).&R&7-?!(.H!12-.!7-.1!15!E&H=$%2,(.,&R& 7-?! 72-)-! BF! E-A(C-! (! D()1.-)! (.H! cB)-A15)! 5Q! a-F-()A2?! 3)5C! 9=;=<9=#&! R1-,-! 7(F! (! 2-(412A()-!(.(4MF1! (1! 6EE& 4-,52/50).& K+,$%=$%N& D-B=0+0! E-A(C-! (! RD-AB(4! dBCB1-H! ()1.-)! (.H! 7(F! (! D-)F5.(4!QB.(.AB(4! A5.F/41(.1! 15! 12-! A2(B)C(.! 5Q! (! C(Y5)! V(44! R1)--1! QB)C?! L.! 9=#:! R1-,-! Y5B.-H! !#0,5& 8(%+$L0!72-)-!2-!B.B1B(44M!Q54457-H!FD-AB(4!FB1/(1B5.F!(.H!12-.!7(F!(!H-HBA(1-H!2-(412A()-!(.(4MF1?!RB.A-!C5,B.G!15! 6-7! K(CDF2B)-! B.! 9==;0! R1-,-! 2(F! D/E4BF2-H! )-F-()A2! 12)5/G2! D5$& 4$2$(%/5& G-%C20! G$2,$%N((%.&4$2$(%/50!(.H!<",,-+&?22-/0(,$2?!!P0/5($)&GE&!B$$+$L!!NB*-! BF! 12-! Rh! SQ! b5.1-.1! (.H! cBF1)BE/1B5.! (1! )5+A1B,-! b(DB1(4! a-F5/)A-F! i)5/D?! NB*-! 2(F! 5,-)! 9:!M-()F!5Q!-UD-)B-.A-!5.!V(44!R1)--1!(.H!7(F!(.!(.(4MF1!(1!G(,$%@0))$&4$2$(%/5!(.H!12-!N(.(GB.G!()1.-)!(1!!,(+5-;$&7(;0,()0!(!D)B,(1-!-^/B1M!QB)C!12(1!Q5A/F-H!5.!RC(44<b(D!1-A2.545GM!(.H!C-HBA(4!A5CD(.B-F?!)B5)!15!R1(.25D-0!NB*-!75)*-H!(1!!5$(%2-+&6$5#(+&8%-,5$%2!(.H!75(2$&!$/"%0,0$2?!L.!12-!1-A2.545GM!QB-4H0! NB*-! 7(F! 12-! b5<35/.H-)! 5Q! %12! -)BD2-)(4! @-A2.545GB-F0! (! 7B)-4-FF! FD--A2! (.H!1-4-A5CC/.BA(1B5.F! A5CD(.M! B.! RB4BA5.! h(44-M! 12(1! 7(F! 1(*-.! 5,-)! EM! (! C(.(G-C-.1! 1-(C! Q)5C!P-,-%-)(! (.H! 6"/$+,?! NB*-! 2(F! (.! N?f?+?! B.! Q)5C! D5$& J-5+2-+& :%(."(,$& !/5--)& -O& P(+(N$#$+,& (,&7-%+$))&K+0@$%20,L0!(.H!2BF!f?+?!Q)5C!8-2,-+&7-))$N$?!& 12 $%&!()*!+,-./-0!$% !3455)!6-7!85)*0!68!!9"9:;!!$9$<;=$<%>$9! 777?@2-)5+A1B,-6-175)*?A5C! !

OutsideIn Research is an affiliate of The ProActive Network that publishes high-quality company research reports and industry studies written by our staff of very experienced Wall Street and buy-side analysts. Our approach is to provide investors with the necessary tools and information with which to make sound investment decisions. We attempt to distill and present the essential facts of the company and avoid some of the trappings of most Wall Street.

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