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This is a business with:
Fifteen consecutive quarters of year-over-year revenue and profit growth
Record revenue, record operating income and record EPS in the quarter it just reported
78.5% gross margins and an operating margin that has gone from 15.1% to 18.8% in a year
No debt, cash up $5.2 million in the year, and buybacks running
A market in which only around one diagnosed patient in six gets the therapy
A billion-dollar drug launch in the same disease doing the awareness work for free
However, the day after the most recent results (which also came with the CEO’s retirement announcement) the stock fell 19%.
It has not recovered since.
It closed at $27.68 on 29 October, about 30% below the pre-results close and 42% below its 52-week high.
The engine underneath, the part that makes up 90% of sales, grew 15% in the same quarter.
Quality compounder. Operating leverage. Sentiment reset.
Here’s everything you need to know...