Not saying that's what happened here, but a quarter ago the company was crowing about how it had just experienced its first profitable quarter since the second quarter of 2004. The profitable quarter included a 79% increase in receivables versus a 5% increase in revenue.
The company said most of the receivables were tied to sales to its new American distributor, Henry Schein (NASDAQ:HSIC), which subsequently paid for it all. Another way of looking at that, of course, is that Schein now won't need to order so much in the future. At least not right away. The impact can be seen in the chart below, with disgruntled investors pushing down the stock by 24%.
The beat goes on...
BLTI 2 day chart: