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ATRS Confuses And Confounds Me... But That's Ok

|Includes: Antares Pharma Inc. (ATRS)

I have been invested in ATRS for quite a while now. Looking back at my records note December of 2010 was my first purchase. As the time has passed, I have seen mostly good news. Sure, the BPAX debacle didn't help, but it did make a nice buying opportunity and within weeks ATRS (AIS at the time) recovered to pre BPAX levels.

So...what really confuses me here. Well, it is just a few things. First of all, ATRS seems to be on target and has successfully delivered everything to this point they have promised. Essentially, they have met every major milestone. This should drive the PPS higher.

Second, they have "oodles" of cash. Oodles being a technical term for enough cash to last for a couple of years without 'having' to raise capital elsewhere.

Third, they have generated significant revenue growth year over year and quarter over quarter for as long as I have been involved all the wile controlling SG&A and other operating expenses adequately. Sure, there is always room for improvement there and the last quarter was a bit higher than normal, but I do think that was more of an outlier due to ramping up for NDAs and such. This is another thing that should be driving PPS up more rapidly. I am surprised they don't go around bragging about this.

Fourth, and finally, They have no debt!! Let me repeat that in all caps and with more exclamation points: THEY HAVE NO DEBT!!!!!!!! To me, this is a HUGE deal. Look around at the equities you own and see how many of them have NO DEBT. Go ahead... I will wait. OK. You back? See? I bet the count you came back with was somewhere in the neighborhood of 0. Well, maybe 1 or 2. I don't think I can say this enough.... THEY HAVE NO DEBT! If they actually were to need substantial capital, it should not be hard to find. Who wouldn't lend them capital? They may not have breached breakeven, but they don't owe anyone any money. I know a lot of individuals that would not be able to say this.

OK...so enough of that. Let's just say, the PPS was 5.50 last July. It climbed there from the 3's in May of the same year. Now it's at 3.50. What's going to happen over the next several months??? I have NO idea at all. I don't expect anything huge in either direction. Mostly because ATRS confuses and confounds me.

Oh - did I mention "THEY HAVE NO DEBT!?!?!?!?!"

Disclosure: I am long ATRS.

Additional disclosure: They have no debt