True. and there was also that short position spike during that time as well. Stocksmann - you mentioned it was likely the warrant holders shorting, and then covering with their warrants. Sometimes there are rules on the use warrants - restricting shorting in cases like this - not sure if that is the case for VRS' warrants....

On another note - I have to say - stocksman is calming down a bit. I agree with him that in order to take a decent position in a company; financials have to be known. So makes little sense to me - to be "all in" on VRS at this stage. If you're in now - you either like the long term potential / feel comfortable around some of the financials in play.

At the same time, if you're a true long - an entry point is sometime irrelevant - especially for a company with a lot of potential.

1. Analyst / institutional investors understand these early-struggle dynamics - there are so many institutional holders for MELA - who is losing money on each device. Their "blue sky" is still high - so many of these firms don't mind holding a very long term position.

I've followed a tech company that has been public for that past 14 years. It was negative ebidta / income until four years ago. Current market cap close to 200M now that they are consistently profitable. When it started off - market cap ranged from 100M- 400M. The 400M was well before they were profitable......or even showed signs of profitablity (this was around Y4/5). It was all market dynamics and sales potential that drove it to 400M.

So, sometimes future earnings / market / sales potential can trump some early financial struggles (which are often expected). If you've ever started your own  venture - it does take a while to break even.

Some other things to consider....

1. A big deal is made about selling price, and VRS margin. To be honest, on initial sales - I could care less if they break even on placing the early units - as long as they can sell a decent number of them over the next 2-3 years. Even if they manage to sell 2K units between Germany and Australia - potentially high usage areas - one where the usage is covered by public healthcare / other where there is just high incidence of skin cancer - the inflows from the usage on 2k units would warrant a fairly reasonable valuation. Do the math.

We can argue on wheter there will be good usage (high value product) vs. no usage (no value product) - that is fine - but everyone's due diligence will lead to varying conclusions on that....

As far as people's positions - If you are in an "all-in" position right now - probably not the smartest thing. I think i've even posted here - if you're over extended - you should consider selling. This type of stock will make you nervous at one point or another....if you're over extended....