A Square Dance with Wine
It seems as if the folks in Northridge are not very happy with us here at Diabetic Investor. Just the other day before they reported earnings, we reached out to the company looking for an invite to their investor event at ADA. To be honest we weren’t sure if we would actually go or not as we have a very busy schedule but wanted the option to go. As we noted yesterday the event will be filled with way cool whiz bang but likely void of anything that would change our long-term outlook for the company. But hey you never know.
Here’s the response we got from Pamela Reese Director | Global Communications & Corporate Marketing Medtronic Diabetes Group;
Due to space limitations in the room, we prioritize analysts and will not be able to accommodate additional persons this year. We will have a webcast set up which I can provide to you as soon as details are available.”
Now let’s make something very clear Pam did not make this decision and is a very nice person who is just following orders. She is just doing her job.
The simple facts are the management team does not want to face any tough questions or explain to someone who is not drinking the Kool aid and understands this market how they are doing everything in their power to kill that golden goose. They would much rather take questions from analysts who know next to nothing about diabetes, even less about the insulin pump market and are really impressed by way cool whiz bang. Duh.
We can’t say we blame the Evil Empire as this is SOP when anyone dare speak the truth. What’s hysterical here is this same management team which now would like to take us out to the woodshed for a good whooping at one time hired us as a consultant. Yep not that long ago they wanted our opinion or at least so they said. We even asked them before we offered our opinion if they wanted the truth or should we temper our comments. They said they wanted the truth, so we gave it to them and unfortunately, we were right as we warned them about many of the issues that have risen to the surface today.
See in our wacky world heck in any world management just loves it when you write nice things and sing their praises. Yet when anyone dare question their strategies or speaks the truth about how they have screwed up you go from the Penthouse to the outhouse in a New York minute. As Tom Hagen the consigliere for the Corleone family famously said this isn’t personal it’s strictly business. Our job isn’t to report what any company tells us our job is to report the truth and as Momma Kliff said sometimes the truth hurts.
The silver lining here is Omar and Hooman will have any easy time finding partners who would also like to join them in taking Diabetic Investor out to that woodshed. We’d recommend they reach out to our good buddy Serge and his partner in crime Olivier. As our chardonnay guzzling friends have followed the same pattern as Medtronic. As believe it or not years ago Sanofi also worked with Diabetic Investor and like Medtronic, they paid us a nice chunk of change but failed to listen much to anything we said.
Besides throwing darts at David Kliff pictures Medtronic and Sanofi have another thing in common, they both have a penchant for running diabetes franchises into the ground. They believe they can buy good press coverage thinking foolishly by hiring us as a consultant we’ll write nice things about them.
Just so everyone has no delusions we make it very clear when accepting any consulting assignment that if these company’s want a cheerleader a yes man so to speak, we aren’t the ones they should be hiring. We also make it crystal clear that in no way will any assignment influence what we write or how we write about it. Of course we would never violate any non-disclosure agreements, but they know full well that what we do as a consultant and what we write as Diabetic Investor are not linked in any way shape or form.
Thankfully not every company operates this way and yes there are some who want to hear the truth even if the truth hurts. As one former executive told us; “We know what we’re doing right what we need to know what we need to hear is what we are doing wrong. That’s the only way we can fix it and get better.” These people understand what we do at Diabetic Investor isn’t personal. Sure we like to have some fun, but our goal is simple report the truth.
So our suggestion is that Omar, Hooman, Serge and Olivier open a few bottles of good chardonnay, we’d recommend Frank Family’s and then get down to some serious square dancing. They can share stories of how each in their own way have done what seemed impossible run very successful diabetes franchises into the ground.
The more we think about these dance partners they have more in common than hating David Kliff or running once successful diabetes franchises into the ground , they share some personality traits as well; hubris and arrogance. Have fun boys.