Circuit boards for airplanes.  Earnings have been quite volatile.  It is a bit lumpy.  They made acquisitions and are trying to get the synergies from them.  You have to hold on.  The visibility is quite good.  There have been quite a few takeouts in that sector.  He likes the space and the management team.

He exited the story and has not gotten back in.  He felt it had had quite a run up and then there was a sell-through issue.  He did not know how many sterilizers actually went into hospitals for sterilization.  With FDA approval it should put lights and fire under the stock.  It is not cheap especially when you don’t have revenue metrics.

It has a ton of cash on the balance sheet.  Some think this will be taken out in 2018.  They signed a couple of deals and the stock is up today.  It is cheap.  It will take some time.  We need them to ramp up.

He is not sure why the stock came off.  He likes to buy things that trade at NAV or below.  He wonders if an institution decided to take this off.  There is not a ton of liquidity.

He likes it.  It was trading sideways and then broke out.  He thinks there is some multiple expansion.  The last couple of quarters have gotten better. 

Over the last number of years, they’ve been making a lot of acquisitions and raising the amount of their debt. The cash flows from these acquisitions hasn't really come through as had been expected. Debt is very, very high and they need to figure out how to get more cash in their cash flow, so may have to sell off some assets. He would stay away.

There was talk of them signing another royalty agreement by year-end, and he is not sure that’s going to come to fruition. Still likes the story and continues to have a half decent position in it.