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by kcg
4406 days ago
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They also disclose units shipped (1.15MM in 2011, 2.32MM in 2012 and 3.85MM in 2013). A simple revenue/units calculation would imply that revenue per unit is increasing ($205 in 2011, $227 in 2012, $256 in 2013). This is a primitive analysis for a number of reasons, but it suggests that pricing pressure is not the issue. The MD&A, on page 64, also states that higher product costs were the primary reason for the gross margin decreases in 2012 and 2013, and that there was a 14% increase in average selling price in 2012. |
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