Zecotek Photonics (ZMS.V) (ZMSPF) filed their financials for their fiscal 2014 second quarter ending January 31, 2014. Revenue remains tepid, coming in at just $41k and again clearly did not reflect the initial $500k order from Hamamatsu for the scintillation crystals which was placed near the end of July 2013 or the $1.5M follow-on order which was announced in November. Instead Zecotek indicated that most of the (insignificant) revenue to-date has come from companies that are testing the crystals prior to potentially placing larger future orders. Relative to Hamamatsu, Zecotek noted that they have started shipments to that company related to integration of the crystals into the new IDM modules which will be sold to third party PET OEMs. We have made some revisions to our model to reflect the delayed recognition (relative to prior expectations) of the recent Hamamatsu orders. We think the shipments will accelerate as the design of these new IDM’s using Zecotek’s crystals is finalized – which Hamamatsu continues to work to complete.