As far as industry volumes are concerned yes they are lumpy as sale is dependent on international aid and foreign governments. However, I don't think the volumes are accurate as there are other players like HLL.
Cupid should still achieve 20% growth rates by entering new markets such as South America and USA. It has better margins than FHC and could capture a greater market share in the industry. It is also planning a B2C foray into India which could be a possible future growth driver.
Following is an excerpt from FHC's Annual report
"The Cupid female condom became the second female condom design to successfully complete the WHO prequalification process in July 2012 and be cleared for purchase by U.N. agencies. FC2 has also been competing with other female condoms in markets that do not require either FDA approval or WHO prequalification. We have experienced increasing competition in the global public sector, and competitors
including Cupid received part of the last two South African tenders. Increasing competition in FC2’s markets may put pressure on pricing for FC2 or adversely affect sales of FC2, and some customers, particularly in the global public sector, may prioritize price over other features where FC2 may have an advantage. It is also possible that other female condoms may receive FDA approval or
complete the WHO prequalification process, which would increase competition from other female condoms in FC2’s markets."