GoPro's public debut in 2014 came with lots of buzz, media attention and bullish investors piling into the stock.
This year, it's a much different story for the wearable camera maker.
Ahead of the earnings report Wednesday, the stock has suffered a brutal slide: It's down more than 50 percent in 2015, and down some 70 percent from its recent 52-week high of $87.50.
Financial analysts chalk up the free-fall to a couple factors: one, a disappointing debut for GoPro's new camera, the HERO4Session. Launched in July, GoPro billed the camera as its smallest, lightest and most convenient device.
But, in late September, GoPro then cut the price of the camera from $400 to $300. That decision, coupled with management's cautious commentary about the product's performance, led analysts and investors to conclude that sales are proving underwhelming.
A second reason for skepticism: guidance from Ambarella, a key chip supplier for GoPo. On a conference call with analysts in September, Ambarella said its expected revenue from its wearable camera business to be down in the third quarter, both sequentially and compared to the prior year.
After the market close Wednesday, GoPro is expected to report third-quarter earnings per share of 29 cents on revenue of $433 million.
Why, given this backdrop, do bulls insist that GoPro remains a buy?
Alex Gauna of JMP Securities noted that, for one, the fundamental thesis remains the same: CEO Nick Woodman's company is the clear leader in the market.
"The story has not changed," he said. "There is no evidence of competitive encroachment. GoPro is the only game in town."
Research firm NPD reports that GoPro commands 94 percent of the action camera market in the U.S. — a $600 million market that's growing by 56 percent per year.
Charles Anderson of Dougherty & Company is also a GoPro believer. He argues that there is a strong pipeline of products on the way, including a camera coming in 2016 that will counter the problems associated with the HERO4Session.
"The HERO4Session took a tick down in image quality," Anderson said. "The next camera will likely be capable of shooting 4K video at 60 frames per second. It will better appeal to the GoPro customer base."
Anderson is also enthusiastic about the forthcoming GoPro drone.
"That is a large market where GoPro has real brand cache," he told CNBC, estimating that the drone could add $72 million in revenue of the second half of next year.