Nah, all up. 2018 plan is $34m, comprising $16m infusion and...

Nah, all up. 2018 plan is $34m, comprising $16m infusion and $18m adapt. The infusion will be softer than that is my guess, given the announcement a little while back. The adapt at this point I'm thinking will be ok, bit softer in the quarter to just be announced due to reg delay, but catch up in the second half, might even surprise on the upside.

To get to the $18m plan over the 4 quarters it is something like 2.2/4.4/5.2/6.2. For 2019, assuming a (very simple, I admit) continued growth of $1m per quarter, you have 7.2/8.2/9.2/10.2 = $35m in round numbers. Add on infusion of circa $15m and you have $50m.

The one data point we do have is the AGM presentation slide of share price to sales which suggests something in the mid-50s, so my estimate is not a mile out. I think further regulatory delays are our biggest downside risk, they're out of our control. Upside risk comes from momentum, acceptance is expanding all the time and it is not a stretch for growth to outpace my simple $1m per quarter.