Yeah, it's not like we haven't been told, is it? It's always...

Yeah, it's not like we haven't been told, is it? It's always been company strategy.

For a while, I thought maybe they should cut back a bit so that they can post a double digit profit, that maybe the market would respond and share price would go up sooner. I think a lot of the CFO's comments were to made to counter that mindset.

I think your comments about TAMS and future earnings are fair enough too. My numbers are a bit more conservative than yours, but then Illucix revenues have grown far faster than my predictions....

For a while my medium term goal for TLX has been "half a Cochlear". Cochlear makes about $2b a year in revenue (as of last half yearly) and has about $20b market cap. It doesn't spend as much on R&D (proportionally) but spends a bomb on marketing. I thought that TLX could be "half a Cochlear" - $1b sales - based on the imaging products alone, and that was based on predicted TAMs from before the Illucix launch (2021 Annual I think?).

As you point out, increase in TAM for the next two products is, for me, one of the biggest takeaways of the report. The TAM for Pixclara has always been verbally stated as around $100m. I don't remember seeing it in print anywhere (in contrast, corresponding therapy was valued at $1.5b a few years ago) For the next two products to have a possible long term TAM of over $1b means that Cochlear- level revenue of $2b, just on imaging products, is not impossible in the next few years.

It looks like UBS agrees with us to some degree.