Maybe.There are a lot of positives signs in terms of management...

Maybe.

There are a lot of positives signs in terms of management action, reducing costs to more sustainable levels and growing revenue - which by all accounts should be up over 50% in 1H24. Interestingly the CEO comes across from a very successful and dominant US company in the same industry as CSX, ie. Stryker. It is also a positive that he has bought a stake (fairly modest) in CSX. There doesn't appear to be any sales benefit coming through as yet from the GPA's recently signed in North America, so we'll see if that provides a tailwind in 2H24. I like their focus on becoming free cashflow positive very soon, and their determination to not raise capital. The low share count here means that the company has a great opportunity (if they can execute well) to generate high returns for shareholders.

But despite all these positives a return to profitability won't occur until FY25 (at best)- due to the overhang of a high cost base from the pandemic. But if we can get there, the journey onwards could be a rewarding one, particularly when you consider that the development costs of the new products have not been capitalised.