Ann: Appendix 4C - quarterly, page-90

Daniel the coy has repeatedly stated it doesn't do freebies. All centres are only recognised when re-ordering.
I think the posts by jag and stonemasonn give the best interpretation, we are now looking at:
- compound growth of more patches being ordered by existing centres coupled with more centres;
- sales revenue closing in on staff costs rapidly.

There has been speculation of another clean room at Malaga and they don't come cheap, perhaps the other working capital was partly allocated to that, although one would expect it to appear in asset investment. We'll get a much more complete picture in the accruals next month, just hold tight.

Flying in surgeons and wet labs - well that might cost, yes, but don't imagine these guys are doing it for a thrill. The quality of speakers is top shelf and they are true professionals imo and the opinion of a lot of others. They are not putting their name to a product they don't truly believe in.

Haven't seen much mention of the huge potential gathering for valve repairs - this will add strongly to future revenue, I wouldn't know the figures but I would imagine more so than dura mater sales, just a guess. Yes I know that's a way off but I for one can't see why this would not pass the investigation stage given the comments by valve surgeons on handling preference, strength & resilience of the CC tissue, proven lack of calcification at 7yrs now and no reason in my mind why this would ever regress. In any case valve repairs should they come to fruition, (my odds way over 80%) will be another large market, and this is what is happening.

Management is aggressively pursuing markets in multiple "jurisdictions" (body target areas), multiple geographies, and targeting high end centres which will automatically produce a trickle down effect. Acceptance is self-evident, accelerating with this quarter's results and that is why I am eager to see Q1 &Q2 2016 to confirm the trend, as if it needed confirmation.

At the same time competitors' products are failing or experiencing very significant problems, because their technology is outdated and cannot compete with CC. Prof Brizard clearly explained this in his presso and has since been backed up by other independent teaching surgeons in the US. Hernia and pelvic floor repairs, CABGs, vascular repairs, will all follow. This is not a 1yr, 2yr, or 5yr plan. this is a tipping point imo for a technological game-changing progression to all the above and really, the timeline is indefinable.

In my mind that does not make it any less real or unachievable. Sure there will be management targets and the like, that's what one expects - executive management of growth. Will that growth need another CR? The eternal question, but ask yourself this, would you want to fund for example another clean room to meet compounding sales? Yes we'd perhaps all like fewer shares on market, but that doesn't take away from the underlying operating performance of the coy. Personally I just have to trust that this issue will be sorted down the track. I'd rather management focused on meeting or exceeding projections, first and foremost.

I think they are.

Prof Frazer's work in the short term will have a binary outcome for SHs, we have to accept that. I trust his proven tenacity as much as his brilliance and that of his team.

One thing I do hope is more clarity and details in the accruals, it will make great reading.

Best to all.