Ann: CORONEO Australia New Zealand Distribution Partnership-AHZ.AX, page-46

Table below combines Haplos procedure data with reported revenue.

	Column 1	Column 2	Column 3
0	Dec-13	56	1950
1	Mar-14	153	1700
2	Jun-14	153	1982
3	Sep-14	85	2277
4	Dec-14	553	2316
5	Mar-15	600	1941
6	Jun-15	750	2902
7	Sep-15	350	2884
8	Dec-15	300	3484

the change in revenue and reported procedure numbers do not seem to move with each other - the unknown payment terms makes accurate revenue and procedure(sales) estimations unreliable.

But, this table shows very similar revenue numbers for the same procedure numbers for March 14 Q (153) and Sept revenue ($2.27mil), and, June 14 Q (153) and Dec 14 Q ($2.31 mill). This suggests revenue lags some 2 quarters (6 months)behind procedures. If this theory is close to be nearly accurate, it could explain the similar moves in procedure number and revenue in the quarters that followed. The drop to 85 procedures in Sep 14 saw a drop in revenue to $1.941 mill from $2.31 mill and the considerable increase to 553 procedures in Dec 14 Q saw a corresponding increase in revenue from $1.941 mill to $2.982 mill In June 15 q.

Hope this is not the case, but, this theory suggests there may be a few quarters to wait until the effect of the 1000 procedures for Jan - Mar 2016 to show up in revenue. Furthermore, the procedure numbers for the past 2 quarters (falling to 350 and then 300) may result in revenue numbers lower than we would like (rough extrapolations from this theory suggests about $250k per 100 procedures per Q factoring that equipment sales contribute to revenue numbers).......possibly seeing revenue around the $2.7 mill mark for the next 2 q's.........however, the increase of 700 procedures reported for this Q should be felt in July - Sept Q with an additional $1.75 mill taking the q revenue total to $4.4 mill.

But remember................this is just a theory.

19 sleeps.