Sep investor preso, page-5

I think one other thing people should expect is lumpy growth. Each contract/tender has a significant marginal impact but the outcome is binary. In other words, some quarters will be misses and some will be hits. Unfortunately, tender processes drag out so there is a long lag time.

We know there are 4 major US tenders we are competing for. Plus there will be 3 infusion tenders awarded sometime in the next 12 months (qld should be in the next couple of months). Not sure about europe, mena or asia, but i imagine many/most hospitals run full tender processes (particularly public hospitals).

In my view, to really understand how we are doing and whether we are taking off, we need to know what tenders are out there, and how many ahz is winning or losing. Ahz is understandably not broadcasting loses and a lot of this info seems hard to come by or the info/date quality is rubbish.

The scary thing is that instos would be tracking these which is why the share price moves well in advance of quarterly reports. Would be nice to have a research team and a global biotech network!