Ann: Q4 FY2020 Business Update and Appendix 4C, page-20

"So basically with all these contracts there cash position is still the same as when they did the placement around 16 mil.What am I missing here ?"

Not sure what you meant by this. There has been a big increase in the investment in the business, into the sorts of resources required to drive continued top-line growth, to wit:

Staff Costs ($m):
SQ2019: 3.38
DQ2019: 3.39
MQ2020: 3.69
JH2020: 4.33

Product Manufacturing and Operating Costs ($m):
SQ2019: 0.33
DQ2019: 0.56
MQ2020: 0.41
JH2020: 1.49


"looking to invest but with a market cap of 160 million ide say it's fully priced for now."

There I tend to agree with you.
I like the structural demand for this kind of service, I like ALC's product and service offering, and I like how they are going about creating commercialising it.

But given the current level of financial performance and the pace of growth, this doesn't feel to me like it is a $150m business at this stage of its evolution.

And the problem with this quarterly result, because it is Covid-impacted, it doesn't provide any meaningful read on the traction of the business.

Definitely worthy of maintaining a watching brief, though.
.