Ann: PolyNovo presents at Macquarie Australia Conference, page-14

I share your enthusiasm hottod, it certainly is trending nicely with new customer add, key is to turn in to first sales and then recurring regular purchasing accounts.
I do not profess to know the intricate knowledge of the mechanism of hospital internal working but here is my educated guess. For doctors to even use a free seeding product, it must be approved by the various internal processes and ultimately this necessitates the established of an account code with the purchasing and accounts departments. Thereby, this is what PNV had identified as a hospital customer. I would fathom a guess here that many of the new hospital customers have yet to make any or limited small orders, much like the GPOs that PNV have signed with Premier and 2 other major top 5 hospital groups. Yet even DW and Ed has admitted to it not really generating significant sales (or if any ???)
I for one admits to overpricing the significance of these GPOs to PNV, so I have endeavoured to not make the same mistake.
I also have sales per customer as a rough guide and it’s not yet giving a good picture yet. Hopefully, it changes and we get average sales per customer to go up significantly as well (get to meet more surgeons to use not just in burns and trauma but other DFU and others)
20% EBIT for US is lower than I expected but I don’t profess to know how much corporate overhead the CFO charges (CFO has said he charges a large amount). For a medical company I would refer to COH and CSL or best in group PME (I believe is best but may be wrong). I think this can grow to approaching 30-40% ideally if Ed and his team can hit it out of the park (fingers crossed) and get every sales to achieve in excess of 1m sales each.