Ann: Q2 FY24 Quarterly Investor Presentation, page-4

Here are the revenue figures from the December quarter 2023 quarterly presentation:



Here are the revenue figures from the September quarter 2023 quarterly.



By mucking around with those figures I came up with the table below for revenue from testing for each of the last six quarters. Also I then removed from the December 2023 quarter's figures the likely Invivo revenue that was included for the last 26 days of the quarter. If those calculations are about right then Microba's revenue from testing for the December quarter was about $900k, a bit better than the September quarter but not as good as the June quarter. If anyone picks up that I have stuffed this up, please by all means correct my figures.



I've not yet done any crunching on whether Invivo was a good pick up by Microba or not but now at least we have a revenue figure ($4.39m in six months). However from what Luke Reid said - the intention to bolster Invivo's sales team - my guess is that Invivo is an okay business that ran into liquidity issues while Microba is fairly much the other way around (being a business idea that is not getting the traction required but is cashed up).

I have to say I am tiring of LR's hyperbolic homogenised spiel: investors are not pre-schoolers, at least not many of the ones who have ventured into the high risk world of medtech. For instance, if Invivo's half year revenue was $4.39m and Microba ex-Invivo's half year revenue was $1.65m then the acquisition of Invivo was a clear step-change for Microba away from a business model that clearly has not been working. I would have thought that some explanation of what Invivo is getting right and what Microba is getting wrong would have been appropriate. Microba is supposed to be disruptive and an ongoing steady as she goes simply does not cut it.