Preso, page-15

It all starts with patient numbers actually on the books - these didn't change much for the last few years - but have now seen significant growth in the last quarter, and this growth continued strongly into July based on what Marjan said in the preso, expectation is that this rate of growth continues to increase. Revenue takes a few months to arrive after a patient signing due to the timing of payments. But it has to come and so the revenue growth increase will mirror the patient growth increase - with an offset of a few months. And in fact the revenue per patient has increased compared to earlier expectations so this puts more upslope in the revenue graph. The patient growth graph is now looking fantastic, the revenue growth graph has to look fantastic in a few months time.

So I don't have any issue at all seeing them get to breakeven and then continuing into strong positive cashflows. The timing is the only thing - it has all taken a bit longer then Marjan hoped and stated. Everyone is always optimistic initially, but Rome wasn't built in a day. But there's still a good chance of seeing breakeven by the end of 2024. If not, then it will be early 2025. I know they said H2 2024 some time back - but other than perception, does it really matter that this target is missed by a quarter or 2 when the fundamentals are all there and momentum is growing strongly? While the realisation of revenue has come a few months late, nothing else has changed except the upside is starting to be locked in as reality.

I hoped this stock would be success for years - and believed that there was enough potential to succeed, but all that was based on really was a bit of technology, a large target market should adoption be successful, hope and the track record of Marjan. To me there are now solid fundamentals and Marjan has done everything he said he would and more. I now firmly believe this stock will be a success - not reliant on hope anymore!!

The fundamentals are there and building. They right now have enough patients signed up to become strongly cash flow positive. They still have a massive pipeline of future patients so there is still incredible upside potential. They have proven that they have a desirable product and service, they have proven that they have the technology platforms to support a large patient base, they have built solid capability and I suspect they have a few other small acquisitions of service companies to make to ensure that they can deliver the service that they want to seamlessly. After years of hoping and waiting for this stock to perform I am now more confident than ever, if breakeven doesn't happen by end of 2024 that doesn't really worry me - it will come, and after that the upside potential is still massive.