EMvision Research Notes, page-2609

I take it that I am one of those you are referring to here stotes. And that's OK. We all have different perceptions of things.

As most would realise, I am a huge supporter of EMV's potential and the excellence of its management but I am also a realist and a questionner and rarely accept things at face value.

As part of this, I see 'targets' for what they are - things aimed for and only sometimes achieved. It is therefore unwise to see targets as certainties rather than as best case guideposts.

All companies aim for the stars and will wish, at any point in time, to put their best foot forward. EMV is no different.

Mind you, EMV has been brilliant at achieving milestones - but not always according to targeted timelines.

For example, in a late 2022 announcement, the Company was talking about 12+ months for completing the pre-validation and validation trials. It is now clear that that was an overly optimistic appraisal, with around 30+ months being more likely (unless they can swing a very small patient sample for the validation trial).

I would be delighted if the Company could go commercial with emu in late 2025 but I have done my research and think it highly unlikely. I stand by the estimates made in my earlier posts, despite Scott's updated 'targets', partly because the targets are still fraught by too many unknowns.