Ann: Additional response to articles in 'Margin Call', page-32

It's remarkable to observe people's various reactions to these articles and the recent company statements.

Sure it can be initially jolting to see the numbers on the screen decrease by significant amounts, however cool heads should prevail and one should realize that this is a fantastic buying opportunity for a long term investor.
If you have a shorter term investing horizon then you have my sympathy.

It's still remarkable that despite the international war turmoil, the tariff talk, the US stock meltdown, the perceived slowdown in sales accelleration, the increase in short selling, and now the current issues with the board we are still not yet back to the lows of Oct 2023 and May 2022. While this may still change in the days to come and while I'm no chart expert, these higher lows over time are perhaps a sign that the company has a strong base of support amongst those that truly understand the product and is a testament to the company's execution and achievements thus far.

While we can only speculate on the current internal company affairs I don't think you necessarily have to pick a side to be on and I don't think speculation helps all that much.

I think we have to commend both DW and SR on their work in recent years - no matter how things move on from here.

DW has been a great steward of Polynovo, steering it to where it is today; debt free, over 100 mil in revenue, can turn a profit whenever it wants, best in class product with new clinician led indications every week, over 50,000 patients helped worldwide in over 40 countries, accelerating number of patients treated year on year, a new factory with enormous capacity, and a whole bunch of other exciting work in the pipeline. It is truly a remarkable achievement in a relatively short period of time. It's disheartening to see some of the comments on this forum recently that trash the company or degrade it's achievements to date.

SR actually really impressed me on the last recording. He appeared to have a very deep understanding of all aspects of the company, even at question/answer time.
He has a very different personality to DW but ultimately I think both of their hearts are in the right place. While DW has more skin in the game, you could feel that both want to help heal people with a fantastic product. SR often demonstrates this with his softly spoken style and clinician supporting statements, while DW seems to have excellent close ties with many surgeons and industry leaders and from what I have seen over the years; quite enjoys ad-hoc interactions with clinicians regarding new uses or new territories into which he can supply the product. Two very different styles. And maybe that was part of the incompatibility, but I've enjoyed both styles over the years for their individual strengths that they've brought to the company.
I also think Jan was excellent as always.

I can understand the frustration of non-long term holders, however I'm elated to be purchasing more shares at such a discounted price. I would think other long term investors and those who clearly understand the product would be doing the same.

Board issues or no board issues; the tens of thousands of surgeons who have used the product at an ever increasing rate are not going to stop using the product from one day to the next because of some boardroom trouble (which almost all billion dollar companies have anyway) or because a bunch of short sellers have pushed their agenda through for a short period of time.

Keep calm, buy, hold and trust the process.