Ann: Ellex Sales Trading Update, page-4

definitely a disappointing update.

Well... kind of expected though. it's all been told by the chart during the last 2 months when neither the site visit or the US roadshow lifted the sentiment over key levels. I had expected the top line to match last FY but expenses ramp up substantially for iTrack. Bottom line is FY16 benefited from a lot more Chinese hospital fit out than this FY, reflecting the capital sale nature of this business.

What they plan to do restructuring the mgmt in FY18 to support iTrack expansion will be interesting.

After capitalised R&D, I don't think they'll generate meaningful free cash this FY, so good work getting the crucial CR done when the sp was strong.