Ann: Appendix 4D and Half Year Report, page-33

Obviously we all would like to see sales exponentially increasing, but it looks like the US market is settling at around 800 to 900 a quarter in sales. The sales team would have initially targeted the low hanging fruit of large centres with multiple units per contract and now will be moving into smaller and smaller departments with relatively more effort per unit sold. The trophon is an expensive bit of kit and it will take a while for market to first acknowledge its need then get the funds together to fund the capital costs. Purchases are often lumpy depending of budgets and availability of funds. I suspect the US market may move to the MES model to penetrate into the next 50%. In terms of likely market penetration we can look at the more mature Australian market and extrapolate that across the world.
The biggest change we have seen is the extension of HLD requirement for non critical external use. This alone if enforced could substantially increase the potential market.
The UK market will start contributing more to revenue of the next few years but really NAN is a US story for now.
In summary the sales are disappointing but may be expected and explainable. NAN has a strong future but its SP may need to adjust to its lower growth trajectory at least in the short term.