Ann: Cellmid Investor Presentation, page-24

I just took the comment as suggesting that investors concentrate on the financials as a guide to how the business is progressing rather than any other distractions. The coming 4C should show a boost in cash from the ‘million dollar day’ in December and should be impressive.

The financial performance table in the presentation gives information on the direct cost of sales (COGS) for the first time I believe. With $3.1M revenue and $1.0M COGS for 1H18 the gross margin on sales for the half-year therefore was 68%, an improvement from 60% a year earlier. That also is an impressive figure considering costs normally are higher in the early stages of business expansion.

The expenses/income ratio is heading in the right direction also. Down to 126% for 1H18 from 150% in 1H17, this means the consumer health business would reach break even around the end of 2018 if that trend continues.

It does raise the question of how positive earnings will be applied once the healthcare business becomes profitable. Expansion into Europe next?