Agreed that R&D ongoing - I hope so given the stated aims of MF in comments about the future of MGM wearables .
However, not sure that we should think of MGM as a hardware company. We are also in the software service industry. Margins from net app fees I would expect to be considerably higher than 25%. Be interesting to see how that looks in 12 months time - and even more interesting in 3 years time when we see the compounding effect of app fees.
Ann: Annual Report to shareholders, page-12
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