Ann: Investor Presentation, page-5

Unfortunately, my unpopular view that I've expressed before still stands. This company doesn't have the revenue to warrant a higher share price and frankly, with around $1 million in revenue per year, and 120 million shares on offer, I'm surprised it's as high as it is.

What makes it really disappointing and bewildering for me is that the company has so much going for it:
– Unique and life-changing products that deliver great patient outcomes.
– A company that's been around for over 20 years, selling its products for over 15, 40,000+ successful operations (so lots of stats to back it up).
– Sound management.
– Good and relevant partnerships.
– Increasing diversity with a pipeline of new products and whole areas into which it can grow.
– Relevant permissions in place to sell into the biggest markets in the world (China, USA and Europe).
– Distribution deals to take advantage of those permissions.
– Very positive media and medical commentary.
– A tiny foothold in a multi-billion dollar industry (hence a very long runway for growth)

On paper, you have to think (scream!): What's not to like?

I don't think it's a failing of the management or the sales teams. It's just that hospitals aren't buying it in anywhere near the number required for a share price movement. They're not buying it because the doctors aren't recommending it (stuck on their traditional, tried-and-true products?). Sure, the Q-on-Q percentage increases look good. But when you're starting from such a very low base, that's not so impressive. It's the revenue that counts and until that goes up – substantially, like around 10x what it is now – I can't see how the share price will go up.

I'm only holding because I don't want to realise the loss, so might as well hang on and hope. Now, I'm hoping that a big medtech buys OSX, because I think it's unrealistic to expect the kind of organic growth that would be needed to get the share price over $1.