PNV - Banter and General Comments, page-6189

Nice, so remind me again how long they've been in the EU market and how the market penetration has been going?

Have you considered that there may be some barriers that you haven't thought of resulting in such a slow uptake thus far?

In your simplistic scenario the addition of the mayhem that comes with conflict, along with the pandemic which is still raging on... somehow market penetration of BTM will improve in the region and those barriers which currently exist will melt away.

I've tried to outline a few practical reasons why I think conflict would make it significantly more difficult to achieve sales through a traditional route.

I've also outlined a couple possibilities of how BTM might make its way there, one of which are entities such as the DOD and BARDA bulk purchasing and making it available, another would be for PNV to donate it for free.

Change the scenario a little and fast forward a couple/few years maybe where BTM is widely used already and that changes things a lot. In that scenario I would expect BTM to be bulk ordered in anticipation of widespread use, but we are just not quite there yet. Still very early days and you'd hope that to be the case given where revenues are at, because if we were anywhere near market saturation with these revenues you'd be running for the hills!