Ann: Results of Annual General Meeting, page-14

firstly, apologies for missing the AGM... first flight that I have EVER missed.... I was really looking forward to putting some faces to usernames..

It is confusing in lots of ways.. the way that Nuvo has worded its releases are the same sort of thing that both HMD and PulseNmore have also worded things. The remote ultrasound mentioned is PulseNmore, the GD and BP etc are not Nuvo's either (as far as I understand). I have made a few comments about how opaque the situation is when you have Israelis doing business with Israelis in Israel... it is often VERY hard to discern who is exactly calling the shots and which shots have been called. Maybe Nuvo are talking it all up the same way that HMD have waxed lyrical about Sheba in order to drum up capital

HeraCARE has been actively used by Sheba and is still in use in places like Palestine Authority and Hebron etc... without going into too much detail, the use of HeraCARE in those locations as well as in the Ukraine is exactly how HMD came to have Emily and Anoushka on board. The connections between Sheba in Tel Aviv and friends of Sheba in Melbourne have been vital in the corporate development of HMD as well as a few other bits and pieces. Bottom line, I wouldn't write it all off just yet with Sheba. Equally, one of the main sticking points in Israel for HMD and Pulse and surely Nuvo is the big question everywhere..... Who Pays for it???

With regards to Brazil etc I think the reality of being a tiny business is that they can only concentrate on 1 or 2 markets at a time. The US market is of key significance for anyone selling anything and HMD have done probably the safest course to commercialisation and have effectively done a JV with e-Lovu. Noël Pugh has worked out a way to receive payment from Health Insurers in the USA at the same time as being able to pay Drs to use the system... that's how e-Lovu works, and they have chosen to use HeraCARE as the platform however it will be branded e-Lovu. HMD have adapted to best market fit for the US and it looks quite promising. HMD are also adapting to better fit the Australian market and have appointed 2 women into very senior roles. They are Australians based in Australia, why would you do that if you were chasing a Brazilian contract? If Noël is correct, remember she stepped down from a major role at Mednax to setup e-Lovu, then payments will flow and revenue for HMD will be materially affected within the next 6 months. Santosh has the medical credibility and maybe e-Lovu has the commercial secret that makes it happen...

my take from it all
1. Sheba is not a done deal for any of the players involved
2. Sheba still uses HeraCARE in a variety of places
3. HeraCARE is being rolled out in the USA under the brand e-Lovu, that takes the pressure off HMD to concentrate on other markets
4. RHC are not far away from either extending or sinking the deal. They have used up all the licenses. HMD have added 2 senior female roles to Australia
5. PulseNmore now have an Australian as well as an American office, you don't set up a foreign office unless you have some reason to do so. HMD ALSO has Australian and American boots on the ground
6. Yes there is competition but that justifies that a market exists and is worth fighting for. Nuvo is about the same age as HMD so they aren't new. Nuvo has also raised over $30m USD so maybe they can wear more integration costs?
7. Health investment is a long and slow process.... unpronounceable battery and critical materials are HEAPS more fun to watch on a daily basis

The next most important set of numbers will be out next year in the 4C. Early next year will start to show e-Lovu and it will be material... either they ARE kicking goals in which case the revenue will have a nice big green sheen to it or the medical insurers pull the pin on it and it tanks in which case there will be a note to say so. Equally that same first month or 2 WILL show SOMETHING from the deal with RHC. Basically the crux of the whole thing investment wise is imminent. Win or lose is going to be a combination of e-Lovu plus RHC, and that is unknown until the first stretch of 2023.

just my thoughts