Well I think we can safely say a bullet has been dodged. The $32m 'medicine' has been taken and FY23 eps are a paltry 1.9c with no fnal dividend (which was expected of course).
The good news is that no fnancial covenants have been broken (although a technical 'get out of jail' card has been thrown by financiers).
In any event it could be quickly rectified, if required. The auditors report didn't flag this and they clearly have had their fingers all over the WIP when you read their work inputs.
I think the company can move on from here.
Cash is likely to be generarted when the various approvals and court actions come to pass in FY24 and cash can be regenerated.
I look forward to FY24 and an EBITDA around $65m and a NPAT aorund $30 to $35m. Could even be higher if we manage ot claw something back on the Ethicon interest of $32m
Not a bad investment on today's share price levels.
Ann: 2023 Annual Report, page-2
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