Ann: MOU with Temasek-linked Innoventures - Orthopaedics in China, page-14

I look back at IBX, another med tech listed. I still hold, it went from this sort of value to 200m mc, based on the forward looking value that their cancer diagnostics could provide, better patient outcomes, early detection. A long winded phase 1 trial was glacial slow during covid, and the stock slid all the way back to 20m mc. Yet that same potential is there, heading into its phase 2 trials, likely to recruit patients faster. Some years away still from substantial commercial sales. Yet it was the potential of what it would do, that projected its valuation.

Then think about OSX, started at 100m mc, and has come back to 10m mc. And has actual commercial sales revenue, that is growing. Products in the market. Better products. A forward looking market that wants to hold, not give away, requires the existing holders to stop pricing it in their own muddle, but take a view to its increasing market share. And the sort of value it will hold on the world stage.

I agree, Higher Interest rates have tightened the free cash of the retailer with a mortgage, which has tightened the gambler pool somewhat.

A stock like OSX can still capture the mindset of that forward growth curve, with a real product, here and now, in its growth phase. Money flow still wants to back a winner from early investment. Too early and you risk that devaluation curve, but just right, and you time it at great RVR, with regulatory hurdles cleared to expand growth rates.