Ann: MDR delivers strong trading performance for 1H FY24, page-7

that was the 1st thing that stood out to me too (i.e. I was looking for cash to top up by 20m), but when I look at the 4Cs, I believe that some of the expenses related to generating the 2Q23 US revenues was either paid for in 1Q23 or 3Q23.

The concern is that despite the performance last year (arguably strong in terms of revenues), they were still operating cashflow negative and needed the raise to pay for guidelink and also the adheris contingent payment.

I'm still not sure how they get to profitable growth unless they really ramp up 3Q24 & 4Q24 because staff & admin costs are significant now (~15m per quarter), and they are going to need a bit more than that before the end of next calendar year (that is when the debt of ~12m is due).

The other thing is UK back for review.....could have told them that they continue to burn money on these small operations, and unless the app is a plug & play (which I can't imagine it is given the totally different regulatory environment in the UK), then its going to cost quite a lot to implement and also a long time to get scale & profitability (I would argue NZ is no different, but perhaps less change needed there vs UK).