The good & not so good, comparing Q4 vs Q3.
The good:
# Gross profit margin increased to 78% (vs 73% in Q3)
# Marketng spend dropped to 51% (vs 57% in Q3)
The not so good:
# No sales growth, rather slight contraction in Q4.
# HIC distribution agreement falling well short of expectations.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-4
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