Ann: Appendix 4D & 1H FY25 Report, page-75

That's a shame Doc.

Perhaps if you realised the BTM commercial sales growth rate were below market expectations and didn't just ignore negative cash flows from operations (-$12.5M), you'd understand why more professional investors reduced exposure. The latter is a bit poor at this late stage. They need to be consistently cash flow positive by now, this far into expansion/growth phase.

PNV has of course been a great growth story, but the figures simply are not quite adding up to a $1.5+ billion mkt cap. Its a great Aussie product story with MTX, SynTrel and SynTrix sales on the horizon. But once again, PNV's share price got a little ahead of the reality of the business figures on an otherwise very good growth company story. Those sales needed to be in the $60-65 million bracket and a $2.4 million bottom line (from $3 million) at this stage, again, is not enough to vindicate the valuations it was trading at.

Don't worry Doc', on today's further falls in PNV's SP, I actually even bought a little myself. I might help support the stock by buying in a good bit more if it falls much lower. Hopefully management look at their dwindling performance bonuses and spend your capital with a just a little more restraint, getting that bottom line edging up again. Alas I fear I may get chance as PNV falls under the anything but improved efficiency of the US “Department of Government efficiency; DOGE” FDA cut-backs providing delays to the 6-month review period for the FDA PMA filing for full thickness burns, which I believe requires a facility inspection in the Port Melbourne centre? Feel free to correct me?

(I am a past, profitable, holder [below $1 just before the Chair bought in] before I am lynched and the Doc did like to rubbish another investment of mine incessantly, that he got soooooo wrong. Please forgive me for the opportunity for a little tongue in cheek barb)