1m sell order, page-15

Financials:

-$3.7 million revenue YTD 31 March 2012 vs approx. $3 million YTD March 2011 (+23%)
-Recell growth 104% YTD equivalent
-Gross margins 73%
-Sales & marketing expenses up 66% from approx $1.19 million to $1.97 million (~+$785k YTD)
-Research and Clinical studies expenses up 69% from approx. $725k to $1.23 million (~+$500k)
-It is important to note that "March Quarter revenues are historically the lowest of the year due to reduced demand for respiratory products during the Australian summer and relatively fewer aesthetic and other elective procedures during January in Europe". This may well amplify though more positively over the next quarter or two on the financial reporting (something to consider)
-Winding down of respiratory product line effects????

Technicals:

Possible 3 yr bullish pennant forming suggesting a breakout over the next few months!?

Short term daily/weekly technicals are looking weak but longer term monthly/quarterly technicals look good for AVH.

If this punches through 28c on volume - and as some suggest - it could have a crack at 50c!!!

Trade Safe