An Evaluation of CDY Going Forward, page-17

Do I understand what you are alluding to Pharma -

The 10 March presentation says China will represent 40% of revenue in FY2023 and that total revenue is projected then to be $25m (p13). Thus the projected FY2023 revenue from China would be $10m.

The 3 May presentation now says China will represent 30% of FY2023 revenue.

That would allow two possibilities. Either the projected FY2023 China revenue has now reduced by 25% to $7.5m or, if China is still projected as $10m, the total projected revenue has increased to $33.3m for FY2023.

So it seems that this could be a glass-half-full or glass-half-empty choice for us shareholders.

I note that the figure Taurean7 has used in the analysis is $19.2m revenue for FY2023 which is conservative relative to both of these.

Time to toss a coin or do you think the new China license and Lyramid activity is seen as increasing the projected $25m?

poorinvestor