You also need to look at the 'manufacturing division'. The...

You also need to look at the 'manufacturing division'. The reduced loss in this division would be due to the manufacturing improvements, but the 'Bio Implants' wouldn't necessarily see the benefit of these improvements in its P&L. The extra gross margin in the patch sales may be seen in the P&L of the manufacturing entity, not the Bio implants entity.

The Bio Implants division is also the entity that wore the cost of beefing up the sales force to begin ramping up sales. (and probably a bunch of redundancies too).

We do need to keep am eye on it though.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	Bio Implants
1		2013	2014	2015	2016	2017
2	Total Segment Revenue	12,000	397,387	2,637,846	5,280,707	6,874,394
3
4	Segment profit/(loss)	-2,520,798	-1,514,015	-9,799,771	-10,295,796	-10,161,968
5	Segment assets	213,024	4,279,511	6,051,349	6,921,667	6,755,734
6	Segment liabilities	54,597	339,150	903,685	1,188,506	1,098,446
7	Other information
8	Acquisition of non-current assets	6,297	90,280	327,292	261,203	192,569
9	Depreciation	5,014	184,356	703,031	461,491	479,158
10	Asset write-down			53,175	5,915	200,288
11	Loss from equity accounting

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	Regen R&D / Manufacturing
1
2	Total Segment Revenue
3		2013	2014	2015	2016	2017
4	Segment profit/(loss)		-1,429,236	-2,274,128	-3,250,849	-1,356,286
5	Segment assets		3,946,464	7,575,214	4,932,447	3,827,638
6	Segment liabilities		768,670	105,105	165,546	76,135
7	Other information
8	Acquisition of non-current assets		198,239	130,329	117,696	15,920
9	Depreciation		257,026	286,850	475,553	345,471
10	Asset write-down			68,950