Ann: Annual Report to shareholders, page-6

By OSX's estimation as shown in their prospectus and all subsequent public reports, the bone regeneration industry is worth $100 billion annually. Cranial/facial (the field OSX has approvals for and a presence in) is worth $4 billion of that, the rest being for long-bone (e.g replacement tibia), dental, etc – the fields OSX is getting into and developing partnerships and products for. I trust that these figures are accurate, as I haven't investigated it. In the same way as when I hear big figures on the news about GDP or the global value of a certain market, I just accept that they are quoting some credible source and not making it up.

Think about those figures. $100 billion and $4 billion. Now think about OSX's share: around $1 million annually.

An optimist might say that OSX has a mighty long runway for growth, given its share of the market is miniscule. A pessimist (realist?) might think a company that's been around for over 20 years, refining and selling its unique technology and products for that long, with all the necessary approvals to sell into massive markets, should already have a much bigger market share than it does now.

I gave OSX the benefit of the doubt when I invested. I thought it had picked the time to list on the ASX to coincide with a heap of contracts ready to go, and that several announcements of such would follow quickly after listing. Not the case.

There is no catalyst for the share price to move up based on the financials it has presented in all its reports since listing. On a percentage basis (from a very low point) the reports show good growth. But in actual dollars earned, the numbers are so small as to be insignificant.

Either OSX comes out with some really impressive sales figures, or the share price will continue its downward roll. It's already more than double its IPO price of 20c – that's the price the company itself thought it was worth. Nothing much has changed since then other than some good research and distribution deals. Based on current earnings and the number of shares on offer, I actually think it's overvalued. I'm now hoping the company will get a takeover offer, because a big lift in the share price through organic growth is a very long way off.