Yes, it is better than guided. Some decent growth despite all...

Yes, it is better than guided. Some decent growth despite all changes. Guiding to $5.3M burn next Q which is why the market would have freaked if a CR was not done given cash is $6.5M.

Staff costs are coming down though to $3,8M next Q vs $4.8M this Q. I would guess mainly from AU staff and some admin/manufacturing. Also inventory is well and truly stocked at $12M, but they have some manufacturing pre-commitments before they can reduce these costs on a quarterly basis.

Overall, moving in the right direction. They should have moved one or quarters earlier to restructure and they would have had a fair amount more cash and momentum now. The CR will not be pretty, but I'm hoping they can do in two stages. One now to see us through to end of FY and another when sales momentum and cash burn have improved which would allow another CR at a higher SP.

If they didn't do a CR with this 4C, the prospect of a CR in the near future would have pulled in SP down further. It is what it is, unfortunately.

Still heavily undervalued compared to the best comparator I can find on the ASX: IPD (MC 157M vs $28M for AXP). Here the summary from their last 4C for comparison to AXP. The biggest difference is cash on hand. And they have been burning major cash Q on Q for many years with very minor sales growth.

Revenue and Financial Performance Highlights:
• $1.4 million total revenue recognised for Q4, including medical revenue of $1.1 million,
of which $0.4 million was recognised SOZO® revenue;
• $1.9 million in Total Contract Valuei for SOZO® signed during the quarter, up from $0.9
million in Q3;
• Contracted Revenue Pipelineii increased to $3.5 million, up from $2.0 million in Q3;
• Annual Recurring Revenueiii for SOZO® contracts at 30 June was $1.3 million; up from
$0.9 million in Q3;
• Net operating cash outflow for the quarter was $5.7 million, down from $6.1 million in
Q3;
• Cash receipts from customers for the quarter were $1.3 million, and cash on hand as of
30 June 2018, was $31.3 million.