Ann: Appendix 4D & 1H FY25 Report, page-17

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    Just a quick comment on Swami highlighting that in Europe in particular, the market is very undeveloped and in many areas, they are growing the market.

    This underlines of the key points to my thesis, which is that the market significantly underestimates the total addressable market, as that is based on the existing sales of biological matrices which has been very limited. i.e. Once the foundation is set, the runway for growth is significantly bigger and longer. I think it would not be unreasonable to suggest that you could double previous TAM estimates and still find the figure conservative.
 
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