Ann: Appendix 4D & 1H FY25 Report, page-68

"He talks a lot about patient outcomes (whichis OK) but very little about financial outcomes." - In my experience, it actually concerns me more when the management team make financial outcomes their #1 priority. Just look at Integra and their product recalls - that is the result of expert managers focused on financial goals and targets deliver. They are focused on short term gains, quality control can take a backseat, just hope when it blows up, they've already collected their bonuses, moved onto their next gig, and it's someone elses problem.

What I do find correlates with better outcomes, are a focus on addressing client needs. Solving an unmet need, improving existing products, services, reducing costs while maintaining or improve quality, etc. When I see management teams focused heavily on the customer, I know the money will eventually come. It might take a bit longer, but at least I am more assured it won't suddenly blow up due to a product recall, people dying because of poor maintenance and procedures because a bunch of suits wanted to hit their targets and collect their bonuses before moving on after their 3-5 year appointment.

If you listen to Swami, he is very ambitious - he wants to reach as many people as he possibly can, and in doing so, the dollars will come. Not only that, but he is very focused on understanding clinicians, their needs, pain points, points of friction that might impact on their use of Novosorb. When you solve their problems, address their needs etc - the money will come after.

Don't mistaken his careful approach with aiming too low. I've also invested in other another that went hard, and not very carefully as it turned out, because they did not understand the needs of the customer, of doctors and surgeons, and ended up blowing up all their investor capital and went to zero.