Even after months of punishment the average industry revenue...

Even after months of punishment the average industry revenue multiple is around 8 (with some outliers sitting much much higher) and EBITDA multiples range from 15 to 70 (again with some much higher outliers). Margin for a broad range of medtech and telehealth business ranges from 13% to 70%.

So, to underpin a $35M market cap, in simplest terms we'd need around $4M of annual revenue. Using the most conservative quoted annual licence cost, that's 5,700 licences. Joondalup's run rate has them on track to sign over 3,500 this year if they can get an extension on the agreement.

So I'm not worried about multiples.