I'm swinging to the "show me the money" camp. I understand JC...

I'm swinging to the "show me the money" camp. I understand JC has swallowed a bunch of American "positive thinking leads to positive results" self-help books, but its becoming very costly.

He was looking good after the on-time soft-tissue FDA approval, but since then we've had:

- delays for RECELL GO
- delays for the mooted approval of use for Vitiligo;
- a downwards revenue revision.

All this while he bullishly increased the sales team from 30 to 70 in anticipation of RECELL GO approval.

All the positive speak in the world is not going to rush the FDA or hospital approval processes. He should accept that they are out of his control.

This is all being done in the face of never having turned a profit in the 12 years since listing. I get that its a "growth company", but for mine, 12 years is too long for growth vs no profits. All the risk continually lands on shareholders. Management get their millions every year, regardless of ongoing delays to reaching profitability.

Its brave to believe the 2025 profit prediction, given that so much of what needs to happen is out of AVH's control. AVH will likely have drawn down the full US$90m of the Orbimed debt facility by that time. The current interest rate on this is over 13%, so AVH will be staring at an annual interest bill of nearly US$12m. Operating expenses are currently about US$85m per annum, so covering these expenses and servicing the debt doesn't result in profitability unless revenues are north of US$125m, a regular 85% gross profit margin is achieved and the cost base remains fixed. Not an easy task and looks dependent on "everything going right" from here ...