Everyone is entitled to their opinion. It's Shane's job to post...

Everyone is entitled to their opinion. It's Shane's job to post these comments. He has to be very up to date and keep his clients informed based on the information presented to him. He doesn't have the ability to look past the current situation and needs to play it safe. I understand. His large issue as I understand it (listening to him on the call - I have not read his post) is specific to the consumables revenue. Revenue was quite low comparative to the initial expectation due to forward loading of consumable products by existing users - largely due to the COVID fear factor. I am sure Shane understands this but he no doubt has the shits as he (along with the market) wasn't informed earlier. A2M for example made announcement after announcement of downgrades and were hammered for it. On this point - I am investing in other companies where there has been forward loading - A2M, NUC etc. Luckily within CSX the inventory is non-perishable.

Anyway - moving forward the COVID springboard is now gone and the market education/adoption phase needs to kick into gear. This is high touch and not really optimised on a Zoom call. Just quietly - looking forward for COVID to leave so we can all travel freely again.

I FY22 have ongoing consumables at an annualised circa $10m revenue and $7m margin:
$120 (medical/industrial weighted average annual consumable spend) x 100k units x 80% (utilisation rate) - $9.6m

That's just consumables. Now depending on forward guidance on annual sales of units - 20k, 40k, 50k, 100k? Do you scenario evaluations. Really basic stuff. They need to sell 30k to break even for me and this includes the higher SG&A and marketing costs. +30%

Now for a company with a well-respected product, increasing regulations within target markets, 70m shares on offer, EV of $70m, self-funded, no debt, Net Asset Value / Share price 0.58 - this is a bargain.