Ann: COVID Trading Themes - Q1 FY22 Update, page-121

That is interesting and while I am no philosophical epidemiologist, the logic you've summarised there makes a lot of sense.

I think if people believe covid will have long term persistent impacts on sales - i.e. continued disruptions to hospitals and surgeries, and a limited capacity for the health system to alleviate the impacts - then there is an argument that the recent share price decline is justified, as it would therefore permanently impair growth.

However, if you don't believe covid will have long term persistent impacts on sales - i.e. there will be less and less hospitalisations down the track, and/or hospitals will find ways to better manage covid patients to minimise impacts on surgeries - then there is a strong argument the higher growth path can resume.

I'm no philosophical epidemiologist, and we'll all have our own views on that but it'll be interesting to see how it all unfolds.