Ann: Full Year Financial Results, page-176

Here‘s my best estimate on EYE‘s path to profitability going forward.

I took slide #12 from the recent FY24 result presentation and added FY25 to it.

Gross margins (or COGS) as well as OPEX are a simple regression of FY24 vs FY23 which I then laid over my topline estimates for FY25, which I put around A$40M as a base case. I think it‘s all pretty straightforward to understand.

Takeaways if the topline comes in at A$40M:
1. Both the glaucoma segment as well as the entire group should turn EBITDA-positive in FY25.
2. EYE should get very, very close to pretax profitability with only a tiny loss being left.
3. Strong revenue growth should almost certainly come along with another significant build-up of investment into working capital (easily some A$4-6M I‘d guess).
4. All existing cash should then be soaked up, making another financing during FY25 likely.

Net/net I am impressed with the.company‘s progress. Another CR should not pose too big an issue. As financing the last round of WC requirements for a proven high growth company at the brink of reaching profitability is the least the capital markets will care about, I think.