Ann: FY21 Results Presentation, page-4

So lets start with the positives:
- for a change, the presentation actually has some substance & explains what the businesses in Australia & US do
- the turnaround in the US is looking good, but hard to say if this is sustainable

The negatives
- after all that investment, they just exited SEA JV (I assume this is everything in Asia) with a 1 liner in this preso
- how slow is the UK roll out; they have been spending money there since 1H20 (and how transferrable is this app if as it seems based on timeline, it took them 2 years to get it up and running).....and 21k in revenues for FY2021 (what is the point!!)
- Australia pharmacy business needs serious review.....charging $145 per month per pharmacy and they are only raising prices to $159-$179....pharmacies are minting money and this fee just seems ridiculously cheap even after a price rise
- transactional fees are no better at ~$50 per pharmacy per month (it actually dropped in FY2021)......how is that possible with delivery/online payments/online scripts etc.....all this optionality was built and clearly not being used or paying for itself
- I wish they'd drop the ridiculous metrics of 2m patients in Aus/180m in US/66m in UK....etc etc.....all BS. If they had 2m in active patients using the App in Aus, it would be ridiculously embarrassing to understand that works out to $4 per patient in revenues they are earning per year......seriously stop using nonsense metrics. Same goes with using TAM numbers......8bn in US & 300m in UK.....all pure BS
- $30m in revenues in 1H22 is not enough......that is Gross Profit of ~16.5m and expenses are running at ~24.5m....even if you exclude one offs and non cash items you get costs of 20-21m meaning they will burn $3.5-4.5m in 1H22

If they continue with just 30m in revenues, they are likely to burn that 3.4-4.5m in 1H and then need a further ~4m in May for contingent consideration....that means a capital raise in the CY2022 (1st quarter) unless revenues and/or margins improve

I did not manage to dial in to the call, but if anyone did, would appreciate a download of what was discussed (especially around cashflow)