Ann: H1 FY21 Results Investor Presentation, page-43

The fact that they can be so close to breakeven despite the ramp up in staff shows how quickly profits will grow once covid restrictions recede and the work in acquiring the new accounts in the pipeline come through.

90%+ Gross margin. It's the only synthetic biological matrix. It's the only new product that is creating a real stir amongst the surgeons amazed at its resistance to infection and versatility - their confidence and love of the product is shown in many webinars where they talk about using it in a range of off-label procedures.

People who look at current revenues and thumb their noses at the market cap are as usual, trying to justify a price at today's revenue, not future revenue because they have no idea about the product and the customers - Analysts are still citing AVH as a competitor to PNV FFS!

I don't know why people don't get it, but I hear the same garbage from my own friends about all the growth stocks I've owned, whether it was with NAN in biotech, or XRO, TSMC in technology. Friends looked at these growth stocks I owned early on, all focused on the revenue vs market cap and baulked at the price. "How can you justify the PE ratio given the current revenue!?" lol. None of them did anything more than a cursory research on the customers and competitors.

By the way, these are the same folks that also ask me how do I manage to get onto and hang onto my multi-baggers! They want to own multi-baggers but are only willing to own a stock once the earnings has already come through and has hit the financials - and the stock price has already ramped up as a result.


The first rule is, buy something that customers love and rave about. Make sure management is working hard to execute successfully and are continuing to reinvest in the business. The numbers will come through later. Usually it comes in slowly at the start, then in lumps... then suddenly, it comes pouring in.

But don't take it to me, talk to PNV's customers. Surgeons love BTM. It saves lives, reduces hospital costs, it makes surgeons look good.

Not financial advice, just my opinion and experience of owning and holding onto a number of multibaggers.