Ann: Half Yearly Report and Accounts, page-101

Slightly disagree Jagdarwin. I've been on Paradigm and Mesoblast for a while and you only need to take a look at their income statements to see the immediacy of collaboration revenues and how the timeline of those emerging partnerships drove revenues and the share prices.

To give you an idea, when J&J collaborated with Capricor, their revenues went from half a million in 2013 purely from a 'grant income' to nearly $5 million in 2014. If OCC announces a partnership with J&J it is likely to involve initial and milestone payments (they normally do). The initial payments will obviously immediate aid revenues. Unfortunately it does seem the CelGro dental revenues are growing slowly. It would help if management clarified their income statements, but I think they are not going backwards, but rather the 2018 saw a bump from some 'other revenue' items. Irrespective the sales growth is poor and whilst we know they are handcuffed by the TGA with ATI at present, those sales should be higher.

The half yearly accounts were fairly predictable from the quarterly cash flow statements in my opinion, but are still unimpressive. I still don't get why this stock can trade $0.64 in October and now be at $0.30. Its cashed up and has a clearer path to the US for CelGro. As Von Rico points out, $33 million enterprise value for this company is absurd.