Ann: Hernia Product Update, page-99

Good morning all. The reasoning for the "double, double, double" or massive revenue growth rates iwas/is quite simple IMO.

Firstly, our sales were growing at +100% p.a. prior to Covid-19 when the comment was made.

Secondly, and more importantly, BTM is a unique and distruptive product that is best in its class and is becomming the standard of care for treatment of burns, wounds, trauma, chronic wounds, deep tissue burns etc etc.

With circa 26m in BTM revenue for FY21, we currently have around 1.5% market penetration. The Total Addressable Market is 1.5B and is growing at 10% pa. Throw in chronic wounds and the TAD is circa +2B for BTM alone.

As an observation this reporting season, there have been numerous Healthcare companies in Aust and USA that are reporting a return to pre-covid growth rates for sales/market penetration/momentum which have caught most analysts offside. I expect we will see the same for PNV and anyone thinking of picking up shares for sub $2 will likely be disappointed.

Cheers all.