Ann: Institutional Placement of A$120.0 Million, page-54

LawyerTrader - I don't think you are missing anything. At first glance, Avita appears overvalued based on common metrics like Price to Sales, which is why many investors stay away. For those investors that dig deeper, especially those that have gone through the trouble of reaching out to surgeons using Recell, they realize how quickly and enthusiastically this product is being adopted in US burn centers. Price to Sales ratio doesn't account for Avita's impressive revenue growth, and the investors who have dug deeper know we are on a solid growth trajectory that is just getting started, which is why you see institutions plowing money into this company even as the stock continues making new highs. As each quarter's sales are announced and more investors understand this, we see the stock continue to be accumulated. 2020 is going to be a very good year.