Ann: Investor Presentation - Q4 FY21, page-8

I've been following the company from 2020. However, I've found management to be unable to communicate a clear strategy. It has been a trial and error approach and I think this is reflected in the way that the XPerience launch has been slower than anticipated. I mean nobody said anything about the long road to commercialisation for XPerience, nor was this difficulty ever discussed prior to approval (we are nearly 12months in).

Obviously nobody wants a costly legal battle - that's a rhetorical question - but how did they end up in that place in the first place. Just because you don't want to fight a legal battle, it doesn't automatically mean that they did things well and Zimmer was the prick. In fact the whole turnaround from stance A - fighting the legal battle - to Stance B partnering with them suggests that it probably isn't as clear cut.

Finally, yes I do see that it may be trending upwards, but historically this company has overpromised and showed once off revenue figures which were NOT reflective of what would transpire following a failed partnership and COVID. If my memory serves me well, revenues in 2019 were for upfront purchases (hence inflated figures - go and take a look at the Investor Presentations as early as May 2019).

I'm not bearish on the stock, but they have a lot of asterisks in my book. Just like you're here to get information and discuss and talk about the investment, my reservations have one goal which is to try and see if the company is worth investing in.

Unfortunately, I call it as I see it. Obviously I see this as a promising company, but one of my check list is competent management and trustworthy reporting. And if track record is not a measure of competency and trustworthiness then I don't know what is.

As always, appreciate the constructive discussions.