Quite the impressive change since Rick Ratcliff joined in July...

Quite the impressive change since Rick Ratcliff joined in July 2022......so FY2023 onwards on the below table.

Not sure I was too comfortable with the amount of equity they gave away to Guidlink, forcusing on the US business and squeezing more out of the ANZ business seems to be delivering results (not to mention getting out of ventures like the UK where they would have continued to burn money especially if they did not have scale).

The only question is how much more can they get out of the Australian business (already more than 90% of pharmacies covered so really about what additional services can they offer that generate revenues) and also how big the opportunity in the US is......already a $200m MC so it comes back to valuation relative to that opportunity.

Anyway, it does appear that Ratcliff has focused on the right areas whereas Robert Read did not seem to understand the business needed to be self sustaining to survive (especially in this environment where there is no free money)

Revenues m		1Q	2Q	3Q	4Q	FY	YoY
2022	ANZ	3.3	3.3	3.9	3.6	14.1
	USA	12.1	19.9	7.4	14.2	53.6
	Total	15.4	23.2	11.3	17.8	67.7
2023	ANZ	4.5	4.7	5.2	5.5	19.9	41%
	USA	15.4	39.4	11.8	11.4	78.0	46%
	Total	19.9	44.1	17.0	16.9	97.9	45%
2024	ANZ	5.8	5.3	5.6	5.8	22.5	13%
	USA	19.6	44.9	18.6	14.4	97.5	25%
	Total	25.4	50.2	24.2	20.2	120.0	23%