Ann: MDR Record FY24 Performance with Positive EBITDA and NPAT, page-4

This is a great milestone/announcement and one the current team has been targeting since their strategic review last year.

I wouldn't throw too many rocks at the previous management. Read's problem was acquiring a US business, with legacy US Management and him being based in AU. It was observed after taking Adheris, a few US names were very quickly let go. Ratliff is much better at managing the US part of the business and would know that market more intimately and in turn would have confidence in AU Teams to know our region better than he.

MDR have shown to under promise and over deliver so I expect the top line revenue to exceed $123M when it's announced.

"One swallow does not a summer make", so mindful that consistency will be key. There's quarterly boom and bust cycles that cover the dips. It would be preferred to achieve positive EBITDA and NPAT in every 4C. This will drive investment from more established corners who only buy when risk is reduced. The Top 20 own 80% and this inches higher each FY, so it will be interesting to how much might be given up and the register come June 30.

"Life Science" coys - RAC, BOT etc - have higher valuations on minute revenues.

Where does the share price and market cap take us next?