Ann: MedAdvisor FY23 Full Year Results Investor Briefing, page-5

Curious comment PH. You seem somewhat more forgiving in your ALC posts, who only grew revenues from FY22 ($34M) to FY23 ($40M), yet MDR grows revenue from FY22 ($68M) to FY23 ($98M).

Adheris was acquired 2020 and Guildlink over 12 months ago, so growth over the last few years is organic. Numbers over the last 3 years shows ~40% growth YoY, so respectable in my book.

If we ignore your self detonated hand grenade and focus on other statements:

• Top 20 took another stranglehold on the register going from 77.6% to 80.5%
• Gross margin up from 51.6% to 60.6%
• Investor roadshows planned for VIC and NSW

I did observe some changes with Founder holdings:

• Swinnerton has shed 15M to 10M
• Robert Read 4.17M to 4.10M
• Romida 12.8M to 12.6M

Will do some further analysis over a beer.