Am I interpreting this correctly - 450 pharmacies being charges...

Am I interpreting this correctly - 450 pharmacies being charges ~500k annually.....that works out to $93 per pharmacy per month. That includes the cost of white labelling the product and building a connection to the Priceline Sister Club.

The economics of the Medadvisor App seems woefully poor and again if I look at FY2020, the revenue per pharmacy seems to be going backwards (FY2020 SaaS revenues were 5.9m for 3600 pharmacies which is ~$136 per month per pharmacy).

Last year the 5,900 did not even seem to cover the cost of maintaining existing operations (let alone Interest, Depreciation and all the expenses they park under growth Opex).

Perhaps they are giving away the App for the additional pharmacies and patients in order to sell the data to drug companies for health programs, but even those revenues were pretty poor last year (~1.2m).

Someone please help me understand how they ever get to a profitable position in Australia given these economics (it seems the success all hinges on the purchased Adheris business which is very different to this SaaS model they were building)