Ann: NovoSorb MTX First Sales and March 2023 $6m Revenue, page-32

This announcement lays down a new marker for judging sales performance going forward. The expectation is that sales growth will accelerate now that MTX has started selling in the USA and that the first sales in India have taken place.

The MTX market of $500 mill is additional to that of BTM and it’s reasonable to expect that penetration rates into that amount will be much faster than the rate of BTM uptake in its first years.

While sales in India will be at a reduced margin, this market lacks the competition that BTM has had to face in the USA. The 16 person sales team should be able to make sales at a faster rate than the equivalent initial US team.

And then there’s Hong Kong, Canada, etc….

Almost 50% sales growth has been great up to this point but going forward under the influence of these events I expect it will be much higher. And looking at the market response this arvo I’m not Robinson Crusoe in thinking this.