Ann: Planned CEO transition to support US growth opportunities, page-4

@futurenow
Their FY22 guidance is only 72-74m which means they are aiming for $33-35m in 2H so your 42m (20+22) is significantly above that guidance.

I do think the guidance was slightly undercooked, but given what has happened with the AUD/USD in the last 4-6 weeks, it may have been fortuitous that they were conservative given the unexpected move in FX rates (they guided for $72-74m using a 73c FX rate).

I am looking forward to their 4C given they indicated 2H22 will have contributions from Thriv, perhaps Walmart, and also the 'largest product' was delayed in 1H22 but resumed in 2H22. If they can get the US right, the rest of the business pales in comparison - Adheris did ~US44m in FY18 & FY19 so if MDR hits ~AUD73m in FY22 it would mean that they have 'only' returned to that USD44m number for Adheris (44/.74 = 49 for US, ~14 Aus).