From this ASX announcement - Q1FY23 quarterly - revenue for the...

From this ASX announcement - Q1FY23 quarterly - revenue for the quarter of $0.92m.

From their Q4FY22 quarterly, released on 20 July this year:



While the balance sheet might look comfy Q1FY23 was rubbish in terms of revenue. Despite having bought on two major distributors in June 2022, in the September quarter (Q1FY23) their achievement regarding sales was less than half what was achieved in Q4FY22 (the June quarter). The existing distributors clearly put in an absolute Barry Crocker. For whatever reason test sales seemed to have lost momentum. We can only hope the two new guys plus the two more expected to sign up by this Christmas start to get traction quick-smart.

What differentiates Microba from all the other medtech juniors that are stuck in the valley of death which is clinical studies is that Microba, with any luck, will achieve revenue momentum in the short term whereas the other juniors will be stuck being pre-revenue for years to come. But that assumes Microba delivers growing revenue figures, not the dross they served up in the last quarter. They have indicated that most of the contributions from the new distributors will start to be seen towards the back end of this fiscal year. Let's hope so!!

And Strike One for Luke Reid for treating investors as morons. Did he seriously think it appropriate to lead the quarterly report with "66% growth in distributors over the last 6 months" - translation: I think they signed up two new distributors in June so now they have 5 (fmd!!) - but bury revenue (revenue!!!) in "additional achievements in the quarter" and then, to top it off, fail to address how dismal the quarter's revenue number was compared to previous quarters. Hey Luke, you might think there are plenty of shonks with low standards on the ASX but the really top notch executives stand out not only for their competencies and luck but also for their ethics. Aspire, mate, aspire.