Ann: Q3 FY24 MDR Quarterly Update, page-4

• Continued improvement in revenues and cost savings
• Margins remain high in the local services
• US growing with THRiV in high demand from pharma
• No mention of Charac (UK)
• FY23H2 was $34M (roughly even between quarters)
• FY24Q3 revenue $24M may project same or more in Q4 (FY Revenue ~$125M)
• MDR market cap $150M with above FY revenue estimate ($125M)
• ALC market cap $60M on $35M annual revenue (if lucky!)
• Management have demonstrated YoY growth for a number of years
• Will Luke and Claude change their tune?
• Will the market recognise profitability and success in the US?