Ann: Q4 2019 Quarterly Update and Appendix 4C, page-20

Not many Small Caps go up in a straight line. The recent price weakness provided opportunity for new investors to hop onto the ride at a decent price if they believe in the biofilm advancement NXS has developed. I will disclose I was one of those who were waiting patiently for this opportunity.

Yes, revenue was down and disappointing, but NXS is still in a comfortable cash position of US $16.9m to drive their upcoming product approvals.

Appears revenue was disappointing due to the regulatory delays in Europe and the 3M/KCI merger being a distraction. These issues imo are only delays and will work through over the next Couple of 4Cs. There is no issue with their product which would change the story and investment thesis if this was the reason for poor sales.However it is not.

It was communicated that the new sales team from the merger with KCI appears to be better aligned to drive sales due to their clientele and experience selling into hospitals, centres and to physicians, so this may well play out to NXS advantage.

The MIS wash approval is not far away, and if successful will be a major key to their growth trajectory along with the recently announced Triad partnership distribution agreement for TorrentX.

Lots to like, holding patiently for the next 4C or product announcement.