Ann: Quarterly Activities Report and Appendix 4C - Jun-2024 Qtr, page-24

My notes from the meeting. My thoughts in italics.

New units
New units 23
Expired units not renewed 8
Net 15 increase.

Break even

FCF basis
"Towards" Cash flow breakeven FY25
"Nearly" Cash flow breakeven FY26

Capital Raise
Board considering "very carefully" the need for a Capital Raise, hopefully by September greater clarity on product roadmap. Need cash to launch a new product.
How finely are they looking to cut it before raising capital? No comment, but they are aware of the decision making process.
Looking for more evidence to improve sales. How much more evidence do you need to improve sales?

Patients tests
New focus on patient test numbers - despite this being metric being discounted by MG six months ago.

Reimbursement
140million - what is this in terms of the 85% covered lives?
Critical mass states? How many? Which ones?

Pipeline
450 x 160% figure in the slide deck = ~800
MD: Err, ummm, no thats not right, haha. But it's significant.
My thought: OMG this just gets worse. Amateur hour.

Conclusion
Focus of the whole presentation has taken a step back to 2021-2022, focusing on the medical benefits, and skirting over sales figures.

The devil is in the detail - detail which is not being made part of the slide packs or the 2 page quarterly report.
Overall slide pack trying to bamboozle with % increases without giving any detail.

For me the slide pack & the presentation = FAIL

Anyway, back to radio silence from the company for another 3 months (unless a CR is announced).