As discussed above and in the webinar, the timing of cash...

As discussed above and in the webinar, the timing of cash receipts is usually very different to the booking of sales revenue (which is accrual accounting). For any company experiencing solid growth, cash will always lag "sales". Even if Nuheara is paid up front for DTC sales, they still have to pre-pay for the manufacture of the goods months before they become available for sale.

Another inference I made is that HP will have possibly longer payment terms so it's equally possible that HP shipments / sales might not be paid for for several months and therefore may not show up in earnest until the September quarter 4C. Time will tell.

In the meantime though NUH is well cashed up and there are some positives to take from the growth in unit sales, especially in what is normally a quiet quarter. The cash outflow was also not that bad.

This is the first time, looking at the 4C and the commentary from the company, that NUH seems at a genuine turning point and is getting close to putting some financial runs on the board in the second half of this calendar year. In my opinion there was a lot to like about todays activity report and 4C.