Had some time to look through the 3Q24 result in detail and note...

Had some time to look through the 3Q24 result in detail and note the following:

• Net cash operating outflows for the quarter were $6.4m which included $2.4m ofnon-recurring operating costs associated with the acquisition of Imbio. This implies that net cash operating outflows for the quarter $4.4m and a cash runway of 10 quarters (2.5years) compared to the 6 quarters outlined in the statement. Obviously this analysis has issues of its own but the main one is that 4DX received a $6.6m government grant which it may not receive in future periods. However, my view is R&D spend is flexed up and down depending on how much grant funding the Company receives or expects to receive over a given period. Additionally, the analysis doesn't account for future revenue growth from this point onwards.
• The Company has started disclosing operating revenue in its Quarterly disclosure rather than just "receipts from customers". $1.4m revenue in 3Q compared to $1.1m in receipts from customers. I think this also has interesting implications for forecasting future cash flows particularly given the elevated growth & potential growth of the revenue streams.
• In relation to cash balance, the Company in the release states cash balance of $41.7m as at 31 March but in the cash flow statement it is $41.2m. I assume this is in relation to a bank overdraft.
• It seems that the key to any contract with the VA & other commercial hospitals in the USA is to having a re-seller agreement with Philips. Presumably the stock will re-rate when this catalyst eventuates some time during 2H24. I thought it was interesting that the University of Miami set up billing with relevant CPT code so that will be an additional learning that 4DX has under its belt for future customers.

I'm sure i missed other things in the release but there are definitely things to look forward to! Did i mention the strong growth outlook for diagnostic imaging in Australia?