Ann: Quarterly Activity Report and Appendix 4C for Q4 FY2024, page-13

My thoughts on the quarterly:
- Revenue growth was much less than I expected, but it is still good to see 20% QoQ growth. I expected more revenue to come from Imbio based on their target of US$6.3m for CY24. I suspect that adoption of XV LVAS has been slower than I thought it would be.
- Operating costs broadly in line with last quarter. Staff costs increased by $350k, offset by a $2m reduction in admin & corporate costs. Was expecting a bigger reduction in A&C due to the $2.4m one off transaction costs for Imbio. Hoping to see this decrease further over the next couple of quarters back to their historical rate of about $1.5m - $2m per quarter.
- No government grants received was a bit of a surprise. Typically these have been roughly in line with R&D expenses. Over the last 4 quarters there’s been $16.1m R&D vs $12.7m grants, and since listing in Q2FY22 there’s been $48.6m R&D vs $40.4m grants. I expect we will see higher grants vs R&D over the next couple of quarters.
- Cash balance is getting down to where they have historically raised funds. They may start dipping into the ATM facility this quarter (although I hope not).

While revenue came in lower than I expected, I’m still confident that 4DX will be a winner in the long run. I don’t expect that we will see any share price growth this quarter, even with a Phillips announcement. I think the market wants to see the revenue growth start to accelerate more up the hockey stick curve before we see significant share price appreciation. At current prices the fully diluted EV is about $220m, so I think that’s fair enough.