Ann: Quarterly Activity Report & Appendix 4C, page-7

They really don't report their sales results in a very flattering manner - they put in the accrued revenue from recognising the original BioHorizons up front payment, recognised on a linear non-growing basis, which combines cash sales accounting with accrual accounting. Undeniably actual qtrly sales results were flat QoQ, but +79% compared to the quarter a year ago (YoY). And a more accurate reflection (to take out quarterly lumpiness), a running total of trailed year long cash flow sales receipts (i.e. the last four quarters including this) still +79% on a year ago (YoY).

Throw in the accrued revenue and their reporting accurate. This arguably a better reporting of increasing cash flow sales - the YoY growth in sales trajectory still very much there, but a temporary stall in acceleration it seems:



Bit disappointing on initial inspection, I was, like the many posters, expecting more from their preceding commentary.