Ann: Quarterly Activity Report & Appendix 4C, page-5

Yeah, they seem to be patting themselves on the back for this result (probably YoY) whereas you guys are understandably dissapointed by the QoQ fall. But guys we saw this lumpiness last year, again with no real explanation - bar this time the facilities in the "clean room" being shut down (and what we know of HenrySchein's outage). These guys are good on shouting out the approvals and deals, but the organic running of the business never been well clarified.

The sales team has never earnt its costs in a decade of operation (admittedly with hard products to push pre-approval). I think underperformance in the sales teams (given expenses) now that Striate and Remplir approved (the latter in AUS only until next year) is no longer forgiveable. But they are looking at quarter to quarter YoY, and technically they are kind of correct:

"Increasing revenue driven by growth in new product sales." Last year 3Q 23FY sales resceipts were $265K, so they increased sales 143% for the quarter on a YoY comparison - undeniably good, but from a low dip last year. I always keep a running yearly tally to take out lumpiness, that I have posted before. The best perspective for these figures until we get some explanation on 3Q lumpiness:

	Qtr	4C Receipts	YoY(QTr)	QoQ	TYCS	%TYCS	Man. costs	MC Chge (%)
1	1QFY21	179
2	2QFY21	218		22%
3	3QFY21	206		-6%
4	4QFY21	325		58%	928
5	1QFY22	356	99%	10%	1105
6	2QFY22	378	73%	6%	1265
7	3QFY22	313	52%	-17%	1372
8	4QFY22	407	25%	30%	1454	57%	0
9	1QFY23	463	30%	14%	1561	41%	316	#DIV/0!
10	2QFY23	500	32%	8%	1683	33%	604	91%
11	3QFY23	265	-15%	-47%	1635	19%	520	-14%
12	4QFY23	645	58%	143%	1873	29%	746	43%
13	1QFY24	898	94%	39%	2308	48%	360	-52%
14	2QFY24	896	79%	0%	2704	61%	522	45%
15	3QFY24	645	143%	-28%	3084	89%	522	0%

TYCS is the trailing yearly cash sales - basically the last quarters combined. I am not complementing these guys, the sales growth is not good enough for me, but we always see 3Q drops in cash receipts across the January holiday period (when most Surgeons I know, off skiing in Vail or Aspen) and allowing for that lumpiness, the company is right; sales are growing strongly, vs last year the trailing yearly cash receipts are +89%.