Ann: Quarterly Report and Appendix 4C, page-4

• CY21 operating revenue of $64.5 million exceeded previously upgraded revenue guidance ($59-60 million) generating a gross margin of $32.2 million.
• 2Q FY22 receipts from operations of $21.1 million up 96.8% on pcp.
• Forecasting FY22 revenue of between $72-74 million with a gross margin around 53-54%.
• The Company also expects to be in a cash positive position by mid CY22.

Original CY21 revenue guidance was $55-$57M, which was upgraded to $59-$60M and now beaten with $64.5M.

They now have history of advising numbers, revising and then beating them when officially published.

Based on a few hints in the report I suspect they might get close to $80M for FY22. The COVID-19 awareness program ($4.2M) was not included in the December quarter. Thriv is set to generate earnings having gone live in January. Both are new revenue streams and the COVID awareness program is likely to continue into both March and June. $72-$74M is very conservative.

ALC's HY revenue was $16.4M on $1.2M product and operating costs.

MDR HY revenue was $42.3M on $20.5M product and operating costs.

We are earning ~3x revenue but having to spend ~20x to get that. Both companies provide hosted solutions to healthcare. Sure, they are increasing revenue but is there further opportunity to reduce these costs?

With markets in a downturn, this announcement might have normally provided a lift so it might be a while until the numbers here are recognised.