I think its actually UK and NZ that's a drag on the AU biz. The AU biz is profitable but our pharma market is just too small to matter (and there's certain structural deficiencies in AU but that's a separate matter). So the US is the prize ..... to be the centre of an ecosystem with the likes of Pfizer, Moderna on one end, Walmart on the other (and ~300m US citizens on yet another).
Hopefully as part of the strategic review for the UK, the board resolves to exit entirely and just focus on the US for time being.
I like this update. New CEO in US is good - he knows the Adheris biz well.
By way of context, MDR did negative $13.1m operating cash flows in FY21. They did negative $0.2m in FY22.
That said, I do think it could do with a little bit more capital to strengthen the balance sheet & allow MDR to pursue growth opportunities in the YUGE US market.
I think its actually UK and NZ that's a drag on the AU biz. The...
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