Unless I've missed something, I believe that they have missed...

Unless I've missed something, I believe that they have missed guidance:
At 1H22 they indicated FY22 revenues of $72-74m and they only delivered revenues of ~$68m (despite some of the FX in 4Q moving to their advantage).

The other issue as @Neverlookback highlighted is that the Aus (/NZ) business is either rubbish or is hiding a lot of overhead to cover other businesses (UK and US). With a 60% market share in Australia and 40% market share of pharmacies in NZ, and with a claimed >80% margin they still cannot generate a profit from >4000 pharmacies paying a monthly fee......either that or that pricing is totally wrong for the service provided.

As @zhanginu mentioned, the balance sheet is looking pretty stretched at this stage - ~11m of drawn funds and ~3m due in Sept for the 2nd earn out and US revenues very variable and margins do not seem to have improved yet.

The hope (depressing that I'm using that term on a small cap investment) is that the new CEO is so well connected that he can bring in $10-15m (even at 50% margin) which will then stabilise the cashflow situation.....at this stage not sure how they manage with so little cashflow certainty