I don't see all doom and gloom. They missed their FY revenue...

I don't see all doom and gloom.

They missed their FY revenue target by ~6% (~$4M).

It's stated they lost/paused their largest Adheris product/customer throughout Q2/Q3. Had that continued there would have been an extra US$5.3M. This would have exceeded the revenue target as well as providing a profit instead of a $0.2M loss. That program/customer is now back so we can expect that to generate ~US$10M in FY23.

John Ciccio has departed which is probably a wise move with Rick employed as Group CEO but also based in the US. So whilst Rick's remuneration is on the lofty side, there will be a reduction with John and Rob departing.

As mentioned above and I agree, I believe they will/should cease operations in the UK. All this talk of 'white label' software for Day Lewis and pharmacy programs has been fluff to kick the can down the road. The UK market has taken too long to crack and doesn't look likely in the near future.

Walmart I would have thought might have generated it's own announcement but it's observed through their listing history, rarely is there updates between 4C's. Perhaps one clinical trial for Walmart isn't a huge revenue earner ..... yet.

ALC has risen ~40% off its lows in the last month on no news. MDR current market cap is $53M with revenue at $68M, loss at $0.2M and cash $7.3M. There is zero potential in the valuation at the moment. With the return of their largest US program, I would hope the annual report next month comes out with a FY23 revenue target of ~$80M+.