Hi Anthony, I can see your points, however one must also take...

Hi Anthony,

I can see your points, however one must also take qualitative factors into consideration in my view. Yes, it's been a struggle to this point in time, however looking past the SP alone for a moment, let's consider what's happening in various players' minds.

Wayne has imo rescued the company from previous management mistakes which had the coy on a dire path to oblivion. That would have been a very sad outcome for the coy but also of course for the medical world, that now has a revolutionary product platform that will change patients' lives. It is my belief that that is the cardinal reason Wayne has attracted the calibre of management that we now have, and I believe would be the envy of other companies at a similar stage of development and maturity.

This has imo filtered down to all levels of the organisation, as reflected in Wayne's tweets about personnel performance (which he publicly recognises and rewards), their dedication to their work, putting in extra hours for a long time now because they believe in the mission, this is not just a job for them. Moreover they see their efforts mirrored by the C suite, so there's no question in their minds that their diligence is pointless, they can see the whole company is pulling in the one direction.

This is absolutely vital in my experience, as the value of moral very quickly impacts the bottom line. Can you imagine for instance, how proud Scotty must be that he and his team have improved the QA so much? That has real impact on tangible outcomes.

OK, let's take it that all's well on the home front, happy people wall to wall with songs in their hearts and smiles on their lips as they continue to put in 12hr days. How's the market reading it?

Well as I'm sure you are aware in management, there comes a point in time where there is a Moment of Truth between management and the market. You know, when you look each other in the eyes and acceptance hangs on the credibility and respect engendered between two parties. Our market in this case, is the Adapt market, viz surgeons who will entrust our product to their patients' bodies. That is a big ask and imo it's been no wonder that it's taken this long to build that trust, backed by a 10yr history now of the product's clinical superiority (hat-tip to Wayne).

For me, confirmation of this critical trust came in Wayne's last presso where he makes the point that the doctors are now smiling back at them. This is acknowledgement that the surgeons trust Adapt, find it easier to work with, trust the reps, and are confident to use it and presumably spread the word. You cannot buy this, and that is what our competitors will increasingly discover as their market share is steadily eroded by our superior product. Every operation only serves to strengthen that trust.

In the coming years we will continue to capitalise on this with expansion of product lines, geographies, and target surgical markets, all the while building an unassailable moat. The story has just begun.