Ann: Release of Shares from Voluntary Escrow, page-10

Hi Chow

i did an earlier review but hard to find using my phone and watching footy

Base case considers:

1. Increased consumable/replacements on circa globalised 100k unit base which is growing. Metrics for annualised consumables per unit should be validated at the Annual
2. Vaccine rollouts are slowing down from ‘ramp up’ phase with a focus on normalised spend programs
3. Biden regulatory changes
4. Increased marketing and sales investment
5. Industrial growth steady
6. Structural changes globally due to COVID. It’s a different world now.

Rationalised at $10m per quarter. Down considerably from the Covid peak but up from the depressed vaccine ramp up period. Both outlier quarters should be removed and assessed in isolation.