Ann: Sheba Expands Pilot to include High-Risk Pregnancies, page-59

for me, the possibility of the platform was the key driver in my investment. The incorporation of Datos doesn’t remove the possibilities of HeraCARE but it is an important thing to consider. Essentially if some one has the platform and there are 15 different devices then it’s better to be that gatekeeper than just another medical device.

The risks around the HeraBEAT device not proving itself are effectively redundant. Time and time again it is been shown to be highly effective and easy to use, I think we can put those concerns to bed. The use of the HeraCARE platform is what RHC are evaluating, so if that comes through then who cares what happens with Datos. If Mednax goes green for launch with HeraCARE (as their marketing suggests is likely) then again… Datos Who?? The other very important part to consider is that Israel is a VERY collaborative tech startup ecosystem. It also means it’s VERY positive that Sheba is using an Israeli platform, lots of Israeli businesses work together in a way that doesn’t make sense to Aussie investors.

All in all, it is well worth remembering that we are still in the realms of being just a super cool gadget with no real commercial outcome. The potential reward for being that first mover in overarching Telehealth platform is beyond estimation. There is a very real possibility that HMD will be an outstanding investment outcome. There is also a very real possibility that we won’t be the one that gets their first or best which leaves HMD as a tax loss.

My personal thoughts are that HMD will succeed however it must also be understood that my financial position may be completely different from yours so please don’t make any assumptions on your investment based on what I write on here.

When you consider the valuations that are going for Medtech in VC land I think we are cheap. When you consider our valuation relative to our revenue we are very expensive. The market currently thinks we are worth barely $50m so that’s an important thing to remember, outside of the happy little HMD threads we're not really on any radars and success is not priced in. I think we are at 4 times possible upside with 0.5 times possible downside as things stand. I also bet on Stuart Broad taking the most wickets this ashes series but for Australia to win overall…

still lots to consider, still quite likely for a binary outcome. Still lots of irons in the fire.. Still is a Dr Dre song that’s on my gym playlist, hence all the stills in this ramble..