Ann: Trading Update, page-57

Everlight have 4-5 Dubai based radiologists based on their advertising / promo photos in Linkedin. Assuming usual shifts etc that means about 2 or 3 full timers - as a part of the 2600 radiologists registered with AHPRA. Cost saving and on-call cover yes, but nothing more than that, and with those kinds of numbers plus the restriction due to medicare that is a small part of the radiology business and not impactful to the industry. The HLS capital raise is interesting but they are not a pure play and I believe it is more to do with pathology than radiology. Capital raise for IDX would be helpful perhaps in reducing debt but at what cost... driving down share price potentially even more to CAJ levels is the scenario that is becoming scarily more of a concern.

IDX has a culture and performance problem. Initial purchased clinics had 5 year bonded radiologists in the deal. 5 years gone by, and those rads are leaving or retiring. New rads are hard to find, and iMed/SHL and Qscan all pay more than IDX so recruitment is tough. In a tight labour market having a retention problem as well as a recruitment problem is death knell for a personal services company. Just look at hospitality post covid - how many went under from staff shortages. IDX is in same leaky boat. Needs management to step up and engage radiologists, enthuse technical staff, and incentivise them for growth and efficiency. NOT just cost cutting until theres nothing left. AGM next week, hopefully shareholders will give board and exec a clear message to either change things or get off the pot - and make space for others with more skill in transformation - an Allegro Funds or Permira type private equity takeover might be desirable and save the company...