Interesting to have a crack at an Investor who at least reports...

Interesting to have a crack at an Investor who at least reports more balanced. Let's have a break down at the actuals then...

Firstly - what the company has said - 1H23



2H23


Cycles:


Financials:

Nextstellis S+M v Rev
1H22 $21.7m Rev $3.1m
2H22 $26.6m Rev $4.7m
1H23 $35.7m Rev $10.3m ($7.1m us @ .6892)
2H23 $45.6m (*) Rev $10.5m ($7m us @ .6640)

Last two years - Expenses$119.7m (ignoring the additional $9.9m 2H23) - Revenue $28.6m

If we ignore the extra S+M expenses and Rev from TxMD portfolio we've basically lost an additional $50m on Nextstellis in FY23. Now we accept that if we are really talking a 2H23 50% growth... And we can see the growth in cycles; BUT where is the revenue growth?

Nexstellis dispensed 102k cycles in 1H23 for $10.3m revenue. ($100.98 cycle)
Nextstellis dispensed 193k cycles in 2H23 for $10.5m revenue. ($54.40 cycle)

Commentary says growth through more effective... blah blah. Everything else says more free/sample cycles which need to be converted into paid cycles and therefore revenue growth. Familiar bell; we've been here before and it didn't happen.

Investors (are usually???) not dumb enough to miss these signals. You can dress them up all you want - but this is a heap of the reason you are seeing pressure on the Share Price.