There must be some value here with the recent MRSA (FDA...

There must be some value here with the recent MRSA (FDA approval) and with Thermo Fisher wanting to be the exclusive distributor for the US (largest global market). Cant imagine they would have taken a position otherwise. Especially if Thermo may subsequently become a partner (applying their time and resources) in validating early plate reading - we know early data is showing the APAS' capability of reading 6 hour cultures.

The benefit of Thermo Fisher is that they are the largest seller of plate media in the US, and so have access to readily available data showing the labs/ hospitals consuming the greatest volume of plates and thus providing them with clear target customers.

Hopefully with Thermo taking ownership of commercialisation in the US, we see increased sales over the coming 12 months. It is positive to see that performance metrics for the 2022 calendar year are going to be set (ref: Quarterly Report 28/10/21).

Having also sold 2 x instruments to Sonic Healthcare (through the HSL in UK) in May 2021, hopefully we are aggressively trying to penetrate their network of labs.

In Addition (Known Sales Pipeline):

• UK (Beckman Coulter Centre of Excellent Lab) trial is complete and we await sales confirmation
• US (West Coast lab) trial should be just about / if not already complete - awaiting sales confirmation
• France trial commenced in September
• US - a number of customers are progressing to clinical evaluation following lab workflow assessments; and
• US - two (2) sites have expressed interest in conducting an evaluation following the Master Product Agreement with AdventHealth

(reference: Quarterly Report 28/07/21)

Product Development & Regulatory Approval
Good to see positivity within the business following the MRSA - FDA approval. We now target:

• Urine Module (CE Marking - European regulatory approval)
• VRE module (CE Marking - European regulatory approval) and
• AMR Module

Territory and Product Expansion
The Annual Report (page 8) provides further indication that we will see expansion of the technology into new industries - APAS Pharma and Dairy have previously been mentioned.

It also appears a further territory (in addition to US, AU, UK, Germany, France) for distribution will be finalised. Hopefully this is the result of direct interest.



Shareholdings
There has been some discussion with respect to management acquiring shares. As always, it would certainly be positive.

A new policy has been implemented requiring non-executive directors to hold a minimum one (1) years directors fees which is a positive step - perhaps could have been more aggressive.

With respect to BB, and other than the 7.5m (options) there has been some acquiring of shares on market and/ or forgoing cash in exchange for shares which could recall. Solely looking the below, the acquiring of those parcels have come at an average price of circa $0.21c.

	Value	Price	Shares	Note
1	$100,000	$0.32	322,580	Acquired on market
2	$44,064	$0.16	275,400	$44k of FY21 bonus substituted for shares
3	$18,275	$0.10	182,750	During COVID - 1 x day per week of wages (over 4 months) substituted for shares
4	$162,339	$0.208	780,730	Total

Reviewing the Top20 over the past 6 months, it is comforting to see long term large holders remain on the list and continue to see potential here. Several have increased their holdings (i.e. B.Moran further increased holdings), whilst there are a couple of new additions with 2m+ shares. Notably, Dr J.Z was not on the list at end of 2020 and so has taken a significant position over the past 12 months (4.261m).