I think the revenue multiple will be proven incorrect by year end based on the extrapolation of expenditure.
for example, if opex expenditure plateau's around $120m, analysts will see this.
taking your figure:
May 2026 NET Revenue: $221m
Opex Costs: -$120m
EBIT: $110m
after interest ($0) and tax ($30m)
NPAT: $80M
I cannot see this company being valued at only $2 billion earning $80m in profit with a demonstrated stable base revenue, particularly because this revenue is secured as ARR (annual reoccurring), and therefore, will very likely be demonstrating
at least a stable patient base.
A stable patient base of 40,000 patients will allow me to annualize your monthly figure of $28m to $336 AUD pa.
resulting in NET $150m
This is a $5B valuation or $2.70 share price.
The market will see this coming in December 2025 and will not assign a 75c price with an instant 300% re-rate in May. It will more likely appreciate this data along the way to December 2025, assigning a price of $1.50 to $1.80 in December 2025, allowing for a derisking of 2 quarters to realize a $2.70 share price.
this does not even factor in a growing patient base (growing by 700pw) from that point you can amplify the logic to demonstrate +$3.50 by June 2026 very easily
(20min delay)