Hi Stockrock.I think the sales matched general and admin costs...

Hi Stockrock.
I think the sales matched general and admin costs plus R&D (it wasn't capitalised), as well as carrying a significantly larger sales force (many of whom - say 35% of the sales team - only joined in the past 6 months and are yet to start contributing in any meaningful way).

Have a look at DW's address to the 2021 AGM and get a feel that during that year the sales team in many cases couldn't enter a hospital or meet face to face with Doctors - and yet sales grew by 32% in a Covid ravaged health system. They grew by 44.2% in a still Covid impacted Dec 21 half year and for the March quarter grew by 59% as we emerge from Covid. (His AGM comments on short selling are also interesting.)

Putting BTM aside, the R&D spend is also exciting. The Matrix product is due for submission to FDA in CY22 and has addressable US market of $750m. Synpath is due for launch in late 2023 and has addressable US market of $400m. Syntrel is not due to file for FDA clearance until CY24, but has huge market potential. Then there's Breast and Betacell lurking in the background.

Sure costs have gone up as well, but you're just not on the same page as DW. According to the clinical reports BTM is great - so I'm backing DW. Go hard or go home.