I thought the surprising thing was it only fell 11% on the ASX...

I thought the surprising thing was it only fell 11% on the ASX yesterday. As I noted above, it was a 27% miss on quarterly revenue, and a 46% miss on their own internal targets - it deserved more punishment than it got. It does feel like the AVH investors are always looking to take the lead from the RCEL investors (on the upside or the downside).

As it was, the revenue guidance for FY24 was already heavily weighted to the second half. Considering they were guiding for (midpoint) US$81.5, and their original plan for Q1 (midpoint) was US$15.2M, that implied for the next three quarters they would average US$22.1M - or double what they've just done. The fact they've had a big miss on their first quarter tells the market that the rest of the guidance is cactus. I think the error was compounded by Jim coming out and saying something as trite as "we remain optimistic for the full year". Your investors are not idiots and you should not treat them as such. The figures in the table above from @saltland tells you how immense the task is in front of them just to hit the bottom end of their original guidance.

So in my view, RCEL investors have possibly taken the hatchet to it on the assumption of at least a 30-40% miss on FY24 guidance.