FY23 results and 2024 guidance

I expect sales of 14-15 million. Management will probably point out that some orders will ship soon and imply that if shipped earlier full year revenue would have been higher. They seem to forget that these orders contribute to FY24 revenue. Either this is lack of understanding or the desire to tell a compelling story despite the mediocre execution by management. Both is equally worrisome.

Inventory will be through the roof again and consequently be a use of cash.
My guess is that they have to produce higher volume than necessary in order to make margins look good in the IS. With flat sales and continued investments in inventory the cash flow generation has been disappointing.
The highlights of the past year was the dividend payment and numerous Acton Riddles.

To me and several others I talked to replacing the current CEO is necessary.
Loyalty alone does not make a good CEO, especially when outside investors are involved. I could not care less if Acton was the CEO of a company that is to 100% owned by Lev. That's not the case with ANO and the business performance shows clearly that something is not right.
The ANO board should acknowledge that the disappointing results are not caused by external events.
Using Covid as an excuse was fine for 1-2 years, after that the business did not go back on the growth path and the board is attributing this to other external factors without even considering whether management lacks the required skillset.

regarding FY24 guidance, it will be very vague as before. ANO hopes for a positive FDA decision in autumn/winter.