income, page-22

potential future earnings v actual company performance is my theory.

with the current balance sheet (FY 13-14) staff costs almost exceeded revenue (500 thou the difference) and staff costs more than doubled from 12-13 (3.3 mil) to 13-14 (7.3mil). From a purely factual perspective, a company with numbers like that that may be years away from turning a profit (but a lot of us think sooner rather than later), the share price may be a reasonable reflection of the companies worth.

Our self created fantasy will materialise as reality when the product is taken up (potentially as the preferred product in many cases) and the range of applications for the ADAPT comes to fruition. we can all wish for what we want, but the numbers that we all play with can provide some indication of what the fantasy will likely resemble. Self created? sure, but on the whole, a reasonably carefully calculated one. The numbers suggest that the capacity of the 'shed' will most likely not supply world wide demand for congenital cardiac defect needs, let alone cardiac valve replacement/ repair (greater demand than the congenital market) and then hernia repair (potentially greater need again). If the product is as good and adaptable (pardon the pun) is we have all been lead to believe, it will sell it self. all the co will have to really do is meet demand (IMHO).

Hand tight and keep the bottom drawer that contains the share certificates well and truly closed (well that's my plan).

The speculative phase for this company may have well and truly past - the rise from 0.02c to 18.5 c was probably that - (however we have a viable product with more potential applications than you can poke a stick at), so now it may be the companies quarterly balance sheets that will now drive and determine the share price.

Off for a beer and a swim.