The USA has been a slow burn for shareholders, but quite...

The USA has been a slow burn for shareholders, but quite reasonable for building a business in an enormous but difficult market to enter, losing money for a long time while establishing themselves in the market. (so will be the diversification into manufacturing, which I think is essential, for them to control the whole supply chain). My money is on a medium term success in the USA, diversifying into a truely massive market to compliment and de-risk the reliance on the China market. I understand why they keep this low key until it's pumping out the cash.

Happy to hold A2M for the long term and accumulate while the SP gets beaten up by market sentiment, though I think USA is key to accelerating future growth. I do admire A2M patience and deliberate execution in the USA, the important thing they do have is a history of pedantic perseverance in opening and developing their markets (as well as being decisive exiting failures like the UK). I like that.

Can't ignore that huge cash pile they have for investment in growth and how strong their balance sheet is, many company's would die for such a strong balance sheet. That's our money, the shareholders money, and I'm confident and comfortable that they're using it wisely, even if it's just keeping their options open, rather than just giving it back to shareholders in more buybacks, or worse - dividends, which is essentially admitting defeat in growing the company.

Waltrip did a good job imo on establishing the base platform for USA growth, but as we're entering the next phase, I'm confident that the playbook of A2M is to patiently leverage the FDA approval and get distribution and retail/online sales humming in the USA, it doesn't happen overnight, but it will happen, imho. gltah