I think it was more the consensus about FY25 guidance. Market...

I think it was more the consensus about FY25 guidance.

Market had apparently been expecting high single digit growth and some improvement in margin. I suspect these kind of expectations developed out of the more favorable birth data that has been seen earlier in the year, which helped the SP grow from $4 to $7.

Due to the current supply issue, A2M has projected only mid single digit growth and margins are flat. That's basically it. I actually don't think the NPAT made much difference it is more that the market is forward looking.

I'd imagine the projections are quite cautious because they are making them at the same time as they dealing with the supply issues. It is not like all those dragon babies are going anywhere - the underlying demand is still there. The challenge is just to keep up with it.