News: MDR Medadvisor Ltd Posts 3Q Operating Revenue Of A$11.3 Mln, page-3

not cashflow breakeven despite forecast revenues of ~70m (which is not far off the MC)

Note that only ~10m of that is SaaS revenues with decent gross margins, while the rest is from the US business that is much lower margin and also dependent on winning/renewing contracts each year

At this valuation looks cheap to me (note I'm a holder so biased), but the Aus business seems to be covering costs for the Medadvisor app development/maintenance (just barely......I'm hoping that covid bookings were not material else FY23 might not be great), while the US business if it gets traction (digital), it might be very good.

High risk (not much cash, US needs to deliver) but potentially high reward if things work out in the US (UK & NZ is a bonus, but this app tends to over promise and under deliver for years).