I was going to reply but was busy - I went on a tour in 2012 after the AGM and I was surprised by the impact that Capex can have on manpower expenditure ( which I was informed was a really high number in both acute and aged care)- I was surprised by the fact that some technology they have can actually reduce staff and make patient more able to control their own environment. Plus they had a doctor interface that allowed the upload of patient data to the doctors mobile for them to give direct instructions even if they were not there. Then the bed that reduces the need to move patients to avoid bedsores as it changes the pressure points with little butterfly motors ...
I also dont think its just a deferral process as I got to understand it - much of their thrust is that the local manufacturing arm assists in taking standard solutions and making them purpose built to suit that customers need. So in fact their focus has been on a very high service level which already reduces the cost of wastage in that they can repair and service the capital equipment.
Of course they are not immune but rather at this end than a CAJ or LHC...
Then you made the correct point that most importantly is the 70% consumables ...
Really you have to ask yourself - in any market can I truly get to a zero shareholding in a market - I dont see it as logical unless you are a trader. I am looking for winners and i think this will be one.
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