PNV - Banter and General Comments, page-5198

In a nutshell, sales growth has been less than expected despite the enthusiastic support of surgeons who have tried it largely because of the impact of Covid restrictions. As the result the company has been bagged by a some of the broker analysts (like Bell Potter and Oppenheimer) who IMO are not very familiar with the company or the product. That's the primary reason for the depreciation in the share price, along with the fact that at $4 it was probably somewhat over valued.

Even so sales growth is still 30%pa and the company has increased sales personnel paid for by expanding revenue. Debt is minimal and the company said they made a "profit" for the first time, although they also declared a small "loss" for tax purposes.

The company is developing a pipeline of new products including breast implant and hernia repair devices which have also been delayed, but IMO they shouldn't actually affect the revenues for several years anyway.