Let’s hope so, I’m keen to see my holding rise in value and if...

Let’s hope so, I’m keen to see my holding rise in value and if they have found a way to grow sales meaningfully under these conditions then that is great.

But with such large case numbers, the impact on the actual doctors and surgeons, sales staff as well, should be taken into account. While they are not taking up a bed in hospital, they may need time off to recover.

It’s a case of letting PNV demonstrate through actual sales that what they purport is actually going to eventuate. I think the market has caught on that while PNV is painting a rosey picture, the sales have not been as strong as most of us would have liked.

for a company trading on such a high multiple, the market is expecting very high sales growth. IMO modest growth from such a low base is not going to be enough to push valuations higher. It’s different if they were generating $100m-$200m and growing at 30%. But 1H22 sales were only A$16.28m ex BARDA. Including BARDA it was $18.04m. Annualise that and they get to A$33m ex BARDA or A$36m including BARDA.

That compares to total revenue of $25.5m ex Barda or $29.2m including BARDA in 2021.

so that is 29% ex barda or 23% including BaRdA sales growth for FY22 off a low base.

this is if they match 1H22 sales, and to achieve high double digit growth year on year they will need a spectacular second half. Can they do it? Of course it is possible, but the market doesn’t appear to think they will given the headwinds I’ve mentioned.