Cataract market is especially exciting for me as that is where...

Cataract market is especially exciting for me as that is where speed and efficiency is most important (MIGS is supposed to be a quick and easy procedure complementing the main cataract procedure, so the previous device was not really appropriate for this). It does seem like they have begun to shift towards C + D segments, it would be nice to get confirmation from the company and their strategy, but all the training sessions and increased presence at conferences wouldn't be to attract A + D customers (as they are already contacts of the company). Very true about the expenses, I'm sure we will see a bump due to this expansion but as long as we have the sales growth to match that bump it shouldn't be too much to worry about. I don't think anyone is expecting a profit in FY24, so as long as they still appear on track to breaking even by FY25 we should be good. I don't mind them spending more, as long as it is bringing in more sales (with a multiplied effect)!

Whilst PNV's price to sales ratio is very encouraging, I believe our closest competitor SGHT reached over a 50x sales multiple when they were recording peak growth rates! I am not quite targeting a multiple so high, but it does show what can happen when the market begins to get excited by the numbers and the future prospects.