Q3 2019 Revenue Expectations

With Q3 done and the financials due to be announced in the next couple weeks, I'm curious to see what everyone is expecting in terms of Recell revenues. Ideally looking for projections backed by research and solid assumptions as opposed to pure guesses.

For me personally, the analysis I've done points to revenues between $8 to $9 million (AUD). I recognize that this is high relative to Q2, but I can assure you my projection is grounded by hours of my own research. Key assumptions that lead me to this range are:

• 41 U.S. burn centers actively using Recell during the entire quarter, representing ~4,000 inpatient admissions
• Average % of inpatient admissions where Recell is used - 10% or 400 patients
• Average number of Recell kits per patient - 2 (1 kit covers 10% TBSA)
• Average Price per Recell kit - $7,000 USD
• Q3 U.S. Recell revenues - $5.6million USD or $8.4million AUD

I recognize that some of my assumptions above are conservative (i.e. 41 burn centers were customers as of 6/30 so this is likely higher for 9/30) as I feel it's better to underestimate and get a positive surprise, but even with these conservative estimates I see Q3 revenue almost 3x what it was in Q2. Feel free to pick this apart and tell me if you think any of these assumptions are too aggresive, I would love to hear everyone else's opinions and also your estimates.