Sep investor preso, page-19

Question is, how much is addressable and when? Need contracts to expire before we can compete for them. Plus the incumbent always has an advantage which makes things even more difficult.

High level market sizing is ok for a rough long term size of the prize, but it will tell you nothing about how much you can expect to capture in the next 12 months. Too much dreaming and not enough research (including myself in that criticism). The latest quarterly was in line with Waynes stated objective and meets his expectations. Not knowing how many tenders/contracts were awarded in that period, it is pretty hard to sit back and judge whether it is good or not. You cant win something that is not on offer.

I dont even know what percentage of sales are subject to a tender process vs bought order to order.