The 4C says "Total invoices sales and orders for the quarter...

The 4C says "Total invoices sales and orders for the quarter were NZ$14.1M (see footnote 1) "
Footnote 1 say "Zoono refers to “invoiced sales” when an order is received from a customer. A sale is only recorded
as revenue once the product is despatched to the customer. Additional revenue from this quarter’s
sales will be seen later this year once the orders has been dispatched"

So my read on that is ZNO reported new orders in the $14.1M figure so actual revenue for Q2 will be less than this figure. I don't know how much less, but based on cash receipts of only $5.5m in Q2, I suspect Q1 sales are materially below the $15m cash receipts in Q1 as not much debtors were collected in Q2. Q1 cash receipts of $15m were boosted by a large debtors balance as at 30 June (which was ~$9m in the AR).

Hard to say what Q2 actual revenue will be but based on the changing metrics quoted by Paul each quarter I will take the conservative approach and assume it is also materially less than $14.1m. H1 revenue could perhaps be in the low $20m range as opposed to mid $20's IMO.

Lockdowns are most likely hurting sales in the UK and rest of Europe. Sales in Aus and NZ sales have probably dropped as flagged by Paul in the AGM. AH progress seems delayed with key studies now expected late February. US approvals process is dragging on. Whilst covid provides a major tailwind there are many headwinds being faced. The shame is Paul is not transparent about these headwinds and would rather spin words and selected metrics which loses investors trust in management.

Very little upside is being factored into the SP now and it seems only some strong results will change this market sentiment. Shame is none of those key areas are likely materially improve in Q3, perhaps Q4 is where the real upside will commence and continue once markets open up, lockdowns cease and transport returns. More patience required for LT holders unfortunately. I suspect many don't want to wait and will dump now creating opportunities for new investors.

GLTA, DYOR