1. Page 59 of the annual report - The company is in breach of the loan agreement because it did not hit the set EBITDA target. Even under WP, the company did miss its estimation/target.
For the December 2017 quarter, the Group was in breach of an EBITDA covenant in relation to its PFG loan. Consequently, the loan became payable on demand and is disclosed as a Current Financial Liability in the Statement of Financial Position. However, following recent discussions with PFG in February 2018, Admedus has received a waiver of the loan breach and has renegotiated its loan covenants for the 2018 calendar year. If this waiver had been in place by 31 December 2017, $3,500,000 of the loan would have been disclosed as Non-Current Liabilities, reducing the value of Current Liabilities to $8,239,336.
2. Page 11 of the investor presentation
There is no increase for Cardiocel sales from 2016 to 2017 even though there is one more product in the range (Cardiocel Neo). The extra sales was due to new products and that's it. I hope the past is not an indication of the future.
Two Major Concerns
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