WPMO, page-6

They did not report reduced market share, just a seasonally slow January. Seasonality effects the whole market, i.e. saline implants will be reduced as well as air expanders. So I wouldn't be concerned about this, nor would this cause me to think any less of management.

The FDA delay is what it is, can't really blame management for this either, on the recent call Dodson said regarding the questions from FDA: "we are not alarmed or concerned by anything they asked".

Regarding cash and the chances of a capital raising, my view is that even if the FDA approval wasn't delayed they would need to do a CR at some stage late in CY16 due to the cash on hand, cash burn, and ramp up in sales and training of surgeons required to address the US market (hence a CR is probably priced in). Dodson believes they have enough funds to continue to operate through to FDA approval, though wouldn't entirely rule it out.

The fact that they have got to 20% market share without all surgeons being trained to use it suggests that the early adopters are using it in higher numbers than 20%.