Very good interview Strawman, as usual. My points were:

1. CEO Brian Ward (BW) indicate ARX are tracking to FY25 guidance. Later in interview said there was a 95% confidence that upper/lower guidance would be met.
2. BW indicated ARX would be both EBITA and cash flow positive in second half
3. Better Clinical Data.  BW indicated in the past clinical data was almost anecdotal often only being based on around 6 patients. This is getting better. Soon ARX will have a 120 patient lower limb study results, with preliminary results looking ‘fantastic”.
4. Capex. BW indicated ARX was past the worst of it. Said another $10m needed to get to $100m sales. From then on should track around 10% of sales.
5. Main focus of markets is the US. Will continue to concentrate in US as is biggest and most lucrative.
6. Competition.   BW stated general case for biologics -  more expensive however less complications, better wound healing, “biologics material recognised as self”, no rejection, less scaring, less infection. (presumably the clinical studies BW spoke of will further favourably prosecute the biologics and especially the ARX case). BW indicated ARX “now similarly priced to synthetics”.  Talked about hospital all up costs – with ARX needing only the one application + lower infection rates.   (I am not at all clear how this all squares off with PNV, AVH and the many other wound care products out there. Suspect in the end their will be a place for them all, with some hospitals / surgeons favouring one over the other, when they all do a pretty good job in their respective applications).  
7. Financial Stability of TelaBio. 

i)        BW acknowledged they had raised capital now for over 10 years and in the US investment market there was more of a “swing for the fences” mentality. Pointed to the November cap raise of US$41m and indicated Tela now well placed to get to the needed sales of $120m and break even.  

ii)     Also indicted the sales mix will in time tilt away from OviTex to the other ARX products ie less reliance on Tela.

iii)    BW indicated in the event of a Tela failure, they had a solid contract with them as far as retaining the OviTex rights.  Indicated the business had value in its own right particularly to a competitor in the hernia and breast areas and any commercial arrangement would survive.

8) Changes to Sales Team. Had promoted a successful regional manager to overall sales manager. More training to reps and rationalisation of sales Regions. ARX had invested further in the medical affairs team (currently 4 staff) to promote the study publications to surgeons.

9) Symphony. Indicated changes to reimbursement was afoot. Would mean for ARX to continue in this market would need to continue with further trials. Myriad would be the main growth driver.

10)  Envio.  Had been to FDA with product. Sleeve was the issue. Working with FDA now on the design of the study. Study would commence next calendar year.

11) Catalysts to Growth.  BW spoke of “the pieces coming together, really pleased at what we see” Said they should in time win “the whole of hospital”. Feels there is a disconnect between the market and what is happening internally.

12) Previous ARX stumbles.   Last year ARX missed guidance – this created uncertainty and was punished for this.   TelaBio performance & balance sheet was a ARX headwind.

13) Other BW comments: ARX now have a much better hospital financial case. Focus on total would care – ie the claim is ARX products need less applications and have less complications. ARX has/will have soon better clinical and financial data on all this.

Importantly BW did not appear frazelled as he should have at the end of a long outwardly crappy (share price wise) year.  BW was chipper and upbeat for the full 45 minutes. No outward signs of defeat in this CEO.

ARX may well have turned the corner and be on the way to being a $1+ share.