Nice one @Parko5 - these are great questions. I'll be listening eagerly on the call to hear if they are addressed. I'll put in related questions to each at the start of the call, hopefully to increase the chances that they don't get ignored!

On other news

I was surprised to see the sharp uptick in the short position, as at Feb 17th (see Figure 1 below). It is getting back to where we were in early 2023.

I think the short thesis is:

• Rate of growth slowing sharply across the board - structural not a one-off
• $PNV now growing with the broader sector - no more market share to be gained ($AVH is now the standout, in terms of growth rate***)
• Competitors have broader product portfolios so are advantaged
• $PNV is going to be a smaller company than we thought before
• The covering analysts are going to reflect this in their updates after the results (not a single one has updated yet!)
• Price will move sustainably to a low band, as $PNV is relatively expensive in it segment

*** Note on Competition

DW will say that ReCell complements BTM, This is true. But $AVH are pushing their licenced-in dermal substitute Cohealyx, which as I understand it is a direct competitor to BTM (see Figure 2 below from recent $AVH presentation. Note this picture applies to trauma wounds as well). We know the sales reps in this segment are much "higher touch" than typical pharma reps, actually seeing the surgeons and sometimes being in the surgery to give advice to new adopters. So now the large $AVH salesforce (recall, $AVH have pre-invested heavily in this in the US, which is one reason why their losses are so high!) can offer more of a full service advice to the surgeon, sharing good practices on how to use ReCell and CoHealyx together. So conceptually, I can see how competition in the US starts to heat up.

Figure 1

Figure 2

Disc: I have previously held all of but no longer hold any of $PNV, $AVH and $ARX at some time over recent years.

Wow. I had not looked at the shorts for a few days.

DW is going to have to give the market a peak at RoW growth. And why he thinks everything is tracking.

this will be really interesting.