Quarterly Activity report

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02940296-3A666948&v=7bc42bd11d853ed5e8c28f2ffcd6a069ee5cd6b4

Well the market certainly liked it (up over 30% so far today)

Nice to see genuine cash flow positivity

Things seem generally headed in the right direction. I like the management focus on reducing costs and concentrating on Australia and Europe

Main concern is the lack of increase in revenue from the main pain relief segment and well as the poor outlook for the second half due to "phasing" and "currency". I need to understand better what is going on there

Remains very cheap. EV/revenue is less than 1, even with the big SP rise today

IF they can continue to grow revenue in Aus/Europe and control costs, this could easily multibag.

The product has always been good. From here it's all about management executing

The historical pattern seems to be that the SP jumps on positive announcements and then drifts back down. If that pattern repeats, I may be tempted to add to my small irl holding