@Parko5 - all good questions.

I'm looking forward to hearing your report back as I wont be attending. I'm still following, but I am most interested in what the financials now, so I'm going to wait for the FY25 report.

$ARX posted yesterday and their cash receipts were up 26% on the PCP. $IART is reporting before NY opens later today, so I'll take a look at that, and $AVH (where I have a small bet) is reporting next week.

So, when they are all in, that will give a nice view of the dermal repair sector. It does look like $PNV are still taking share in the segment in the US. So there maybe a play here off BTM and MTX, given SP inn $1.20 - $1.50 range.

RoW is still a puzzle - Australia doesn't even feature in the growth "merit list" from my recollection, although clearly trauma surgeons are continuing to go gangbusters in the UK...quite a few publications from there.

The CEO point, though, is importantant. As for the cash - that can drive R&D and maybe a venture on the drug elution technology, as I think $PNV need to be doing more than just selling little pieces of Novosorb. (A bit like the paper company that supplies paper to 3M for Post-its, i'm guessing).

Disc: Not held

The following are my notes from the Bell Potter interview this morning with DW:

Company Outlook & Strategy

• "Business as usual" – No major shifts in direction.
• USA remains the engine room – Continued strong growth and focus.
• RoW expansion – Initial sales now progressing into second orders. Growth expected across all international markets.
• Canada – 3 salespeople now on the ground.
• Serbia use case – Unreported but promising clinical applications: cleft palate by a surgeon.
• New therapeutic avenues – Cell and medical delivery showing early signs of becoming a major new revenue stream.

Sales Force Expansion

• USA - 88 sales reps on the ground, 9 new hires underway (soon to be 98)
• Each salesperson typically generates ~$1 million in revenue
• Sales reps ‘pay for themselves quickly’
• Some U.S. regions still not covered – room for further expansion.
• Sales model efficiency – Once a surgeon adopts, minimal ongoing effort needed; reps can move on to new targets.
• Podiatry expansion – New U.S. opportunity to "supercharge" growth.

Financials & Growth

• FY26 Revenue guidepost – June sales of $13 million are a good proxy for ~$150 million annualised.
• June was a record month, but revenue can be “lumpy.”
• Tariffs not a concern – Financial impact considered small.
• 10% price increase implemented in the U.S. this year
• Trauma products are price inelastic – Demand not materially impacted by pricing changes.
• MTX product (launched in the U.S.):
• $2M in first half, $4M in second half – strong growth trajectory.
• Used as both a substitute and complement to other products.
• Exploring new use cases.

Capital Position

• No capital raise required – Sufficient cash on hand to fund capex plans etc.

Short Selling & Market Sentiment

• Stock is currently being shorted
• Williams believes short sellers will be forced to cover due to upcoming positive surprises:
• New country entries
• New clinical applications

Bell Potter Q&A Highlights

• Revenue variations explained by:
• Entry into new countries
• India taking longer to convert to revenue
• June’s record month – Considered representative of future run-rate despite some lumpiness.
• CEO Search:
• Robyn Elliott remains acting CEO
• Search is ongoing
• A challenging position due to the company being both large and entrepreneurial

So no answer to my questions above...but I am keeping a close eye.

I also note the SP seems to be stuck around this $1.20-1.30 range......the shorts probably keeping it here waiting to see what will happen.

I think this compnay could get everything sorted (CEO, Growth and new products)....and then easily be back in the $2-3 range.