@jcmleng Yes, you are right about management communications. My remarks on this theme with $AVH are ever so slightly tongue-in-cheek. I honestly consider Jim to be an open and candid communicator.

I just think that the reality of delivering in the healthcare space (and probably more generally) requires more care on setting expectations. Personally, I think a lot of unproductive effort and share price volatility could be avoid if management (not just $AVH) focused their communications on what HAS happened, rather than what and when they think things will happen. It is particuarly the case in the healthcare system where so many factors are outside management control, or where wildcards can be delivered from one of any of a number of sources.

As a holder, I believe there is a big opportunity here. However, even though it is in my "buy" zone, I consider my 3.5% position sufficient for now.

Discl: Held IRL and in SM

Never a dull moment with AVH/RCEL!

• Was totally gobsmacked watching last night’s RCEL 48.25% pop on news of AVH receiving CE mark approval for Recell Go Mini, and then waking up this morning to see it actually hold. 
• While I understand the market’s relief at another box being ticked, as posted yesterday, I did not share the same exuberance - its great, but that's for later. What is more pressing is evidence that the Medicare reimbursement drama’s have subsided and sales are back on track.
• What was a bigger positive shocker was the overnight RCEL volume of 19.6m shares that accompanied the pop. Last night’s single day volume was about 75% greater than the previous AVH pop days (up and down), going back to 2018. The volume prior to 2018 was even lower.
• Feels like a tightly wound negative coil just snapped and rapidly unwound - while that many shares were sold by those taking advantage to get out, that many shares were bought, presumably these must be the believers waiting for some signal to back the truck and load up

We’ve been here before - a nice pre-results pop, then the results come in flat because of some drama or the other, show is over and the price falls back into depression again, so I’ll take today’s pop and be happy for today. But the real test is the 3QFY25 results, due in a months time .... if that is positive, then ....

AVH’s ASX movement was "relatively" more muted as it had popped 10+% yesterday already.

@jcmleng at one level the result is surprising, and at another level it is obvious.

Surprising: If you believe the market is valuing $AVH fairly, and you look across the industry and estimate how much margin comes from North America vs. RoW, and then consider the time delay to RoW, then the pop on the NASDAQ and following today on ASX, makes no sense whatsoever.

Obvious: However, if you believe that $AVH is on track to becoming a sustainable business over the next year or two, then with reasonable FCF growth from there, well, then pretty much any valuation of it says the SP is completely beaten up, for reasons we've discussed. If on top of that you add RoW sales enabled by the CE Mark, and take notice of the recent clinical data, the of course it is reasonable that some volumes will return to the stock, recognising that there is a recovery in making here.

Of course, short term price action is really all about changes in daily buying and selling flows and nothing to do with performance.

Q3, and then Q4 sales are still King, in terms of SP over the next 6-12 months.

As you say, we've been here before, but still it doesn't dull the enjoyment on the day. Enjoy!