Could this perennial underperformer finally be starting to deliver? It certainly looks possible.

Genuine cashflow positivity. Sales improving both in Australia and Europe

Even after the 35% jump in the share price on Friday, this is still cheap. Market cap $57 million, but they have $18 million cash and no debt. EV/revenue is not much over one.

Paediatric approval (age>6) in Europe is about to happen and will almost certainly boost sales.

This quarter's figures would have looked even better if "respiratory" revenue (basically asthma spacers etc) hadn't dropped (it seems to bounce around quite a bit). So the performance of the core product was even better than it looks at first glance.

My take: the product has always been good, that's what prompted me to invest in the first place. Management was overly optimistic and tried to do too much all at once. MVP has struggled and underperformed for years. Maybe management have finally found a path forward

I have a small, deeply underwater position that I have held for some time. Almost tempted to add more.