Apologies. @seasoning not @GazD

Seems you are all over this @Seasoning

my memory of previous presentations from Kate is that the integration is actually quite difficult and lengthy. Maybe up to 2 years for each client to get the true benefits. And is also labour intensive - the integration that is. . I could be wrong on this point. So all the usual acronyms apply.

if so, this isn’t an easy click a button, add SaaS device, clip ticket, business. And should be valued as such.

@Chagsy  "For me to re-enter I would want to see them convert a couple of Big NHS trusts. Or similar in Oz"

With NSW being comprised of 8 health districts and 2 specialist networks, all of whom run different EMRs (Cerner and Orion being the big two with smatterings of other EMRs for different disciplines mixed in) and the long awaited single statewide DHR announcement imminent, there is a reasonable chance that Alcidion's oroduct is going to be a part of transition, if not in full, but in part.

The big $$$ question is how much of a part.

Thanks for that. I’m pretty sure that there is more variability than this. Each integration has its own set of legacy solutions that need to be patched together. From memory, each time they do this it gets easier as the team becomes more familiar with the legacy systems, so it might become less and less of an issue.

I don’t want to sound too negative about ALC - it is very much on the watch list - just want to see it de-risk a little. Moving up the food chain would be one aspect of that de-risking.

@Seasoning, based on their staff expenses, I would suggest lots! The scaling -- or lack thereof -- is definitely a key concern for me. This year we obviously saw an uptick in revenue, basically all of which was offset by cost increases.

I agree with the assertion that if -- and I think it's still a big if -- they are able to succeed and win material contracts many times over, there is lots of blue sky for Alcidion once they are 'in'. Incredible pricing power, sticky software and an unwillingness to change in the healthcare system. But there is a lot of uncertainty in that assertion and obviously no clear guarantee it will eventuate.

@Chagsy it sounds like our main concern/criticism is more or less the same. That is why I made the point about thinking back to 2018/2019, and what investors back then would have forecasted for today. Surely that the business would be sustainably supporting its growth, or close to it, while seeing some signs of operating leverage? I think your comment about de-risking aligns with my current views. I think there are more attractive opportunities out there that aren't diluting at the rate of ALC; that don't have to endure the long and expensive onboarding process ALC does; and perhaps most importantly, are demonstrating scalability in their business model. Pointerra are a possible example of this (my opinion of course), although also aren't dirt cheap at the moment -- but will increasingly appear that way if they bring in a material defence contract. Cogstate is another one -- also trading around 5x p/s, like ALC, but the bang for buck is a much different proposition. With Cogstate, you are buying a business operating in an attractive area, but have also demonstrated scalability in their business model, are spitting out free cash flow and can pay their way. Like I said, a much different proposition. I know which one I would prefer.