@tbra97, I think this is more of a case of too many changes at once, as a company doesn't do this if everything is going well.

They raised capital in August 2021 ($7M) to drive sales growth, and while ARR has increased the total revenue has decreased, while at the same time operating costs have increased, not a great combo in the current market conditions. They have been loss-making for a while now, although I saw that they have been winning some contracts recently. It will be interestng to see if the upcoming half year numbers are better. On the last quarterly they had cash burn of $1.7M, (with staff expenses the big cost) and cash at hand to get them through 2 more quarters at that rate. I think you need to be careful with adjusted numbers as cash is king. I think it will be hard for them to raise money given how their last raise wasn't used effectively. Covid and hospital access has been a strong headwind for them so maybe they will start to get more traction with their sales pitch going forward.

The replacement of the old CEO (Michael Davies appointed 1/7/21) last week with Mathew Cherien who was the founder and is the major shareholder is probably a positive longer term but pretty jarring change short term. He will be pretty incentivised to turn the trajectory around but I wouldn't be surprised to see this go lower in the short term as the company is now going through a restructure process and it wont be clear if this is working for a while yet..