Thank you, @mikebrisy, appreciate the kind words - although I'll be the first to admit that my personal small-cap portfolio has suffered in recent months!! I'll be working hard to get my portfolio returns back above double-digit p.a. returns (and hopefully am set for a bounce with PVL). Also, I'm increasingly focused on global equities (which is not captured here on Strawman).

Having only taken a preliminary look so far, I think Impedimed is a terrific business. The key moat is a combination of regulatory (NCCN guidelines), product-led and first-mover advantages. Importantly, the Impedimed product set is becoming the de-facto standard of care for a range of medical diagnoses/conditions/situations and the reimbursement pathways are accelerating Impedimed’s first mover advantage. Also, SOZO is the only FDA cleared BIS device for Lymphoedema.

However, in my view, the valuation remains the key risk to a medium term investment, with the market pricing flawless execution from here, with the stock trading on a ~30x FY22 revenue multiple. Also, branching into cardiac and renal too quickly could result in costly trials before the business is profitable. Additionally, there is a reasonable cost to produce the device at scale, which will lead to working capital and new machinery for production. This coupled with the lack of consistent profitability poses the question of ongoing dilution and further capital raises over time.

Will do some more work on this.