Hi @west it is in my diary, and my popcorn is booked for the next showing of the DW circus.

A few reasons why I think he's been quite:

• First $7m month was in May. (An $8m month so soon would signal a real step up in momentum.)
• At that time they gave us an 11-month revenue number ($59.1m)
• That locks in the FY Revenue to be around $63.5 to $66.5m (lower if June is weak $4.5m and higher if there is a strong finish, say $7.5m. We know months are volatile, and June moves into the start of the US holiday season, which might be a factor)
• There hasn't been much activity on the shorts front. With SP range bound in the last 3-4 months between $1.35-$.170, shorts have been steady around 2.4% to 3.0%, which is low by $PNV standards. This is no doubt because the SP is way below consensus of $2.25 (just a touch under my EV).

Of course he has continued to email around various examples of continuing clinical applications, which is always great, provided you don't watch them over lunch.

So we know revenue growth is still decent. What I will be focused on is what the cost picture is looking like, as they have expanded on several sales and marketing fronts and, in addition, continue to build up R&D.

Because of the subdued SP in the run up, perhaps we might all be spared another rollercoaster ride. (I'd like my popcorn to stay in the bucket).