Just a few further reflections on details of today's $PNV sales report.

Recent headlines on $PNV presentations have been "Accelerating Global Impact". This key message was initiated at last year's capital raise, with part of the rationale for raising funds being to expand the S&M workforce and also to enter new markets.

By my estimatation, the Sales workforce increased from 64 at EOFY22 to 105 at EOFY23 (data in Annual Reports), an increase of 64% with some 20 of these in India. DW always talks about sales reps. being "working capital" and needing 6 months typically to cover their cost of US$100k p,a, in the US (and of course a lot less in the new emerging markets). But actually, we know from other sources that is can take 2-3 years for a sales rep. to fully develop their capability.

So to have a "YTD" growth rate of +119% is actually very encouraging and it cannot be explain simply by the expansion of the sales force. I think we are liukely seeing the combination of several factors: 1) lag effect of the recent generation of sales reps added over the last 1-2 years starting to hit their straps, 2) new accounts added over the last 1-2 years of commencing adoption and 3) broader applications of clinical use of BTM.

By all indications, ANZ had a quieter FY23 over FY22, simply because nothing was said about it at the FY result. And one thing these guys are not shy about is reporting good results.Which is why it is good to see it feature again in today's report, with Australia report at +128% YTD over pcp. Australia is a relatively mature market, and we know from LinkedIn analysis that there have been few if any sales additions in ANZ over the last year or so. In that context, while recognising lumpiness of results in one quite small market, 128% growth over what is probably an 8-10 week period, is an indication that the product really is getting traction in the market.

The same follows with the UK with 155% YTD growth over pcp coming on the back of FY23 growing by 164% over FY22. The momentum in UK appears to be sustained.

It will be interesting to see what further updates we get at the AGM later this year.

Maybe, just maybe we really are starting to see global growth accelerating!