I agree the AGM was very light on new facts, but the overwhelming sentiment presented by David and his minions is that the sky is the limit for this business. It appears that the appointment of Swami as CEO has opened the gateway to India, and apparently the first sale has already been made.

Selling to government hospitals in India is predicated on winning tenders, which allegedly always go to the lowest cost tenderer. David claimed that PNV is at least half the cost of the nearest competitor, in which case winning these government tenders should be a slam dunk for PNV.

Of course we don't know how long it would take from winning a tender to actually making sales, and we don't know what sort of margins the company is aiming for in India, so as is usually the case with this company I am left with lots of confidence and warm feelings that here is a star in the making, but no idea how to quantify the growth opportunities.

In other news, the company is close to making some kind of deal with both the Ukrainian and Israeli governments, and we should expect to hear some announcements before the year is out. This could of course be a purely philanthropic move - I'm not expecting any new revenue that flows from these discussions to move the needle.

As well as geographic expansion the company is very busy on the product development front, with an expanded research team that has grown from 4 to 14 people in the past year. They have developed a knitted mesh that can be used in combination with Novosorb for certain kinds of hernia repair, but no mention of when this might be commercialised.

I feel a bit sorry for Swami as he is totally overshadowed by David Williams in these public events. I hope he carries more influence behind the scenes. A few choice DW quotes:

"It's not that I’m not interested in profit, but I’m more interested in growth."

“We’re in danger of making a profit in the first half of FY24”.

“We’ve got plenty of cash ($46m) and we don’t really need it anymore anyway.”

“It's going as well as it could be, everywhere."

Been super busy so only just got around to looking at my notes.

Agree with all of the above. But these were my takeaways:

 - $20-25m capex to get a $500m turnover (36 min)

 - Ed in the USA said they have invested in Management / associate level sales people and territory managers (hired 25 sales people in the last year (44min36 Sec mark)), marketing team, sale training team, sales analyst. (No numbers for these in the breakdown). DW said well over 70 Sales staff in USA. Sounds like they will pull back on the hiring a little and Ed said it is the “year of execution”. But Ed also went on to say they will not stop hiring. So I was a little confused.

 - DW said 120 burns centers in the USA and PNV is in about 110. (45 min) But they don't focus on the burns rather the other hospitals for trauma.

 - Canada - Starting to move into the eastern parts (46 min) - Uses a sales agent up there in Canada. 

 - India - Had first substantial sales into India. All in the private hospitals. Working on the tenders for public hospitals which will be very large orders. (53 min)

 - R&D - Sept 2022 they had 4-5 people in the team. The team is now 14 people in Nov 2023 (1:02 min). Said hernia use is coming along, and the feel they can make it happen for simple hernias. My takeaway from this is that they are playing catchup with all the interest and new uses from surgons. I would expect to see big news (ie new products) in the next 1-3 years.

 - DW said he will be “buying” (1:20 min)

 - DW said PNV is a great defensive stock (1:29 min)

 - UK and Aust are profitable (before overheads apportioned worldwide) (1:30 min). 

 - Ed said started with 7 people and now ‘close to 100’ people in USA (1:37 min)

I believe PNV is doing well. Sure we always want more info etc. But I'm happy to sit back and wait. Strong foundations have been set. And now they are building the rest.