Super pleased that in the just concluded AVH Q2 Investor Webinar, my question on how AVH views PNV's NovoSorb, whether it was a direct or indirect competitor and if a competitor, how was it addressing that competition, was the first question, was read in full and I think, answered in full ... it was about 42 mins in.

This was my first crack at asking management a direct question as a super-small-fry retail investor outside of SM management sessions, so am still digesting the fact that I CAN ask questions and get answers ....!

I need to re-listen the recording as Jeff went into some medical explanation which I could not comprehend quicky enough but immediate points I picked up:

1. NovoSorb is a very good product (with no hesitation)
2. Does not do what Recell does, sounds like it is more in the space of what the new product Regenity does, at the Dermal Matrix level per diagram below
3. It is used in indications which do not use collagen matrix as part of the treatment vs Reginitywhich is a collagen-based dermal matrix
4. It is "more synergistic and addresses different indications" - Jeff talked about a Venn diagram which overlaps to a small extent where it does "compete", then there is a much wider area of the diagram where it treats different indications.

For me, this means that I can look at PNV as a standalone and different product to Recell, but operating in the same burns/trauma centre space, same customers etc.

Discl: AVH held IRL and in SM, evaluating PNV as a side-by-side addition