OK.. so I completely stuff up this morning in regard to our meeting with EBR Systems. I just misread my calendar!

So apologies for that. We did start 15 min late and the recording is now up (See meetings page).

If there are any questions after the fact. shoot them through and I'll put them to John.

My key takeaways were:

• A niche market that is nonetheless significant in size and without any comparable product in the market
• Has passed most of the pre-commercial hurdles and now it's a matter of the FDA giving the green light
• Should be early 2025, but John emphasized that sometimes things drag out
• He was very confident that they would get approval, but of course what else could he say.
• Suggested that $100m in 3-4 years was achievable, with margins comparable to other med-techs.
• They will need to raise again but enough cash to maintain through to commercialization. And even then they are going for growth so I got the sense they will raise if and when there is opportunity to do so.
• Not a terrible thing if there is genuine progress and they can achieve a good ROI on money spent, but clearly the opposite is also true.
• Overall, this is still rather speculative (John's words) and investors need to have patients.