Agree all of that @Strawman.

I think the swing factor here is that they appear to be swinging for the fences with Rest Assure and have drained their debt facility to do it.

I was at the AGM in Nov and asked about the debt. CEO (ex-CFO) and Chair said it's front of mind and they want to get this down ASAP but it's required for the Rest Assure Dev and commercialisation (assuming timely reg approvals).

The Debt is a key source of risk in my mind and I think largely explains the share price weakness. I see it as almost a race against time to see if they can get traction before the money runs out.

Looking more and more like 3 potential outcomes to me:

a) If Rest Assure is successful and timely, sky is the limit.

b) If Rest Assure doesn't gain significant traction but they offset this with enough revenue growth in US & Europe they could muddle through and tread water / grind higher for a while.

c) If they miscalculate and run out of money, cost cutting and other growth killing measures will be required I expect.

My takeaways from the AGM remain relevant to my thesis:

1) This is a big bet on the Rest Assure product being successful in terms of 1) Dev, 2) FDA Approval, 3) Commercialisation via Insurance approvals, etc.

2) Only then will SOM be able to grow revenue, demonstrate operating leverage and reduce debt.

Disc: Held.