agm today, page-9

1) There is competition across all products. There is no competitive edge. (granted the product is sticky)
2) Life card is in competition with ehealth.gov.au
3) If a competitor becomes dominant, they can push global health out by refusing to let their systems integrate.
4) The company essentially failed with their foreign operations - indeed, they have made their first profit by closing those operations. The CEO would seem to have an ambition to expand overseas again. This is highly likely to eat up free cash flow, and may fail again. When do we get a return.

That's just four.