Someones accumulating which doesn't surprise me., page-7

Robert Grey still has 18% of shares. The revenues and hence profits of the company are lumpy hence can result in headline profit numbers being misleading to the true quality of earnings. The company expenses all R and D and capital expenses such as set up factory costs. They could capitalise it and you would get a higher earnings number.
Although profit is 0.89 , look at operating cash flow which is 1.6 mill . They are investing in growth atm. bear in mind they had a take over offer at a higher price than this and since then their US revenue has grown . 8500 sites globally is a good number. I ask myself how much will it cost to set up a similar business myself ...I think it will take time and the investment will be significant.
some companies that have had similar fates been IRI (lumpy , and after a profit downgrade , got cheap , but then once all the investment pays off things take off again), similarly VOC during early stages had very poor EPS growth , due to high depreciation and amortisation charges.
AZV has some good tail winds, aged care population and assisting health care companies improve efficiency . US earnings with a falling AUD. Management with skin in the game. I will hold unless I see quality of earnings deteriorate.