Investor Newsletter - Issue 3, page-6

I don't see it that way @futurenow. I think MDR is struggling to show respectable organic growth (outside of acquisitions) and on that basis, the SP is expensive which is why I think it is falling. The investment needed to succeed in a new geography like the US is almost certainly higher than they have budgeted, and will likely result in management dropping their focus on Australia where competition is heating up in the space, which may result in them losing market share here.

I remain of the view that their business model is not working. They struggle to get meaningful numbers of consumers using the app on a "per pharmacy basis", which demonstrates that driving effective consumer adoption of their app eludes them. I would not be surprised if the bulk of their consumer engagement is through a handful of actual pharmacies.

I really hope they make it in the US, as it hasn't worked here.