Ann: MedAdvisor to launch in Asia with Zuellig Pharma, page-13

I know they have excluded 'growth costs' to indicate they are 'profitable on a purely operational basis' but that's not really how this works......growth costs are presumably for the IT development etc and that is driving the top line, so you can't ignore that.

Cash outflow actually increased YoY (from 2.4m to 3.3m) so in fact they are spending more......the good thing is that they have ~10m but I suspect that will only last ~18 months before they run out of funds (remember they are investing in the US, UK and now in Asia and revenues are going to come later)

If they can at least get Australia generating some net cash inflows, it will help their cashflow and allow them to invest in US/UK/Asia without having to raise more money.