Well their costs are very high relative to sales at this stage,...

Well their costs are very high relative to sales at this stage, but I doubt this will change in a hurry.

But you need to think about how the product might be viewed by a potential suitor currently selling the implants. The ideal acquirer will already have a salesforce with great coverage. They can gain both a halo effect, and raise the profile of their brand/product while the end customer is using the Aeroform, prior to the final procedure. If the doc is using Aeroform, and a competitors implant, then the acquirers sales team would have a reasonably open door to keep plugging away at the doc to gain that business, and vice versa to promote Aeroform. It is also another story for them to tell at marketing events etc. Finally you never know if there are potential integration options to advantage their product over the oppositions to dovetail with the Aeroform - potentially based on the feel of the implant feeling similar to the Aeroform for example, and some else that is clever.

And all possibly for (say) AUD150m possibly, in a $3b??? pa market with 70% gross margins not uncommon (in implants etc). I think the likelihood of a takeover is very high for those reasons - but I may be missing something obviously.