Ann: Preliminary and Annual Report to shareholders, page-4

I got into this knowing it was a bit early and given the history the market will probably wait until the runs are on the board before doing any re-rating.

If a few things go their way with approvals/reimbursements then FY16 could shape up as a solid year for growth. My rough estimates place revenues between $3.0m and $5.0m, thinking more to the top of the range. I think costs will come in around $4.0m so UCM may be in a position to hit up to $1.0m in NPAT. A high growth device company could trade comfortably up to a PE of 25x thus at a high case of $1.0m NPAT could see the company valued at $0.26 a year from now. This may not be the low but even if they just hit CF/NPAT break even at the end of FY16, the SP should be higher than now.

All we have to do is be patient and wait for execution which is always the hardest part with these small companies.