I think FRX is now demonstrating strong evidence of operating...

I think FRX is now demonstrating strong evidence of operating leverage.  If you look at the table of financials below, you can see that as growth is maintained (>100%pcp growth fro 12 months) R&D spend is fixed at approx 100K per quarter, gross margins have stabilised at approx 50% and sales and marketing expense is also reasonably static at 500K per quarter.  The last Q had unusually low staff expenses (not sure about that), but in general staff and G&A costs are reasonably static at 200K and 150K per quarter respectively.  This has all the hallmarks of operating leverage. If growth can be maintained in the next year, we are looking at in excess of 2m FCF for the FY, which if re-invested intelligently could really be the catalyst for significant multi-year share price appreciation.  We are very likely to see a catalyst in the next 3 months, as with @japanfresh, given seasonality I am expecting ~+500K cashflow next quarter

	30/06/2016	30/09/2016	31/12/2016	31/03/2017	30/06/2017	30/09/2017	31/12/2017	31/03/2018	30/06/2018	30/09/2018
Operating
Receipts	862	919	263	399	483	736	1252	912	1498	2024
QoQ Growth	847.3%	6.6%	-71.4%	51.7%	21.1%	52.4%	70.1%	-27.2%	64.3%	35.1%
PCP growth	452.6%	-25.9%	-90.2%	338.5%	-44.0%	-19.9%	376.0%	128.6%	210.1%	175.0%
R&D	-279	-175	-91	-97	-88	-78	-100	-111	-113	-103
R&D %	32.4%	19.0%	34.6%	24.3%	18.2%	10.6%	8.0%	12.2%	7.5%	5.1%
product	-297	-194	-310	-655	-384	-257	-517	-485	-726	-997
product %	34.5%	21.1%	117.9%	164.2%	79.5%	34.9%	41.3%	53.2%	48.5%	49.3%
S&M	-987	-878	-171	-189	-15	-483	-623	-520	-543	-507
S&M %	114.5%	95.5%	65.0%	47.4%	3.1%	65.6%	49.8%	57.0%	36.2%	25.0%
staff	-213	-266	-202	-221	-221	-213	-223	-260	-244	-110
staff %	24.7%	28.9%	76.8%	55.4%	45.8%	28.9%	17.8%	28.5%	16.3%	5.4%
G&A	0	-172	-144	-121	-135	-269	-187	-255	-71	-147
G&A %	0.0%	18.7%	54.8%	30.3%	28.0%	36.5%	14.9%	28.0%	4.7%	7.3%
interest	36	22	20	14	11	9	7	3	1	1
costs of finance	-4	-7	-12	-15	-21	-36	-83	-86.00	-80.00	-77.00
net op cash	-882	-751	-647	-885	-370	-591	-474	-802	-278	83