MEDISYS Plc.

Yaki

Stada will have been stuffing the channel as they are stock holders. We have no idea what their sales level are/were. All we know is what MDY put in to the channel

£3M of sales outside UK/US gave a £5.3 M loss excluding central costs. Aassuming gross margin is contant on a 20% margin that suggests £600k of gross profit incurred operating costs of £5.9M so if someone can make £3M sales into roughly £30M next year, Europe will be able to make a positive contribution to central costs