Ahead of reporting reason we have reviewed our forecasts which has resulted in downward revisions particularly for FY23 and FY24. The main areas of revision relate to moving the revenue contribution from the new product (CORIS®) from FY23 to FY24, increasing the cost base to be more in line with guidance and reducing our European growth rates. We acknowledge we have been slow to reflect these downgrades but believe the investment in R&D, transition to a direct sales approach and continuing opening up of the hospital system will see the business on a more normal footing from FY23. As a result of the profit revisions, our DCF valuation has fallen to A$4.86 and with the significant share price fall still results in a TSR of ~50%. We retain our Add recommendation.