Tim Doyle

I wouldn't undersell your brands.

They're pretty powerful.

Yeah.

I mean, we started...

Five, six, seven, seven different brands, which was seven different businesses, right?

So Pilot is a good business, although it's kind of constrained on its scale in Australia.

Great margins, high retention, pretty clear value to the patient, discretion, convenience, get them the right solution.

pretty easy.

Um, so it's good business.

Uh, we then started Keen, which is a fertility business, which was an incredible brand and made a real significant difference to, uh, the women who were patients of its lives because he was able to, at a time when contraception was like, the pill was like a pretty poorly, uh, like,

managed part of medicine in the sense that like it had been around for 50 years, but there'd been a lot of new pills kind of invented and brought to market.

But most women were still on pills from the 70s and 80s, which had terrible side effect profiles.

And so all we really did was like get them up to date with practitioners who understood

the modern pills and then that reduced the side effect profile massively, which massively improved people's lives.

But the problem with that business is very little gross margin in the, in the pill.

So it's a pretty difficult business to get to any real scale.

And so it was a nice business, but it was a small business.

And then if you want to expand out across fertility, then like the amount of fertility treatments that you can actually do that are digital is pretty small.

So you end up needing to really start thinking about the two major parts of fertility are obviously like fertility preservation through egg freezing and then IVF.

And those are all delivered in person.