We update our review of GDP and GDP per capita following Wednesday’s ABS release of the September national accounts. GDP grew by 0.6% in the June quarter, tied for the highest growth rate recorded since December 2022. This growth dragged GDP per capita up, reaching +0.2% for the quarter. This is the second positive GDP per capita result in the last three quarters, but only the third since Jun-22 (see Figure 2).

We update our forecasts following yesterday’s announcement of the FDA’s clearance of Salix Coronary Plaque, the release of the group’s full-year results and today’s investor call. We increase our valuation to $3.48 per share and expect to revisit it within 6-9 months as Artrya makes progress on the SAPPHIRE study.

Artray announced today that its primary product, Salix Coronary Plaque (SCP) gained FDA clearance. This is a major milestone for the company, as SCP is Artrya’s core product, responsible for 70% of the group’s future revenue. The approval means Artrya can start charging Tanner Health for SCP following the signing of a commercial agreement in July. It also means that the agreements with Artryra’s two other US partners, Northeast Georgia Health System and Cone Health, will start generating meaningful revenue.

Artray reported its 4Q25 cash flows yesterday. Operating cash flow was -$5.4 million with a step up in cash burn reducing operating cash flow. AYA is continuing to progress its SAPPHIRE study, with news on study partners expected in month or so. Costs in the quarter increased as AYA focused on submitting Silax Coronary Plaque for FDA approval (16th July 2025) and completing development of Silax Coronary Flow.

We review the relative performance of Australia’s leading indices and look at the long-term impact of underperformance. We also examine the fundamental limitation of the ASX Small Ordinaries index and why you should never passively invest in it.

Artrya announced today that it had submitted its application for approval by the FDA for its second product, Salix Coronary Plaque (SCP). The FDA aims to complete the approval process within 30 days, with the clock stopped if they request additional data. We also estimate that the 6-8 hospital groups Artrya are in discussions with about being part of its SAPPHIRE study could represent $4.5 billion in value.

Venn Brown spoke Tim Fung, founder & CEO of Airtasker, an online marketplace for local services. We discussed the company’s positive cash flow, international growth opportunities, creative media partnerships, and outlook.

Venn Brown sat down with Global Portfolio Manager John Moorhead, to discuss his investment process, his views on the current market outlook, overlooked opportunities in international markets, Australian investor's over exposure to local companies and how volatility can be an investment tool.

Venn Brown sat down with Stephen Tomisich, CEO of Trajan, to discuss the group’s technology, market differentiation, and long-term plans.

Artrya held its 3Q25 results call today. The results were in line with expectations with management reporting more significant news that they are in discussions with US hospital groups performing 400,000 scans a year