CONTROL BIONICS LIMITED — Investor Presentation 2024

Sep 18, 2024

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Next-generation assistive technology and data measurement

I N V E S T O R P R E S E N T A T I O N S E P T E M B E R 2 0 2 4

C O N T R O L B I O N I C S . C O M | A S X : C B L

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Disclaimer

This presentation is intended to provide a general outline only and is not intended to be a definitive statement on the subject matter covered in it. The information in this presentation, whether written or verbal, has been prepared without taking into account the commercial, financial or other needs of any individual or organisation.

Certain information may relate to protected intellectual property rights owned by Control Bionics Limited (Control Bionics) and its subsidiaries (together the Group).

While due care has been taken in compiling the information based on the information available to Control Bionics at the date of the presentation material, neither Control Bionics nor its officers or advisors or any other person warrants the accuracy, reliability, completeness or timeliness of the information or guarantees the commercial or investment performance of the Group.

The information does not constitute advice of any kind and should not be relied upon as such. Investors must make their own independent assessment of the Group and undertake such additional enquiries as they deem necessary or appropriate for the own investment purposes. Any and all use of the information is at your own risk.

No representations, warranty or assurance (express or implied) is given or made in relation to any forward looking statement by and person (including Control Bionics). In particular, no representation ,warranty or assurance (express or implied) is given in relation to any underlying assumptions or that any forward looking statement will be achieved. Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based.

Subject to any continuing obligations under applicable law or any relevant listing rules of the Australian Securities Exchange, Control Bionics disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in these materials to reflect any change in expectations to any forward looking statements or any change in events, conditions or circumstances on which and such statement is based. Nothing in these materials shall under any circumstances create an implication that there has be been no change in the affairs of the Group since the date of these materials.

I N T R O D U C T I O N

Proven core technology now with infinite possibilities

We are empowering communication and enhancing lives with a vision to revolutionise medicine, sports science, rehabilitation and more with our nextgeneration EMG technology

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I N T R O D U C T I O N

On the cusp of rapid global growth

A proven medical device company with sizeable global sales of core products that we design and manufacture

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20 years of Core business Regulatory expertise with our clearance and continues to grow world-first, best-inpatent protected organically in class proprietary in US, AU, UK, Australia, the US technology Japan and Europe and Japan

Blue sky and diversification opportunities with next generation solutions

Many levers for Near cash flow growth with new breakeven* products, uses, excluding sales markets, and from new channel partners initiatives

before corporate overheads

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I N T R O D U C T I O N

EMG technology is at the heart of our solutions

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An EMG signal is detected.

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Our patented code creates a “switch” to operate devices

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Your brain sends a thought like “move my index finger”.

To move your finger, an electrical signal is created and

Electromyography (EMG) is the detection of this signal.

Our core IP uses smart

algorithms to detect, analyse and convert your body’s bioelectrical EMG into code so a user can select an item and operate a device.

Users can type, generate speech, send emails, browse the web, stream entertainment, access social apps, control their environment (lights, electric beds), play with toys, and more.

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EMG CAPTURES, RECORDS AND INTERPRETS ELECTRICAL ACTIVITY PRODUCED IN YOUR BODY’S MUSCLES WHEN YOU MOVE

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I N T R O D U C T I O N

The evolution of our core IP

Smaller, wireless and wearable

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NEUROEDUCATOR
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NEUROSTRIP
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One of the first prototype systems in the NeuroEDUCATOR series was developed 20 years ago with feedback from Stephen Hawking who trialled our technology for many years.

A wireless, wearable NeuroNode was first launched in 2017. Using our IP, EMG assists disabled people in accessing technology for the world’s best communication experience.

Just launched in 2023, the NeuroStrip weighs less than a piece of paper and is a miniature version of our core IP. It’s our main lever for growth with unlimited uses beyond disability.

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Solutions

Assistive Mobility

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Assistive Communication Data Measurement

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P R O D U C T O V E R V I E W

Core products and those newly launched Currently assisting those disabled and leaping to new untapped markets

CUSTOMERS

CURRENT CORE PRODUCTS

NEW PRODUCTS

Disabled and diseased people with degenerative neurological conditions, spinal cord injuries, ASSISTIVE cerebral palsy, and other COMMUNICATIONS conditions with movement restrictions.

Speech-generating solutions with flexible access methods (touch, eye, EMG) to assist people with various conditions. NeuroNode bundles give the world’s easiest and fastest communication experience with the least effort.

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Standalone EMG and spatial access method that can connect to competitor products for the best available communication experience.

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Disabled and diseased people who have powered wheelchairs. This population size is ASSISTIVE larger than the assistive MOBILITY communication market.

A world-first allowing powered wheelchair users to safely and independently navigate their home.

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Endless market and application possibilities outside of the disability market like medicine, DATA sports science and MEASUREMENT rehabilitation.

A world-first all-in-one accelerometer and EMG device that measures physiological data like unintentional muscle movement.

NEUROSTRIP

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Our core IP remains innovative and without major competition even today

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A S S I S T I V E C O M M U N I C A T I O N

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Our fastest near term path to growth

Those with degenerative neurological conditions, spinal cord injuries, cerebral palsy, and other conditions with movement restrictions can now access a computer, phone, tablet, and other assistive devices . with subtle muscle signals

On the communication device, NeuroNode acts as a switch that is translated into a mouse click to manipulate the client’s communication and control software.

We hold a provisional patent for AI-based software that gamifies our core technology , allowing users to create and share original content like digital art and stories with teachers, parents, and loved ones. We believe this is a world first.

https://vimeo.com/controlbionics/neuronode

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A S S I S T I V E C O M M U N I C A T I O N

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Our flagship product is the world’s fastest, lowestfatigue eye-tracking system , combining a camera, computer and NeuroNode (EMG/spatial) control

This 3 in 1 solution suits those living with paralysis and loss of speech. Unlike other technologies, no movement is required to communicate.

Studies show typing is much faster with our 47% Trilogy product bundle than just using other standalone eye tracking technology

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A S S I S T I V E C O M M U N I C A T I O N P R O D U C T S U I T E

A voice for those without

Bundle with a NeuroNode for faster, less tiring and easier communication

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USER TYPES

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A user’s condition will determine the type of access method and hence product PRICING ($AUD FOR AUSTRALIAN USERS) Rental with buyout option starting price Buyout option starting price Newly launched 12 month lease

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SPEECH GENERATING COMPUTER & SOFTWARE Powerful, professional-grade system including language software for use on the go

EYE TRACKING TECHNOLOGY

Controls a computer mouse with your eyes using a camera and continuous learning algorithm

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NEURONODE SENSOR EMG signal and spatial control gives users flexibility to change access modes

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Entry level access for Entry level for those who those who can touch a can only move their eyes screen to communicate to communicate $1,000 $3,800 $3,200 $9,000

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A UnoTouch upgrade Includes all 3 access types
with EMG access for for ultimate efficiency or
greater efficiency high physical incapacity
$5,400 $8,000 n/a
$16,875 $20,875 $950
$ 9,900 for 12 months
Access smart
phones, play
video games,
activate switch
toys, dine
independently,
and more
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Equipment remains owned by CBL

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A S S I S T I V E C O M M U N I C A T I O N

Why our communication solutions are better

Other Providers	Control Bionics	Benefit to the customer
Require a keyboard, mouse, joystick, touchscreen, or eye tracking to function.	Uses EMG and/or eye tracking.	Proven to be both faster and less fatiguing in multiple studies. It also reduces repetitive strain injuries and gives people who cannot use eye technologies, like those with cerebral palsy, the ability to communicate.
Require movement.	Can detect the intention of movement whilst excluding unintentional movement -	Less fatigue, faster, and more consistent communication. Can be used by severely disabled people who cannot move at all.
	patent protected.
Single solution offering (eg Tobii or Smart Box).	Offers a choice of speech- generating software, cameras and casings.	Allows customers to make a choice based on the best-suited system for their needs, ensuring effective use and reduced device abandonment.
Only wired or Bluetooth or EMG	Only company to combine spatial, EMG and EOG switch.	Allows flexibility and versatility of use. Caters to a user’s changing needs during the day and as their condition changes over time.

Proven to be both faster and less fatiguing in multiple studies. It also reduces repetitive strain injuries and gives people who cannot use eye technologies, like those with cerebral palsy, the ability to communicate. Less fatigue, faster, and more consistent communication. Can be used by severely disabled people who cannot move at all. Allows customers to make a choice based on the best-suited system for their needs, ensuring effective use and reduced device abandonment. Allows flexibility and versatility of use. Caters to a user’s changing needs during the day and as their condition changes over time. Our patent-protected settings ensure a user’s intentions are acted on rather than any unintentional movements.

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A S S I S T I V E M O B I L I T Y

The world’s first autonomous wheelchair

Partnering with Deakin University, we made the world’s first upgrade for powered wheelchairs , so the user’s intentions can control them.

Independent, safe travel within the home

DROVE is a patent pending module that retrofits powered wheelchairs . Its technology helped us rank 4th in AFR’s Australia’s Most Innovative Healthcare Companies 2023.

TGA approved in Jun-24. First Australian sales are expected in the coming months as we build towards 3rd party distribution relationships.

US clinical trials to start soon. FDA submission is anticipated in Q4 FY25.

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In Jan-24, we received an A$575k research grant from the US ALS Association to fund FDA approval and explore selling DROVE in the US. Global interest is also growing.

https://vimeo.com/controlbionics/drove

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Market strategy: Enter those with the fastest, lowestcost access with no extra approvals.

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Sports science Movement disorders Dysphagia Rehab and Incontinence biofeedback

B E Y O N D A S S I S T I V E T E C H N O L O G Y

The new NeuroStrip is a game-changer

We are on a path to revolutionise new markets such as health diagnostics, sports science, critical care and more with the new miniaturisation of our world-class, awardwinning core technology

The NeuroStrip measures physiological data as an all-in-one unique accelerometer and EMG device. This means it opens up endless market and . application possibilities beyond disability

The electrode is attached directly to the skin, detecting the faintest of signals, with best-in-class data telemetry fed straight to an app.

Partner for those applications needing more research or clinical trials.

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Low-cost and high-volume product relative to our other products. https://vimeo.com/controlbionics/neurostrip

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B E Y O N D A S S I S T I V E T E C H N O L O G Y

NeuroStrip features and benefits

F E A T U R E

B E N E F I T

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NeuroStrip
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Small, light, flexible and non-invasive. At 3g, it weighs less than a piece of paper and is 4cm long.

Increased choice of placement where you want to switch with, monitor or improve. It’s also easy to use.

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real-time
data
streaming
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Better uses for medicine, sports science, rehabilitation and other applications yet to be discovered. Increases the number of applications across markets.

With no cables or moving parts, it has unprecedented accuracy (<1 micro volt) with more sensitive readings. Attaches directly to the skin with no limit to how many are used at any one time.

Measures a wide range of electrical Flexibility in choice of signal and signals in the body like EOG, ECG, EMG ability to measure both intended and (and potentially unintended movement for a wider electroencephalography EEG). range of outcomes. Disposable (reusable in final development). Can be used in medical settings

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P R O D U C T

Regulatory approvals

	US	Australia	Japan	UK	Europe
Regulatory Scheme	FDA	TGA	PMDA	MHRA	CE Mark
NeuroNode
DROVE
**NeuroStrip ***
May require further approvals if the product use materially changes
Approved
Pending or near-term application
Yet to be approved

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Assistive Technology Market

Communication

Mobility

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Our users

Our devices help people of all ages living with conditions like ALS/Motor Neuron Disease (MND), Spinal Muscular Atrophy, Cerebral Palsy, and Spinal Cord Injury to control communication technology

US AND AUSTRALIAN SALES BY CONDITION

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Amyotrophic Lateral Sclerosis (ALS)
25%
Cerebral Palsy (CP)
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Cerebral Palsy (CP)
25%
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Other
50%
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Other neurodegenerative diseases, brain injury, stroke, genetic etc

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“Since starting to work with this EMG technology, I have been able to connect technology with people who have some of the greatest communication challenges I have ever seen in my 25-year career.

I have been able to help people who could not speak, move, eat, or breathe on their own, and communicate to loved ones, even when they were placed into ICU units or in palliative care”

-Speech Language Pathologist (SLP)

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Minimum $1bn global market opportunity p.a.

The new US insurance code approved in August 2024 opens up significant growth opportunities with a new US wholesale strategy.

Exclusive UK and Ireland Distribution Agreement signed with SmartBox (~70% market share) in Sep-24.

An underserved niche market with few competitors and plenty of room for growth in the US, UK, Japan, Australia and select European countries - especially given the strength of our IP

About 66,000 new cases are diagnosed each year for ALS/Motor Neuron Disease, Multiple Sclerosis, Cerebral Palsy and Spinal Cord Injuries in our chosen markets. This represents a $1bn+ market opportunity per annum.

However, the market is significantly larger at $2.8bn+ as we can now offer our products to people with existing assistive communication technology. By upgrading to our NeuroNode, customers get a faster, easier and more consistent communication experience.

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First sales in Japan in
2023 for our newly
Well established launched strategy to
offer NeuroNode as a
sales in US and
standalone device.
monthly breakeven
expected during
FY25.
Dominant Australian market share
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Existing retail sales for our bundled offerings eg NeuroNode Trilogy (AU and US).

New wholesale strategy markets distributing only the NeuroNode - US, Japan, UK, Germany, Belgium, and the Netherlands. Regulatory approvals in March 2024 for the UK and Europe. Exclusive UK and Ireland Distribution Agreement in Sep-24. US insurance code approved in Aug-24 and commences 1 Oct-24. NZ will also be considered.

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Minimum $100 million market opportunity p.a.

This is a new market for us where our add-on module to powered wheelchairs allows users to independently and safely navigate their homes

The market opportunity is based on a 1% penetration of new global annual sales.

The opportunity may be 4x larger as millions of powered wheelchairs currently exist around the world that could also use DROVE.

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2 million
Powered
wheelchairs sold
globally each year
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New markets where DROVE is expected to be sold.

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Current Business Model

A retail business model where our sales team work with prescribers to offer just assistive communication solutions.

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A S S I S T I V E C O M M U N I C A T I O N

The market’s most personalised solution

OUR PRESCRIBERS

Prescribers demonstrate and recommend our solutions. They include Speech Language Pathologists (SLPs), industry bodies, clinics, schools, hospitals and more

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LANGUAGE SYSTEM

Our catalogue of synthetic voices, library of symbols, and text-based systems are customised solutions for both younger and older users.

SOFTWARE

Our software allows users to access their devices, text, browse the web, control robotics, play video games, access social apps, develop literacy skills, create their own artwork and more.

HARDWARE

Our hardware options are chosen to suit the customer and include a computer, various eye tracking cameras and NeuroNode (bundled with other hardware or standalone). Our Cosmos Connect device connects our system to smartphones, gaming consoles, accessible toys, robotics, electric beds, lights and more.

FUNDING

Our funding team helps families and professionals apply for funding through Government and private insurance.

SUPPORT

We provide education and hands-on training through professionals so our customers get the most out of their personalised solutions.

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OUR SOLUTION
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LANGUAGE SYSTEM
SUPPORT 24/7
SOFTWARE
USERS
FUNDING HARDWARE
Solutions with a NeuroNode
give us a competitive advantage
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A S S I S T I V E C O M M U N I C A T I O N

Funding overview

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At least 75% of our sales are USA
AUSTRALIA
Other
other
8%
through a person’s insurer
13%
Federal
35%
Medicare /
3rd Party Billing
Medicaid /
29% Veteran Affairs /
STAPP (Texas)
Private Insurance
Private pay NDIS National Disability
12% 87% Insurance Scheme
16%
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‘* Outsource to third-party biller who collects from the insurer (both public and private) Data based on FY24 YTD

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Growth Strategy A new wholesale business model where we work with resellers and partners to offer more products with more uses in more geographical locations, generating new income streams and recurring revenue.

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G R O W T H S T R A T E G Y

New wholesale strategy for growth

Continued innovation means we can further diversify the use of our products and enter new markets

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OUR SOLUTIONS
SOFTWARE HARDWARE SUPPORT 24/7
NEUROSTRIP
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NEURONODE ADVANTAGE

DROVE ADVANTAGE

World first product with compelling benefits to users, family and care givers

Quicker to market

Can be used with competitor products as an add-on upgrade Gives distributors an edge because they can now offer an EMG switch that no one else has

Priced to be attractive to both insurers, private pay and government funders

Can be quickly installed, maintains the relationship between distributor and client

Enhances new sales

Price control

DROVE distributor package provides both software and hardware

Lower fixed cost base Profitable more quickly Higher volume sales

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RESELLER OR
PARTNER
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USER
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NEUROSTRIP ADVANTAGE

Flexibility and versatility of use creates for multiple distribution routes

Securing data collected behind the walled garden of the NS app ensures CBL sits in the centre

Reusable and disposable options allows for a wide range of uses

Lower cost EMG device will drive demand in new product markets

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G R O W T H S T R A T E G Y

Multiple levers for growth

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CURRENT SALES STATUS

NEW GEOGRAPHIES

NEW CHANNEL PARTNERS

NEW USE TYPE

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Japan was the first market for our new NeuroNode wholesale strategy in 2023 and our first sales were captured in 1H24.

Our next focus is the UK and select continental European countries for disabilities, including a significant cerebral palsy market of some 400,000 people.

Currently building distributor No - assistive partnerships where our strong patent technology market portfolio and lack of competition give only. us the best market opportunity. The US offers CBL significant white space growth through channel partners following HCPCs code approval.

First sales expected in The recent ALS grant will help us Currently building distributor No - assistive coming months in Australia. research the best entry paths into partnerships with powered wheelchair technology market the US. manufacturers. only. NEUROSTRIP The first batch of Our initial focus is to leverage We have commenced discussions in Yes (see over) commercial-grade our market position in our the US, Australia and Japan for NeuroStrips was recently existing markets of Australia, US potential partnerships for NeuroStrip manufactured. and Japan for sales. distribution.

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G R O W T H S T R A T E G Y

Blue sky growth strategy with NeuroStrip

REGULATORY REQUIREMENTS None

EASE OF MARKET ENTRY SELLING POINTS REGULATORY USE TYPE FOR WHAT OUTCOME / PRODUCT READINESS REQUIREMENTS Sports science sEMG is used to assess muscle CBL has existing track record Lightweight, wireless, None performance and recovery and customers in this space. electrode against the with the objective of making This is our likely launch skin to improve data. the sportsperson more market. effective and reducing injury. Rehab and Assess: level and timing of Will require development of Lightweight, wireless, Minimal. NeuroEDUCATOR biofeedback muscle activation, muscle marketing materials and testing available for in clinic (a pre-cursor to NS) already fatigue, provide uptraining and of user interface to meet market and at home use. has FDA approval as Class I device. Will submit an down- training of muscles. demand. engineering change notice to Device ready to go. Some further benefit from that approval work may be required on App. extending to the NS Movement sEMG is used to diagnose and Can commence customer trials Lightweight, wireless, Will require Class II registration disorders treat conditions such as quickly. However, likely to require electrode against the if being used to diagnose Parkinson's and Myasthenia some regulatory approvals to skin to improve data treatment. As sEMG already gravis. PKG operates in this scale. used for this condition there is market but does not use sEMG. an understandable / App was designed with this use manageable process to receive case. this clearance.

Will require Class II registration if being used to diagnose treatment. As sEMG already used for this condition there is an understandable / manageable process to receive this clearance.

CURRENT BUSINESS DEVELOPMENT OPPORTUNITIES

In discussions with existing customers about upgrading to NS.

Identifying sports clinics (US) that currently use sEMG in their service.

In discussions with existing customers about upgrading to NS. Have multiple partnership opportunities in Japan. Discussions underway in Australia about clinical deployment.

Have identified minimum viable product (MVP) with world-leading doctors. With commercial quantities now available, will move to discuss clinical implementation with them.

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G R O W T H S T R A T E G Y

Blue sky growth strategy with NeuroStrip

USE TYPE

FOR WHAT OUTCOME

EASE OF MARKET ENTRY / PRODUCT READINESS

SELLING POINTS

REGULATORY REQUIREMENTS

CURRENT BUSINESS DEVELOPMENT OPPORTUNITIES

sEMG biofeedback is used to Dysphagia retrain people on swallowing. An example here

Established market however new to CBL.

Required to develop a specific front end for users.

Lightweight, wireless, available for in clinic and at home use.

Minimal. NeuroEDUCATOR (a pre-cursor to NS) already has FDA approval as Class I device. Will submit an engineering change notice to benefit from that approval extending to the NS.

CBL previously approached by Dysphagia clinics to use our technology. Will now reengage.

Incontinence sEMG could be used to manage incontinence through the placement of the NS over the bladder muscles.

Significant opportunity but would likely require clinical and industry partners to scale. Would require ‘productisation’.

Lightweight, wireless, flexible electrode against the skin. Ability to provide haptic feedback and create alerts for user and care staff.

Will require Class II registration.Higher level of approvals as sEMG being used for a unique purpose.

Initial discussions with a globally recognised Uroneurologist. Obvious market demand and efficacy of sEMG use in incontinence management are already established.

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G R O W T H S T R A T E G Y

Roadmap

Q2 FY25 Q3 FY25 Q4 FY25 Q4 FY24 Q1 FY25 DROVE TGA approval New US insurance code Japan breakeven expected Final tranche of US FDA submission for approved for NeuroNode, research grant payment DROVE First EU sales for enabling a new US wholesale for DROVE NeuroStrip customer NeuroNode expected US breakeven expected strategy trials start Exclusive UK and Ireland First NeuroStrip NeuroNode Distribution research partner NeuroStrip App v1.0 Agreement release First sales DROVE expected Clinical trials commence in the NeuroStrip launch at AI US for DROVE For Good conference in Geneva New partnerships for standalone NeuroNode strategy Completed in Japan and Europe Prototype for first reuseable NeuroStrip finalised First commercial sales of NeuroStrip in sports and rehab segments

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Financial Performance

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R E V E N U E ( A $ m )
E B I T D A ( $ A m )
6 0
5 -1
-2
4
-3
3
-4
2
-5
1
-6
0
2021 2022 2023 2024
2021 2022 2023 2024
E M P L O Y E E S % S A L E S
Australia
20%
US
Australia
Japan
US
80%
0 5 10 15 20 25
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F I N A N C I A L S

Record sales pipeline, building FY25 momentum

FY24 revenue hit by ~$1M in NDIS delays. It’s improving with record processing in Aug-24 from our largest-ever backlog.

Record Q4 results in the USA following improvement in third-party billing issues.

326 systems sold in our key markets in FY24.

Capital raised to offset cash flow delays and support ongoing strategic initiatives.

Expecting ~20% CAGR growth for FY25 despite FY24 challenges.

Group overheads tightly managed , forecasted to remain flat from FY23 through FY25.

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F I N A N C I A L S

Continue to focus on growth, diversification and innovation

Goal: Achieve near-term EBITDA-positive operations in all key geographic markets for our primary disability business. Plan for FY25: Diversify into new products and markets to drive additional growth.

Diversifying with NeuroStrip outside the disability markets helps reduce reliance on slow and unpredictable insurance payment cycles. Further manage these risks by wholesaling our DROVE wheelchair controller, NeuroNode and NeuroStrip products in relevant markets.

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Company

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P E O P L E

Experienced leadership

B O A R D

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Roger Hawke

Chairman Independent Non Executive Director

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Jeremy Steele Managing Director CEO

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Peter Ford

Founder & Non Executive Director

Shannon Boothroyd

Over 20 years experience in accounting, auditing and finance roles in the United States and Australia Previously held senior finance positions with multinational ASX-listed and technology start-up entities Holds both Chartered Accountant (Australia) and Certified Public Accountant (US) designations

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Prof Rob Heard

Independent Non Executive Director

Damian Lismore Independent Non Executive Director

Brett Crowley Company Secretary

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Corporate Summary

T O P S H A R E H O L D E R S

F I N A N C I A L I N F O R M A T I O N

Phoenix Development 15.69% Nightingale Partners 10.46% Peter Shann Ford 10.04%

Top 20 hold 70.5% of shares as per the Annual Financial Report Jun-24

Share price (13/9/24) A$0.08 Shares on issue (15/8/24) 209.3 million Market capitalisation A$16.7 million Cash (30/06/24) A$0.98 million Unlisted options (15/8/24) 8.6 million Debt (30/6/24) A$0.52m

G e t i n t o u c h

C O M P A N Y

I N V E S T O R R E L A T I O N S

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J O E D U R A K E X E C U T I V E D I R E C T O R & F O U N D E R L Y N X A D V I S O R S

J E R E M Y S T E E L E C E O C O N T R O L B I O N I C S

j s t e e l e @ c o n t r o l b i o n i c s . c o m + 6 1 4 3 3 2 2 9 4 7 0

j o e @ l y n x a d v i s o r s . c o m . a u + 6 1 4 1 4 4 6 5 5 8 2

C O N T R O L B I O N I C S . C O M | A S X : C B L

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