mVISE - Resuming its product-driven growth strategy?

After a poor FY19, mVISE looks to have resumed its growth trajectory. It has just enjoyed a record Q1, and April started well despite COVID-19. It is too early to say if it will escape the economic downturn unscathed, but a more fundamental question regards the growth prospects for its products business. Guidance implies a c 67% rise in product sales in FY20. The long-term fundamentals look good, but, after the FY19 miss, consensus remains cautious and the rating relatively modest (14.2x FY21 EV/EBIT).