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Our business is transforming healthcare by empowering the primary care physicians ( PCP ) to be the agents for change in the communities they serve. We believe that PCPs, with their intimate patient-physician relationships, are best positioned to drive meaningful change in quality, cost and patient experience when provided with the right infrastructure and payment model.
The business is unprofitable at the operating level (-7.81% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 2.1% YoY. Margins deteriorated 3.0pp alongside, both lines moving the wrong way.
ROIC dropped from -37.55% to -107.88%, capital efficiency is deteriorating. Negative free cash flow of -$119M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$5.82B
▼ -2.1% YoY
Net Income (TTM)
-$355M
▼ -50.4% YoY
Op. Margin
-7.51%
▼ -3.0pp YoY
ROIC
-117.87%
▼ -70.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$63M
▼ -67.5% YoY
Op. Cash Flow (TTM)
-$50M
▼ -83.1% YoY
Net Debt
-$198M
Net Cash Position
Cash & Equiv.
$231M
5Y CAGR: +37.2%
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