/
Our Business We are a technology platform company which operates subsidiaries that provide Third Party Administrator ( TPA ), Pharmacy Benefit Management ( PBM ), and value-oriented health plan services to employers that directly pay for employee health benefits. Our mission is to positively change healthcare for the benefit of (i) our Clients who are self-insured employers that pay for their e…
The business is unprofitable at the operating level (-74.88% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 35.8% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$7M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$17M
▼ -35.8% YoY
Net Income (TTM)
-$17M
▲ +25.0% YoY
Op. Margin
-80.51%
▲ +3.5pp YoY
ROIC
-43.00%
▲ +30.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$8M
▲ +50.8% YoY
Op. Cash Flow (TTM)
-$8M
▲ +50.8% YoY
Net Debt
$31M
Cash & Equiv.
$201K
3Y CAGR: -9.4%
Continue Research