Ann: H1 FY23 Results Release, page-6

AHX is that sort of company that is fine, until it's not.
The Balance Sheet is basically goodwill based on their acquisitions, so if they paid a fair price for the IP held in the practices there isn't an issue assuming the lenders agree.
Fortunately vet practices if run well shouldn't ever devalue assuming they are in a location with a growing/stable population.

If however there is another white swan event or significant downturn between now & when they finalise the new lending arrangements they could have serious issues. I rate that occurring as being pretty low.

My issue with AHX is that as they are already over leveraged they are issuing too many shares for their acquisitions. Big increases in revenue / NPAT are therefore diluted too much.
How are they ever going to pay off all the debt once they stop the acquisition spree?
Unless they are hoping to be taken out before they get to that point?

The reason I sold out was the scrapping of the dividend last year, turned out to be a good decision based on the share performance since.