With quarterlies out for peers I thought I'd do a quick comparison.
MedAdvisor now has (after consolidation) a very tight capital structure and with the Top 20 holding more than 70%, very little shares in the soup for retail. I don't have exact Top 20 numbers but used the FY19 report and guesstimated 75% as HMS arrived in October.
MedAdvisor has the largest cash balance and is the only company that grew significant revenue between quarters (up 8%). ALC had a slight dip between September and December, Sep was $4.8M, Dec $4.4M.
If I were to invest based on those numbers I would choose MDR or perhaps ALC who is getting close to cash flow positive. The market is 'always right' but I have no idea how RAP and PCK have valuations above $150M.
If Management can show the international customers are finally generating revenue, I imagine money may leave some of the overvalued stocks and start flowing our way.
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Near term cash catalysts are all within reach this FY:
- (UK) Day Lewis rollout
- (Malaysia) Klinify and Alpro launch
- (Philippines) MedExpress
- (US) Adheris Health Programs
- (US) HMS Eliza
- (AU) On top of Sigma, Symbion, CW - re-sign API
I don't know enough about the other Healthcare stocks but I doubt they have this much on the horizon.
If staff costs are estimated to be larger next quarter then I can appreciate why.
