original shareholders sold down about $60m + a pre ipo dividend & capital return. still own ~50% of business. not ideal but still plently skin in game.
plenty of growth runway here and clinic economics are good. growing and fragmented industry. clients prepay some services so has negative working capital. this + operating cashflow reinvestment, don't see why it cant grow 20% p.a from here. mix of company owned, franchise, JVs + acquisitions.
SLA Price at posting:
$4.06 Sentiment: Buy Disclosure: Held
