Hi All, I attended yesterday . . . . Zman whereabouts were you...

Hi All,

I attended yesterday . . . . Zman whereabouts were you sitting?

Left feeling that there are going to be a few hard months ahead but there is a long term vision of where they want to take the company. Most interesting was the commentary that accompanied the slide presentation.

The comparison to the Medicare review in late 2010 and the impact it had on referrals early 2011 appeared very similar to what is being experienced at the moment. They seemed confidant that there would be a return to normal numbers early in the new year primarily based on a looming election and the reluctance to mess with healthcare in ant significant way prior to that.

It was also noted that the current numbers did not reflect any revenue generated from the Liverpool acquisition which they said will begin to fully contribute from this quarter, this may cushion some of the drop in referrals over the next quarter . . . . If things do pick up in the new year and return to normal then this presents a solid buying opportunity . . . . but until there is some sign of that I think it remains somewhat risky short term as there are potential for downgrades. . . longer term (FY17), based on the past experience it looks like good value.