are fundamentals deteriorating?

Hi all,

First post. Enjoyed reading all your comments especially baggie, mgc, woy woy and others.

Cashflow at first glance appears good, however, revenue growth (or lack of) may indicate challenges ahead. Revenue in first half of year averaged at $48.5 m per quarter versus $46 m for this last quarter. This despite new businesses being added during that time. Can someone please explain how this is "organic growth"? I beleive Lange needs to clarify his use of this overused term. Hopefully this only reflects the slight slow down in o and g, however it pays to understand why growth has stalled.

Margins also seem to be declining. Nevertheless an exiting if risky prospect. I believe Nepsys revenue growth is the key.

Ps Hold large position.