Full year Results

My hypothesis about this company remains unchanged..... That is they cannot run or grow dental practices.
In may 2014 the paid approx. 10 million dollars for a practice that contributed 1.2 million to their 2015 profit.
There is 2 million in vendor finance over 5 years that likely indicates that this is how long the existing practice managers are contracted and incentivised to manage the practice...watch out for May 2019 for this practice.
A new acquisition this year of orthodontic practice in NSW so there will be growth next year assuming they can Band-Aid together the rest of their practices that fall apart after the selling principals leave.
However they can only do this for so long because a revolving door of less than great Dentists in these practices eventual burns off the goodwill......As the brand name becomes damaged they have to move further afield which is possibly why recent acquisitions are in NSW...the brand name is tanking in Qld...accept for those people who choose their dentist based on the name of a football stadium...it is lasting longer than I thought or predicted but there can be only one way it will end...just make sure you pick it coming before everyone else does!