132% YoY Growth, 28% Margins, Down 26% on Earnings

Still Up 18% From Initial Thesis, But Questions Emerge After Botched Earnings Call

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One company built the infrastructure layer that lets anyone launch a telehealth business in days, not years.

Think “Shopify for healthcare” - but with regulatory moats that actually matter.

Back in August, when the original thesis was published at C$2.90

The stock ran to over C$5 as the business continued to execute quarter after quarter.

Then came the Q3 earnings call.

Management couldn’t clearly explain their own numbers. The CFO got confused about whether a key metric was year-to-date or cumulative. The Chairman had to step in mid-call to clarify. KPIs shifted without explanation.

The stock dropped 26% in a single session.

Here’s what makes this situation interesting:

The business didn’t break. Revenue grew 132% year-over-year. Fourth consecutive quarter of profitability. Nearly 900,000 orders processed year-to-date. C$18.6 million cash on the balance sheet.

What broke was investor confidence in management’s ability to communicate.

The stock now sits around C$3.40 - down nearly 35% from highs, but still up 18% from the original thesis price.

If the 1.3 million order target holds and margins expand as guided, my fair value estimate remains at C$4-5. That’s 20-50% upside from here for context.

The asymmetry is lower than it was. But I definitely don’t think it’s gone.

Today’s company is...