Trading at 91% of Cash Per Share, Up 30%, and the Biggest Risk Just Disappeared
Partner Locked In Through 2030. Dead Weight Sold Off. Two Catalysts in 60 Days.
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In November, we published a thesis on a profitable healthcare company trading below its own cash balance, with an operational catalyst the market hadn’t priced in.
Since then, two developments have landed that directly address the biggest risks we flagged:
The company divested its weakest subsidiary, a declining, likely unprofitable healthcare IT reseller.
Its most important partner extended the core sales agreement through 2030, eliminating the single largest risk to the thesis.
The stock is up roughly 30%.
And the story has only gotten stronger.
Here’s what happened, what it means, and where the thesis stands today.