Here’s a link to the Q1 SEC Form 10-Q — usual concentration issues; lack of execution on a major deal.
More soon — where will it open?
Update: Now below $2.74 — on huge volumes. I bet the private placement investors are… thrilled. Not.
And still doing a bad job at collecting on big accounts (at page 16):
“…As of March 31, 2017, two clients, United HealthCare Services, Inc., and CVS Caremark Corporation, accounted for 36% and 23% of total gross accounts receivable, respectively. Of these amounts, we have collected 31% from United HealthCare Services, Inc., and 2% from CVS Pharmacy, Inc., through May 8, 2017. Of the total March 31, 2017 gross accounts receivable, we have collected 28% as of May 8, 2017. Because we have a high percentage of our revenue dependent on a relatively small number of clients, delayed payments by a few of our larger clients could result in a reduction of our available cash….”
There is clearly something wrong with this model. Ugh.
Final update @ 10 PM EDT: the stock has closed at a four year all time low — on more than ten times its normal volume. And Bob is right (in comments below). Those cogent observations will be made a new post tomorrow.
You cannot say we didn’t warn you.