Hi, Pat: Could you give me your opinion on two health care companies: Patient Home Monitoring and Convalo Health? Many thanks for your continuing excellent advice.
Patient Home Monitoring, $1.69, symbol PHM on Toronto (Shares outstanding: 231.8 million; Market cap: $391.7 million; www.phmhometesting.com), plans to keep buying small firms that serve chronically ill patients in their homes. It then aims to raise its per-patient revenue by offering these companies’ services to its growing client base.
In the three months ended March 31, 2015, Patient Home Monitoring’s acquisitions boosted its revenue by 255% from a year earlier, to $10.0 million. Preliminary results show the company earned $1.6 million in the latest quarter.
Patient Home Monitoring recently sold 39 million shares at $1.50 each to raise $58.5 million. It will use these funds to make more acquisitions.
The company’s market is growing due to an aging population and rising incidence of chronic disease. At the same time, the increasing cost of caring for patients in hospitals is leading to a push for more in-home care. However, Patient Home Monitoring’s rapid growth-by-acquisition strategy adds considerable risk.
We don’t recommend Patient Home…
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