Summary of Vitalhub FY Conference Call (January 15, 2026) Company Overview - **Company Name**: Vitalhub - **Ticker Symbols**: VHIBF (OTCPK, U.S.), VHI (TSX, Canada) - **Industry**: Healthcare IT Software - **Market Focus**: Government-funded healthcare systems in Canada, UK, Australia, Europe, and the Middle East - **Growth Strategy**: Combination of organic growth and strategic acquisitions, with 23 acquisitions completed to date [4][5] Core Business and Solutions - **Primary Focus**: Patient flow-based solutions that integrate various healthcare pathways, including hospitals, long-term care, and home care [6] - **Customer Base**: - 35% of revenue from Canadian operations - 33% from the UK - Remaining revenue from Australia, the Middle East, and Europe [8] - **Sales Model**: Direct sales with some partnerships for advisory services; contracts are typically long-term, averaging 5-10 years [10][12] Financial Performance - **Annual Recurring Revenue (ARR)**: Approximately CAD 94 million, with 80% of business being recurring [20] - **Cash Position**: CAD 120 million in cash, no debt on the balance sheet [20] - **Gross Margin**: Typically around 80%-81% [20] - **Adjusted EBITDA Target**: Aiming for 25%-30% with organic growth of 10%-15% [20] Growth Drivers - **Organic Growth**: Driven by product expansion, pricing opportunities, and cross-selling among existing customers [16] - **M&A Strategy**: Focus on acquiring financially healthy companies that can be integrated into Vitalhub's existing operations; emphasis on technology compatibility and potential for innovation [17][18] Future Outlook - **2026 Goals**: - Continue with selective acquisitions, aiming for 3-4 per year - Improve financial metrics post-acquisition to align with the Rule of 40 [22][23] - Focus on integrating larger acquisitions and enhancing operational structures [23] - **AI Integration**: Plans to leverage AI to enhance product offerings and increase ARR, with expectations for growth in 2026 and 2027 [25][26] Key Takeaways for Investors - Vitalhub presents a secure investment opportunity with a strong recurring revenue model and a solid cash position - The company is well-positioned to capitalize on AI advancements in healthcare solutions, which could drive future growth [25][26]

Group 1 - Waystar Holding Corp. (NASDAQ:WAY) is considered a promising mid-cap healthcare stock with a current price target of $41, indicating a potential upside of nearly 25% for investors [1][2] - The company's growth prospects are bolstered by its strategic focus on AI-enabled automation in revenue cycle management, which is expected to enhance efficiency and cost-effectiveness [2] - Waystar's acquisition of Iodine Software is part of its inorganic growth strategy, aimed at expanding its addressable market and improving client retention through cross-selling opportunities [2] Group 2 - Market sentiment towards Waystar is highly positive, with 16 out of 17 analysts giving a Buy rating, resulting in an estimated 1-year average price target of $48.44, implying a 47.5% upside from the current level [3] - Waystar offers a comprehensive cloud-based software platform for payment processing in the healthcare industry, covering functions such as payment clearance, claims management, revenue capture, reporting, and analytics [4]

Core Viewpoint - The article discusses stocks categorized into "Naughty" and "Nice" lists based on the pricing of their options, highlighting those with inflated premiums to avoid and those with attractive pricing to consider for buying options. Naughty List - Stocks on the Naughty List have options prices that are significantly inflated, making them risky for trading calls or puts due to high premiums [2] - Oracle Corp. (NYSE:ORCL) has seen its implied volatility rise from 24 to 64, indicating overpriced options ahead of earnings [4] - Lululemon athletica Inc. (NASDAQ:LULU) shows options priced above normal, making it difficult to justify long calls or puts [5] - Paychex Inc. (NASDAQ:PAYX) has inflated options that do not align with its consistent performance, stacking odds against buyers [7] - Ciena Corp. (NYSE:CIEN) has overpriced options despite solid stock movement, making it a red flag for potential buyers [8] - FactSet Research Systems Inc. (NYSE:FDS) has options trading at rich premiums, affecting the risk-reward balance for traders [10] Nice List - Stocks on the Nice List have options trading at or near their lowest levels of the year, providing opportunities for buying time premium without overpaying [11] - Uber Technologies Inc. (NYSE:UBER) has seen its implied volatility drop from 80 to 30, making it an attractive option for bullish plays [12] - Rubrik Inc. (NYSE:RBRK) is trading at the bottom of its implied volatility range, presenting a good opportunity for call buying [13] - Tempus AI Inc. (NASDAQ:TEM) is also at low option premium levels, making it a smart choice for potential moves [14] - Ross Stores Inc. (NASDAQ:ROST) has equal high and low volatility levels, indicating a new low in options pricing, which could be favorable for long calls [15] - Ventas Inc. (NYSE:VTR) has dropped premiums near year-lows, making it an attractive option for buyers if a catalyst appears [16]

During D’Souza’s tenure, Cognizant carved out a strong franchise in healthcare, with the former CEO playing a pivotal role in the $2.7 billion all-cash acquisition of TriZetto in 2014 — a landmark deal that anchored Cognizant’s healthtech ambitions. TriZetto’s platform connects with 11,000 payers and processes more than 4 billion transactions a year.Early in its growth journey, Cognizant rapidly expanded its healthcare presence, counting nine of the top 10 payers — including United, Anthem, Cigna, and Aetna ...

Core Viewpoint - The market anticipates that Phreesia (PHR) will report a year-over-year increase in earnings driven by higher revenues when it releases its quarterly results for the period ending October 2025 [1] Earnings Expectations - The earnings report is scheduled for December 8, and if the results exceed expectations, the stock may rise; conversely, a miss could lead to a decline [2] - The consensus estimate for Phreesia's quarterly earnings is projected at $0.00 per share, reflecting a year-over-year increase of +100%, with revenues expected to reach $120.13 million, a 12.5% increase from the previous year [3] Estimate Revisions - The consensus EPS estimate has been revised 50% higher in the last 30 days, indicating a positive reassessment by analysts [4] - The Most Accurate Estimate for Phreesia is significantly higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +1,100.00%, suggesting a bullish outlook from analysts [12] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive Earnings ESP reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [10] - Phreesia currently holds a Zacks Rank of 2, reinforcing the likelihood of beating the consensus EPS estimate [12] Historical Performance - In the last reported quarter, Phreesia was expected to incur a loss of $0.07 per share but instead reported earnings of $0.01, resulting in a surprise of +114.29% [13] - Over the past four quarters, Phreesia has consistently beaten consensus EPS estimates [14]

Financial Data and Key Metrics Changes - The company achieved record quarterly revenues of $76.5 million, up 4.6% from the same quarter last year [12] - Operating income increased by 16.5% to $7.6 million, while net income rose by 6.3% to $6.1 million [6][12] - Adjusted EBITDA reached a new record high of $19.1 million, up 7.9% year-over-year [12][16] - Gross margin was 65.3%, slightly down from 66.5% in the prior year due to increased cloud hosting and software licensing costs [15] Business Line Data and Key Metrics Changes - Subscription product revenues increased by $4 million or 5.7%, while professional service revenues decreased by $600,000 or 18.6% [14] - CredentialStream grew by 23%, Shift Wizard by 29%, and Competency Suite by 18% [14][38] - Revenues from legacy applications declined by $1.7 million compared to last year, but the core business grew by 8% when excluding legacy impacts [14] Market Data and Key Metrics Changes - The company has over 25 active accounts in the payer market following the acquisition of Versus twelve, which enhances its capabilities in provider data management [7] - The total addressable market for the company's SaaS solutions includes 12.6 million healthcare professionals and nursing students in the U.S. [11] Company Strategy and Development Direction - The company is focused on expanding its career networks, which provide value directly to healthcare professionals, while also enhancing its enterprise application suites [26][28] - The acquisition of Versus twelve is expected to strengthen the company's position in the payer market and improve provider data management capabilities [7][21] - The company maintains a disciplined approach to capital allocation, prioritizing organic investments, acquisitions, dividends, and share repurchases [20] Management's Comments on Operating Environment and Future Outlook - Management updated financial guidance for the full year 2025, maintaining midpoints while narrowing ranges for key metrics [6][22] - The company anticipates approximately $900,000 in revenue contribution from the Versus twelve acquisition in Q4, offset by a $3 million expected decline in legacy products [22][94] - Management expressed optimism about the growth trajectory of its core solutions and the potential for higher margins due to a shift towards proprietary content [50][52] Other Important Information - The company ended the quarter with a cash balance of $92.6 million and no interest-bearing debt [11][19] - A quarterly cash dividend of $0.31 per share was declared, to be paid on November 28 [22] Q&A Session Summary Question: Can you provide more details on the Versus twelve acquisition and its market? - Management indicated that the acquisition enhances capabilities in provider data management and brings valuable expertise to the team, which will help meet market needs [43][46] Question: What are the prospects for adjusted EBITDA margins? - Management noted that the shift towards owning more content and higher-margin products could lead to upward pressure on margins over time [47][50] Question: Can you provide insights on the revenue mix from Versus twelve? - Management estimated a contribution of approximately $900,000 in Q4, with a mix of subscription and consulting revenue, but did not provide specific breakdowns [56] Question: What monetization strategies are being pursued for the career networks? - Management outlined several monetization strategies, including education offerings and job capabilities, with a focus on building value-added services for users [59][62] Question: Is Shift Wizard ready for larger organizations? - Management confirmed that while it is not fully ready for the largest organizations, there is a good pipeline of opportunities in the upper middle market [83] Question: What bundling strategies are being implemented for small hospitals? - Management discussed the introduction of a critical access bundle aimed at providing a comprehensive solution at a better price, addressing economic pressures faced by small hospitals [88]

Core Viewpoint - Waystar Holding Corp. will report its financial results for Q3 2025 on October 29, 2025, after market close, followed by a conference call to discuss the results [1]. Company Overview - Waystar provides healthcare payment software designed to simplify payment processes, allowing providers to focus on patient care and financial performance [3]. - The company serves approximately 30,000 clients, which includes over 1 million distinct providers, and 17 out of the 20 institutions listed in U.S. News Best Hospitals [3]. - Waystar's platform processes over 6 billion healthcare payment transactions annually, managing over $1.8 trillion in gross claims and covering about 50% of U.S. patients [3].

Core Insights - VitalHub Corp. has announced its first deployment of Novari Health's technology in the UK, expanding its geographic footprint beyond Canada and Australia [1][2] - The South West Provider Collaborative, which serves over 5.5 million people, will utilize Novari's electronic referral and bed management solution across multiple mental health service lines [2][5] Company Overview - Novari Health, a subsidiary of VitalHub, specializes in cloud-based referral management and wait list management software solutions aimed at improving access to care and operational efficiency [8][10] - VitalHub is a leading software company focused on empowering health and human services providers globally, with a comprehensive product suite that includes electronic health records and operational intelligence [9][10] Technology Features - The Novari technology is designed specifically for mental health, providing real-time bed visibility, structured workflows, and wait list management to enhance patient care [3][4] - Optional AI-enhanced analytics are available to provide real-time data on patient waiting times, improving resource utilization and operational efficiency [4] Impact on Healthcare - The deployment of Novari's technology aims to optimize bed usage and improve patient care by ensuring timely access to mental health services [5][6] - The South West Provider Collaborative's innovative approach has transformed the mental healthcare landscape in the region, prioritizing patient wellbeing and community connection [7]

Company Overview - Judi Health, founded by AJ Loiacono, aims to address inefficiencies in the healthcare industry, which incurs $1 trillion in administrative spending annually [1] - The company, previously known as Capital Rx, has developed a modular cloud-based software that enhances pricing transparency in pharmacy benefit management [4] Financial Performance - Judi Health has achieved a revenue expectation of $3.7 billion for the current year, reflecting a growth of over 75% from last year's revenue of $2.1 billion [5] - The company recently announced a $400 million investment, including a $252 million Series F funding round, which has doubled its valuation to $3.25 billion [2] Operational Efficiency - Judi Health has successfully reduced costs by 11% for 1,800 plan members and decreased claims processing times from over six months to 18 days [1] - The company's pricing model involves charging flat administrative fees based on a per-member monthly basis or per-claim structure, utilizing the national average drug acquisition cost database for drug pricing [4] Market Context - U.S. pharmacy spending is projected to increase by $50 billion in 2024, reaching $487 billion at net manufacturer prices, driven by growth in various therapeutic areas including oncology and diabetes [5]

Core Insights - Hinge Health Inc. is identified as a strong investment opportunity with significant business momentum and product innovation [1][3] - The company reported a 55% year-over-year revenue increase in Q2 2025, reaching $139 million [1] - Stifel analyst raised the price target for Hinge Health to $66, reflecting confidence in the company's growth prospects [1] Business Expansion - Hinge Health has expanded its network to over 50 partners, including the five largest national health plans and the top three pharmacy benefit managers (PBMs) [2] - The company has launched innovative products such as AI-powered motion tracking technology and Hinge Select, a high-performance provider network [2] Client Engagement and Pricing Model - The company reported strong client retention rates and a record high member Net Promoter Score (NPS) in the first half of the year, attributed to a positive product experience [3] - Approximately 40% of clients transitioned to a new pay-as-you-go pricing model by the end of Q2, which includes an upfront platform fee, enhancing accountability for product engagement [3]