Notes

Allion Healthcare. ALLI

Business: The Company is a national provider of specialty pharmacy and disease management services focused on HIV/AIDS patients. The Company operates primarily under its trade name MOMS Pharmacy. Depends heavily on Medicaid and other government welfare programs.

Most of its book value is intangibles. Growth through acquisition: 7 acquisitions in 4 years.

Tidbits:
+ "Our industry is highly competitive, fragmented and undergoing consolidation, with many public and private companies focusing on different products or diseases. Each of our competitors provides a different mix of products and services than we do.

12May07

Recent quarterly report (10may07)
- No organic growth. Revenue increases are due to acquistions. Slight increase in operating income, masked by some non-recurring accounting junk. Being sued.
+ Cash flow from operations increased. Predicts it can meet its capital requirements internally for next 12 months.

Market-cap.: 80m
Tangible assets only 30% of total equity.
PEG Ratio (5 yr expected): 0.92
Price/Sales (ttm): 0.35
Price/Book (mrq): 0.77
Price/Cash flow: 15
Barely profitable.
Current ratio: 2.7

Extimated growth:
Sales: 2008, 13%
Earnings: Jun07, 50%; next yr, 36%; next 5 yrs, 25%

No annual report for 2006 yet.
No insider action for a long time.

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