Revenue Growth
Q1 revenue of $62.7M, representing 6.2% year-over-year growth, driven by organic patient demand and provider base expansion.
Same-Practice Performance
Same-practice revenue growth of 4.1%, supported by increased patient visits, expanded clinical hours, and modest fee/reimbursement growth.
Segment Growth
General practice revenue rose 6.4% to $46.1M; multi-specialty revenue grew 5.7% to $16.6M, reflecting broad-based demand across service lines.
Profitability on a Non-GAAP Basis
Adjusted EBITDA of $4.7M (7.6% of revenue) and adjusted EPS of $0.44 for the quarter, indicating positive underlying operating performance after non-GAAP adjustments.
Strong Patient Metrics and Provider Base
Patient retention just over 90% and an expanding provider base of 221 doctors across three states, enabling capacity growth and long-term revenue potential.
Balance Sheet and Cash Flow
Quarter-end cash of $24.4M, total debt of $11.5M, an undrawn $15M revolver, and operating cash flow of $5M, providing liquidity and flexibility for growth.
M&A Pipeline and Integration
Completed one acquisition in the quarter with a healthy, diversified pipeline (solo to larger groups). Integration example: Arizona practices conversion to common practice management system progressing smoothly.
Recognition and Clinical Leadership
Clinical leadership highlighted by Dr. Alan Law receiving the Edgar D. Coolidge Award from the American Association of Endodontists — a reputational positive for the company.