CRH
CRH MEDICAL CORP
stock TSE

I'm closely watching WELL\_TO to see if it will hold above \~$3.50 or if it's continuing down. Did some digging and found this which starts to explain the last month:
"Following their annual Technology Conference. GLTA
**WELL Health Technologies Corp. (WELL-T; Buy)**
CEO Hamed Shahbazi stated that the consolidation of HEALWELL was subject to review by the Competition Bureau due to the goodwill on HEALWELL's balance sheet
exceeding the C$93mm threshold following HEALWELL's acquisition of Orion Health, something that WELL's lawyers did not flag to the company.
 
As highlighted in our note last week (link), the Competition Bureau has concerns around vertical integration (i.e., other companies finding it difficult to sell to WELL's clinics or integrate with its existing products) and lessening competition for AI scribe and EMR solutions. WELL and HEALWELL target separate parts of the health care market (primary/specialty care for WELL and pharma/government/hospitals/health
authorities for HEALWELL). WELL also has just \~1% share in the clinic and AI scribe markets while its open-source OSCAR EMR has \~15%-20% market share of the primary market, which is well behind TELUS Health and Loblaw/QHR, while
HEALWELL's EMR is focused on larger health care institutions.
Management continues to work together with the Competition Bureau on the matter, with a complete review expected by early April (one-year anniversary of the WELL– HEALWELL consolidation).
 
We believe WELL's investment in HEALWELL is not core and that it should look to monetize it, which would further simplify the story. This is something that WELL would evaluate as part of its overall strategy and focus on capital allocation.
 
Mr. Shahbazi made it clear that funds generated from the expected divestitures of its U.S. businesses will focus on optimizing cash flow and cash flow/per share, primarily
through M&A and debt repayment. In particular, WELL will look to M&A to help offset the significant EBITDA it will lose from the sale of CRH, while reducing debt will help boost cash flow that can be used for further M&A and share buybacks.
 
He also shared that while WELL's expansion in the U.S. (which began in September 2020 through the majority acquisition of Circle Medical) was driven by favourable reimbursement trends there at the time, these trends have since reversed, making
Canada a much more lucrative growth opportunity for WELL going forward. This is a theme that we also discussed in our Ahead Of The Curve® report published in June, where we highlighted that favourable reimbursement trends in Canada (along with certain other factors) provide investors with solid investment opportunities within the Canadian health care technology and services market. He also said the Canadian market has less competition and strong growth opportunities, which has helped it generate a stronger ROIC in its Canadian business.
 
WELL is looking to back-fill the lost revenue/EBITDA from the sale of its U.S. assets, particularly CRH. Mr. Shahbazi noted that the M&A pipeline has a few large deals (>C$50mm-C$100mm in revenue), with most of its current LOIs related to the diagnostics market. Such assets have relatively healthier margins (vs. primary care) and have higher barriers to entry, and consequently generally command higher multiples. There also tends to be higher competition for these businesses.
 
Beyond diagnostics M&A targets, WELL continues to have a healthy pipeline in primary care, and is also exploring opportunities in the longevity and preventative health care markets. WELL has incorporated AI-driven tools to identify and understand prospects better and catalog their M&A database, which should result in more effective outreach."

I'm closely watching WELL\_TO to see if it will hold above \~$3.50 or if it's continuing down. Did some digging and found this which starts to explain the last month:
"Following their annual Technology Conference. GLTA
**WELL Health Technologies Corp. (WELL-T; Buy)**
CEO Hamed Shahbazi stated that the consolidation of HEALWELL was subject to review by the Competition Bureau due to the goodwill on HEALWELL's balance sheet
exceeding the C$93mm threshold following HEALWELL's acquisition of Orion Health, something that WELL's lawyers did not flag to the company.
 
As highlighted in our note last week (link), the Competition Bureau has concerns around vertical integration (i.e., other companies finding it difficult to sell to WELL's clinics or integrate with its existing products) and lessening competition for AI scribe and EMR solutions. WELL and HEALWELL target separate parts of the health care market (primary/specialty care for WELL and pharma/government/hospitals/health
authorities for HEALWELL). WELL also has just \~1% share in the clinic and AI scribe markets while its open-source OSCAR EMR has \~15%-20% market share of the primary market, which is well behind TELUS Health and Loblaw/QHR, while
HEALWELL's EMR is focused on larger health care institutions.
Management continues to work together with the Competition Bureau on the matter, with a complete review expected by early April (one-year anniversary of the WELL– HEALWELL consolidation).
 
We believe WELL's investment in HEALWELL is not core and that it should look to monetize it, which would further simplify the story. This is something that WELL would evaluate as part of its overall strategy and focus on capital allocation.
 
Mr. Shahbazi made it clear that funds generated from the expected divestitures of its U.S. businesses will focus on optimizing cash flow and cash flow/per share, primarily
through M&A and debt repayment. In particular, WELL will look to M&A to help offset the significant EBITDA it will lose from the sale of CRH, while reducing debt will help boost cash flow that can be used for further M&A and share buybacks.
 
He also shared that while WELL's expansion in the U.S. (which began in September 2020 through the majority acquisition of Circle Medical) was driven by favourable reimbursement trends there at the time, these trends have since reversed, making
Canada a much more lucrative growth opportunity for WELL going forward. This is a theme that we also discussed in our Ahead Of The Curve® report published in June, where we highlighted that favourable reimbursement trends in Canada (along with certain other factors) provide investors with solid investment opportunities within the Canadian health care technology and services market. He also said the Canadian market has less competition and strong growth opportunities, which has helped it generate a stronger ROIC in its Canadian business.
 
WELL is looking to back-fill the lost revenue/EBITDA from the sale of its U.S. assets, particularly CRH. Mr. Shahbazi noted that the M&A pipeline has a few large deals (>C$50mm-C$100mm in revenue), with most of its current LOIs related to the diagnostics market. Such assets have relatively healthier margins (vs. primary care) and have higher barriers to entry, and consequently generally command higher multiples. There also tends to be higher competition for these businesses.
 
Beyond diagnostics M&A targets, WELL continues to have a healthy pipeline in primary care, and is also exploring opportunities in the longevity and preventative health care markets. WELL has incorporated AI-driven tools to identify and understand prospects better and catalog their M&A database, which should result in more effective outreach."