Yes it's true..
Expenses were high for the 3rd quarter, $21mm higher than the same quarter 2015, but revenues were up an equivalent amount .. approx. $21mm.
Here's the thing.. when a company is in acquisition mode, cheaping out is not the best foot to put forward to your acquired businesses. To do so would foster uncertainty within the ranks of personnel in the acquired businesses.
Remind yourself what Noblis is and does. Noblis acquires surgical and ambulatory businesses whom have been unsuccessful marketing themselves. Noblis provides marketing and general administration service to said businesses to enrich ALL stakeholders in the LONG run. This requires up front investment, not to mention TRUST that all stakeholders will do their part to complete the successful equation e.g doctors boosting their procedures and Noblis streamlining client services.
I see NOTHING in the 3rd quarter figures to suggest the EQUATION or Noblis formula for success is failing. The smart money know this an they are buyers on these dips.