My two cents worth...So in 2018 with all the Pare hype, revenue shrank!
2017 Rev was 11.7 mill
2018 Rev was 11.4 mill
Thus without the extranvagance of aqusitions, which are exciting to talk about, this company woudl have reported a decline in revenue - not very exciting in my opinion.
Question: Where is the $25 million in revenue that was forcasted in 2016 by Pare? Without expensive aqusitions this would not come to pass.
Gross profit was down sequencially and expenses were up.
Question: Why are we adding management staff to a company that is so small and insignificant? Revenue needs to rise to afford increased salaries.
Net loss was a staggering 60% of gross revenue! If that does not make you squimish, don't know what will.
On the plus side, the pro forma revenue for 2019 looks to be tracking USD+$25 mill which is good. Additional aqusitions this year will enhance this number along with organic growth (which has been hard to come by with this company and their sales team.) Trading at a 3x sales to market cap, would result in a USD+$75 mill market cap and a share price of about CAD$0.56 cents per share. (Assumptions are 175mill shares o/s and a 1.3 USD to CAD fx rate)
Take into account accumulated debt and the share price assumption drops to CAD$0.47/share.
Conclusion: based on the revenue numbers the shares have an upside of approximately 327% from this point. Management needs to make inroads with conversations and incremental organic growth from existing customers and they have to make head way with turing a consistent profit. If they can do this and keep a lid on new share issuances, the shares have a good run from here. Communication and awareness of the investing public into the merits of VIQ must also be a focus of this management team.