5i Research and thier current take on PHMJuly 13, 2015 (asked by Cary) Question: What are your thoughts about today's press release? There appears to be a lot of things happening. The revenue increase looks good but what about the change in management team and share buyback program and the borrowing of $15 million. 5i Research Answer: The various news items look good overall. Quarter over quarter growth is very high, the buyback makes sense considering the balance sheet (and the financing much higher up) and the CEO change looks fine to us, with more of an operational management now put in place. The CEO grew Sleep Management very successfully. EBITDA and the overall outlook remain solid as well. The line of credit is at an OK rate (6%) and simply increases financial flexibility.