would anyone like it.......... Communications to Improve: We recently had the opportunity to meet with the new management team, and attend meetings with institutional investors in Toronto. In our view, new management did a solid job of outlining its plans for organic and acquisition growth, while directly addressing concerns around insider share ownership. Importantly, management committed to improved investor communications going forward. New Management is Significantly Invested: We met with the Companys new CEO (Mr. Casey Hoyt), its Chief Strategy Officer (Mr. Jay Hoffman), and its head of M&A (Mr. Edward Brann). Mr. Hoyt was a co-founder of Sleep Management, which PHM acquired in June 2015 for approximately $95.4 million in cash and stock (at a deemed price of almost $1.50 per share). While there were other interested buyers, Mr. Hoyt noted that equity participation and a stronger growth platform were key considerations in the decision to sell Sleep Management to PHM. The co-founders of Sleep now own 14% of the basic shares outstanding, with all insiders owning a combined 19%. On Track for $200 Million: Management reiterated its target for exiting calendar 2015 (Q1/16, given the Companys September 30 FYE) with a revenue run rate of $200 million. This reflects the current revenue run rate of $116 million, another $62 million in annualized revenue to come from acquisitions for which letters of intent have already been announced, and $22 million to come from organic revenue growth. IMPACT Positive We believe that management established themselves as strong operators with signficant, personal stakes in PHM. While the stock was pressured again yesterday, we attribute that in part to sympathy selling following Merus Labs Q3/15 results (MSL-TSX, not rated, down 18% yesterday). ACTION BUY Our estimate revisions are minor, and reflect more achievable timelines for closing previously announced acquisitions. We reiterate our BUY recommendation, and 12-month target price of $2.50 per share.