Guidance - EBITDA MarginsWent back to the Q3 conference call. Management stated Q4 EBITDA margins likely to be similar to earlier quarters and maybe slightly better. Given the stock based compensation should be lower, I would expect something around 22% at best or $5.5 million US for Q4. At this run rate and a multiple of 12X, the stock valuation would be ($5.5 x 1.3 x 4) / 40 (million shares) x 12 = $8.58. A 15x multiple gets you $10.72 and a 10 x multiple gets you $7.15. Management didn't provide timelines on this call for when the margins might return to historical levels but did state they expected the margins to increase over time. Reasons for lower margins given were the higher investment (marketing and technology) and lower patient numbers with new RT's which they added more aggressively than in the past (in preparation for competitive bidding).