Earnings AnalysisTOI's Q4 revenue rose 27%, with 6% organic growth. Net income rose to E0.21 from a loss of E0.17. Cash flow rose 12%; The prior year's loss relates to the redemption of preferred shares. As usual, there is very little commentary and no conference call. We are comfortable here, and the market should be as well. Our main complaint would be acquisitions. While TOI was quite active in 2022, it only completed E10.5M of deals in the 4Q, and we would have expected more considering weaker European valuations. (5iResearch)