Analysis of Conference CallAny additional thoughts on WELL following the conference call yesterday? The company seems well positioned for the changes going on in Canadian health care. In the call, WELL discussed organic growth, which is better than we expected. Yes, acquisitions have driven revenues higher but there is growth internally as well. It is also becoming more profitable: gross profit was up 97% last year, and it was also free cash flow positive. CRH, which investor were skeptical of, is doing well, with revenue up 11% in the 4Q. A new billings provider will reduce costs as well (CRH did take a writedown due to issues at the prior billings provider). MYhealth and Circle are also performing better than expected. (5iResearch)