Earnings AssessmentTOI’s recent quarter performance is solid. In the 3Q, TOI’s revenue grew 22% to Euro 279M beating compared to last year of Euro 228M (with 8% organic growth), cash flow in the last nine months also improved significantly from Euro 60M last year to almost Euro 155M. The balance sheet is strong, with a net debt of Euro 150M, and a net debt/EBITDA of 0.8x. The pace of cash flow deployed for acquisition slowed down a bit in the quarter, but we think given the large addressable market, TOI still has multiple years to grow at a healthy pace going forward. Overall, a solid quarter, with strong organic growth (strongest among all the CSU’s companies), we think the company continues to demonstrate great execution. (5iResearch)