https://grizzlyreports.com/Research/WELL%20Report.pdf I can only speak to CRH, but I think this guy has the CMS impact wrong and the impairment risk is really a non-issue. I also think the investment thesis about a previous failed sale of the company isn't anything alarming and its effectively trying to make an innuendo that something is wrong with the company (there isn't).
UD is the only contract whereby CRH isn't a JV partner, it's a legacy asset that also has a large % of lower margin business IIRC (Medicare/Medicaid vs private pay insurers). All of CRH's other contracts are Joint Ventures with the doctors who perform the colonoscopies. The doctors won't cancel the anesthesia contracts, because they are also part owners of the anesthesia business. This makes the contracts operate in perpetuity.
This is a business to value based on the consistency of its cashflows. The key risk of CRH is reimbursement risk and the ability to continue to make acquisitions to grow the biz and offet any reimbursement weakness.
Finally - Horizons and Li Ka Shing invested in this company so unless he got duped, multiple times I might add, I don't put much value in this slam piece whatsoever. It's a self serving short report.