Cash Flow ConcernsThe cash balance of ~$40.1M seems low to analysts when compared to the use of cash of ~($33.5M) in 1Q:25, and debt of ~$106M.
Earnings ChallengesPIII has missed consensus estimates for EBITDA in all of the last 7 quarters, indicating ongoing challenges.
Medical Margin ImpactOne difficult payer had a material impact to earnings in 1Q:25, resulting in a significant decline in medical margin.