Jehoshaphat Research says it its short Premier (PINC), Inc, telling investors that it is “a terrible business,” whose mark-to-model accounting appears to be inflating its revenues and where the consensus outlook for next year is “miles too optimistic.” The firm says a financial analysis of Premier’s underlying free cash flows from continuing operations shows a business in steep decline, which would present a challenging backdrop for any company, but in Premier’s case, the loss of many key health system members “should magnify the downside from a return to financial normalcy.”
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