Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Accretive Health (NASDAQOTH: ACHI ) , a provider of revenue cycle management services to the health care industry, dipped as much as 13% after announcing a much anticipated business update.
So what: According to Accretive Health's press release, it's filed form 12b-25 with the Securities and Exchange Commission that it expects to complete its financial restatement process and have them refiled by March 19, 2014. At the heart of these restatements is the way that Accretive Health recognizes revenue, as well as a lawsuit from the Minnesota attorney general which only complicated matters. In an effort to improve shareholder value, Accretive Health also authorized a $50 million share repurchase program.
Now what: That's right, folks -- Accretive Health hasn't reported its results for about a year no, and it still needs an additional four months before it can do so! It's not hard to understand why investors are so disappointed with Accretive's announcement today. Ultimately, without any earnings reports we have no way to gauge how strong the business is performing or if this negative PR has hurt its underlying revenue cycle management business in any way. Until we get those restatements, I don't believe there's any reason for you as an investor to even consider buying into this company.
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