I was wondering there would be a positive spin from this report. I haven't followed this one as close as I did previously but just looking at the q4 report I continue to feel this is or soon will be beyond the point of no return. Most concerning for current shareholders shouldn't be the continued loss of revenue from 'legacy clients' but the fact the new clients are down 22%. Yes, I have ignored the lower burn rate because it was achieved through lowering investment in leadership and growth. Let's assume that they can maintain this level of spend (remember, they still don't have many key management positions filled and have reduced staff significantly), It will cost about 9mm to run the company next year, or 2.3mm per quarter. This means to get to break even, assuming margins achieved this quarter (which is completely unrealistic) they need to achieve revenue of $28mm. It is hard to know what to expect because the press release gives no real insight into the 22% reduction nor does it credit the seasonality for the higher margin (which it no doubt will blame for the lower margins in q1). Given that legacy clients are going away and new clients are down to $5mm per quarter and trending down. They are going to be lucky to see $18mm in revenue. That would translate into $4.5mm using realistic provider margins in gross profits or a loss of $3.5mm. All this would be fine and could support a speculative price (like it is now at nearly 4x revenue) if there was hyper growth or some trend/technology in thier favor. I would say the opposite is true. You have consistent negative yoy growth and the trends that I am aware of in healthcare are sqeezing margins - 80-85% admin maximum for health plans - and movement away from fee for service reimbursement which is the only way this company can make revenue. Love to hear someone else's thoughts. - Any not these idiots that are spamming.