QHR Technologies: Leading Electronic Medical Records (EMR) Provider

Dave Barr presented his in-depth investment thesis on QHR Technologies (TSXV: QHR) at Wide-Moat Investing Summit 2016.

QHR Technologies is a leading Electronic Medical Records (EMR) provider in Canada. QHR’s Accuro product is the largest single EMR platform in Canada with 7,700 physicians on the platform (17% market share). QHR generated $29 million in revenue for the last twelve months(87% recurring) and has a 98% customer retention rate. QHR’s competitive advantages are reinforced through a positive feedback loop: the more users are added to the platform, the better the platform becomes and the more users it attracts. QHR is expected to grow revenue both organically and from acquisitions. Organic revenue growth comes from acquiring new doctors (1,000 doctors per year), upselling Medeo (visual care module) and additional new products. As a single platform, incremental revenue drives strong incremental free cash flow margins. Dave and Felix like QHR for its leadership position in Canada, strong base of recurring revenue, improving margins, multiple growth levers, and reasonable valuation for a compounding business.

About the instructor:

David Barr, CFA is the President and CEO of Pender. He is also Co-Chief Investment Officer, working with Felix Narhi in setting the direction of Pender’s overall value-based investment strategy, as well as being the Portfolio Manager of several of Pender’s funds. David has over 17 years of investment experience. He initially worked in private equity which gives him a unique background to investing capital. At the end of 2007 he became a partner at Pender and was appointed Chief Investment Officer with the objective of launching Pender’s mutual fund business. In April 2016 David was appointed President and CEO of Pender. David holds a Bachelor of Science degree from the University of British Columbia and an MBA from the Schulich School of Business. He earned his Chartered Financial Analyst (CFA) designation in 2003 and is an active member of the Vancouver chapter. He is a past President of CFA Vancouver, having also served on its Board of Directors for four years.

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