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ARA - American Renal's Share Appreciation Ignores The Risks Of A Changing Healthcare System
American Renal Associates Holdings Inc
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Company Thesis
American Renal (ARA) suffered a dramatic sell-off of over -50% this March due to the announcement of a SEC investigation into its revenue recognition; the resignation of the company's CFO, and an audit committee ordering ARA to restate its financial statements. At the start of this September, however, it turns out the impact of such risk has been grossly over-estimated with a cumulative realization of just $15.2 million in downside pretax income through