Since 2008, Kelowna-based QHR Technologies (TSXV:QHR) has grown from just $6.52-million in revenue to a $23.86 million topline in fiscal 2011.
Those merely watching the company’s stock chart, however, might be hard pressed to see a difference. Shares of QHR have remained at approximately the same level for nearly three years.
Recent filings show certain management members believe this is an untenable disconnect; QHR insiders have begun to buy the company’s stock in the open market.
On June 15th and 20th, QHR CFO Jerry Diener picked up 16,000 shares at an average price of $.59 cents. Company Chairman Ernest Wigmore bought 27,500 shares at $.57 on June 20th, then another 172,500 shares at $.60 cents later that day.
QHR Technologies has become an aggressive consolidator in the Canadian electronic medical records space. The recently announced pickup of Vancouver-based Open EC Technologies was the company’s twelfth acquisition in the past nine years. QHR’s success mirrors larger trends: a recent report from MarketResearch.com said the U.S. EMR market is expected to grow from $2.17-billion in 2009 to more than $6-billion in 2015; an estimated compound annual growth rate of 18.1%
At press time, share of QHR Technologies were even at $.56 cents