Corporate Webpages Metropolitan Healthcare Networks Inc.
Since healthcare reform continues to be in the news, healthcare
management stocks have had some volatility and trading
opportunities. Metropolitan Healthcare Networks is a smaller
Florida-based organization serving Florida's East Coast. It is
one of the rare AMEX stocks we follow. It has quickly migrated
from its initial position as an OTC-BB bulletin board stock to
one that is listed on the AMEX. It is below $5 per share, which
means it does not enjoy a large following of major analysts,
which somewhat restricts information and the normal guidance
sources we use. For example, there is no S&P Stock Guide
report. It is growing somewhat, with 33,000
subscribers. Average volume of the stock remains below our
desired 300,000 share per day level. It appears to have very
good corporate governance, although we were not impressed by the
fact that a limited amount of stock options perquisites are
provided to some managers but not to the general public (no
listed options.)
Institutions are accumulating the stock, and in particular one
that we trust very much, Dimensional Fund Advisors. We are
always encouraged when this organization accumulates one of our
selections. The company is also favored by our two favorite
researchers, Market Grader and Street.Com, although other
analysts and researchers are mostly neutral to negative.
The company has an extremely unimpressive website, which is a
bit unusual for healthcare companies. Normally this is a sign
of lack of concern for shareholders.
The company is in what we consider a weak industry group, but
its stock has shown recent strength. Still, technically, by
our standards, the stock chart is extremely bearish causing us
to downrate it with many negative technical indicators. The
strength of its financials and balance sheet cause us to give it
an overall positive rating.
Metropolitan Healthcare Networks, which filed not too long ago to become its
present status as aa health maintenance organization (HMO), has a rather
long list of substantial competitors.
We see a rather limited growth potential and some slowing in growth after
Met Healthcare Networks used public offering funds to make some initial
acquisitions. But we are impressed by some of the organizations that
perceive this as a "sleeper stock" which may have been held back more by
a lack of being listed on either the NYSE or the NASDAQ. We normally
try to avoid stocks under $5/share, but when we see who is buying the
stock, we tend to make an exception.
02-03-2010: Metropolitan Healthcare Networks Inc. (MDF): Needs a Better Listing and Website
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
News
Comparison with Peers
Bond Issue
Zenith Index
Financial Statements
Financial Ratios
Market Grader
Intrinsic Value (Disc. CashFlow)
Intrinsic Value (Proj. Earnings)
Scout Stock Rating
Projected Earnings
Research Reports
Analysts' Opinions
Insider Activity
Institutional Activity
Sentiment
Short Interest
Stock Report
Management's Discussion
Moving Average Chart
Right Time Study
Channel Potential
Intraday Chart
Stock Fetcher
Point & Figure Chart
Wall Street Analyzer
Marketspace Chart
Time Series Forecast
Neural Network Prediction
Stock Options
Ultimate Trading Systems
Recommendation
Corporate Wepages
Company Profile |
News |
Comparison |
Similar Companies Performance:
Bond Issue |
Zenith Index |
Metropolitan Health Networks In (MDF ) Sector: Healthcare
250 Australian Avenue South Industry: Health Care Plans
Suite 400 Exchange: AMEX
West Palm Beach, Florida
Metropolitan Health Networks, Inc., through its subsidiaries, owns
and operates provider service networks (PSN) in the United States.
The company-Ęs PSN provides and arranges medical care to medicare
beneficiaries in Flagler, Volusia, and St. Johns counties in central
Florida; and Miami-Dade, Broward, and Palm Beach counties in south
Florida. The company offers Medicare, a national health insurance
program that covers the cost of hospitalization, medical care, and
related health services for citizens aged 65 and older, qualifying
disabled persons, and persons suffering from end-staged renal
disease. As of December 31, 2008, the PSN provided healthcare
benefits to approximately 33,000 medicare advantage beneficiaries
respectively. The company was founded in 1996 and is headquartered
in West Palm Beach, Florida.
Last Trade: 2.15 52-Week Range: 2.50 - 1.06
Trade Date: 02-02 Avg. Volume: 147,829 Shares
Index Membership: N/A Employees: 178
Corporate Governance:
Metropolitan Health Networks Inc.'s Corporate Governance Quotient
(CGQ-«) as of 1-Feb-10 is better than 91% of Russell 3000 companies
and 82.1% of Health Care Equipment & Services companies.
EPS: 0.27 Dividend Amount: $ 0.00 Yield: 0.00%
Ex-Dividend Date: N/A Mkt Cap: $ 91,050K
Payout Ratio: 0.00%
Last Split Factor (new for old): N/A Split Date: N/A
Key Statistics:
Enterprise Value: $ 55,230K Revenue (ttm) : $ 345,690K
Gross Profit: $ 36,740K
Earnings before Income Tax, Depreciation and Amortization: $ 20,110K
Enterprise Value/Revenue (ttm): 0.16 Revenue per Share: $ 7.72
Enterprise Value/EBITDA (ttm): 2.75 Qtrly Rev Growth (y to y): 11.60%
P/E Ratio (fwd projected): 8.60 P/E Ratio (current): 8.11
P/E Growth Ratio (5 yr expected): 0.35 Operating Margin: 5.56%
Price/Sales Ratio: 0.26 Profit Margin: 3.52%
Price/Book Value: 2.23 Book Value: $ 0.97/sh.
Return on Assets: 22.97% Net Income Avl to Common: $ 12,130K
Return on Equity: 27.21% Diluted Earnings/Share: $ 0.27
Qrtly Earnings Growth (yoy): -43.20%
Balance Sheet Items : Cash Flow Items (ttm):
(most recent qrtr) (trailing 12 mo.)
Total Cash: $ 37,190K Operating Cash Flow:$ 13,560K
Total Debt: $ 875K Lvgd Free Cash Flow:$ 11,980K
Total Debt/Equity: 0.00
Total Cash/Share: $ 0.88
Current Ratio: 5.47
Share Statistics: Stock Price History:
Shares Outstanding: 42,350K Stk 52-Week Change: 44.30%
Float: 25,900K S&P 500 52-Wk Chng: 31.95%
Sh. Short % of Float: 2.50% 50-Day Moving Avg: 2.13
Short Ratio: 5.40 200-Day Moving Avg: 2.15
% Held by Institutions: 26.80% Beta: 0.83
% Held by Insiders: 34.54%
Analysts' Estimates: Cur. Qtr Next Qtr Cur. Year Next Year
___________________________ Dec-09 Mar-10 Dec-09 Dec-10
Average Earnings Estimate 0.05 0.07 0.26 0.25
Average Revenue Estimate 89M 93M 354M 368M
Factors Comparing This Company to Its Industry Leader (1.0 = Average):
Long Term EPS Growth Rate (5 yr): 0.000 EPS Growth (Qrtly YoY): -.364
PEG Ratio (ttm, 5 yr expected): 0.187 P/E Ratio (ttm): 0.102
Revenue Growth (Qrtly YoY): 0.464
Annual Income Statements: All numbers in thousands)
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Total Revenue 317,212 277,577 228,216
Cost of Revenue 280,472 240,696 205,619
Gross Profit 36,740 36,881 22,597
Operating Expenses:
Research & Development 0 0 0
Selling, General & Administrative 26,071 28,226 22,830
Non-Recurring Expenses 0 584 0
Other Operating Expenses 0 0 0
Total Operating Expenses 0 0 0
Operating Income or Loss 10,668 8,072 -233
Income from Continuing Operations:
Total Other Income/Expenses Net 5,950 1,369 1,059
Earnings Before Interest & Taxes 16,619 9,441 826
Interest Expense 0 0 0
Income Before Taxes 16,619 9,441 826
Income Tax Expense 6,414 3,527 353
Minority Interest 0 0 0
Net Income from Continuing Op.s 10,204 5,914 473
Non-recurring Events:
Discontinued Operations 0 0 0
Extraordinary Items 0 0 0
Effect of Accounting Changes 0 0 0
Other Items 0 0 0
Net Income 10,204 5,914 473
Preferred Stock & Other Adjustmnts 0 0 0
Net Income Avail To Common Shares 10,204 5,914 473
Quarterly Income Statements: All numbers in thousands)
Period Ending 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08
Total Revenue 88,138 87,076 90,441 80,036
Cost of Revenue 80,511 78,179 79,506 70,702
Gross Profit 7,627 8,897 10,935 9,335
Operating Expenses:
Research & Development 0 0 0 0
Selling, General & Adminis. 4,235 4,239 4,574 4,517
Non-Recurring Expenses 445 -445 0 5,798
Other Operating Expenses 0 0 0 0
Total Operating Expenses 0 0 0 0
Operating Income or Loss 3,759 5,104 6,361 -980
Income from Continuing Operations:
Total Other Income/Expenses Net 891 30 235 5,713
Earnings Before Int. & Taxes 3,839 5,134 6,596 4,733
Interest Expense 0 0 0 0
Income Before Taxes 3,839 5,134 6,596 4,733
Income Tax Expense 1,412 1,982 2,561 2,163
Minority Interest 0 0 0 0
Net Income from Continuing Op.s 2,426 3,152 4,034 2,570
Non-recurring Events:
Discontinued Operations 0 0 0 0
Extraordinary Items 0 0 0 0
Effect of Accounting Changes 0 0 0 0
Other Items 0 0 0 0
Net Income 2,426 3,152 4,034 2,570
Preferred Stock & Other Adj.s 0 0 0 0
Net Income Avail To Common Shs 2,426 3,152 4,034 2,570
Annual Balance Sheets: All Numbers in Thousands
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Current Assets:
Cash & Cash Equivalents 2,701 38,682 23,110
Short Term Investments 33,641 0 0
Net Receivables 3,372 4,469 5,246
Inventory 316 196 285
Other Current Assets 837 1,416 1,824
Total Current Assets 40,867 44,764 30,465
Long-Term Investments 0 689 689
Property, Plant & Equipt 1,336 2,181 2,275
Goodwill 2,587 2,586 1,992
Intangible Assets 1,184 1,588 0
Accumulated Amortization 0 0 0
Other Assets 2,189 600 653
Deferred Long Term Asset Charges 981 1,403 5,767
Total Assets 49,144 53,811 41,841
Current Liabilities:
Accounts Payable 6,340 15,545 10,912
Short/Current Long Term Debt 0 0 0
Other Current Liabilities 0 0 0
Total Current Liabilities 6,340 15,545 10,912
Long Term Debt 0 0 0
Other Liabilities 0 0 0
Deferred LT Liability Charges 0 0 0
Minority Interest 0 0 0
Negative Goodwill 0 0 0
Total Liabilities 6,340 15,545 10,912
Stockholder Equity:
Misc. Stocks Options Warrants 0 0 0
Redeemable Perferred Stock 0 0 0
Preferred Stock 500 500 500
Common Stock 48 52 50
Retained Earnings 4,607 -5,597 -11,074
Treasury Stock 0 0 0
Capital Surplus 37,649 43,312 41,453
Other Stockholder Equity 0 0 0
Total Stockholder Equity 42,805 38,266 30,929
Net Tangible Assets 39,033 34,092 28,937
Quarterly Balance Sheets: All Numbers in Thousands
Period Ending 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08
Current Assets:
Cash & Cash Equivalents 5,163 3,756 2,494 2,701
Short Term Investments 32,030 25,946 32,401 33,641
Net Receivables 1,312 10,793 8,052 3,372
Inventory 181 176 267 316
Other Current Assets 752 1,051 773 837
Total Current Assets 39,438 41,722 43,987 40,867
Long-Term Investments 0 0 0 0
Property, Plant & Equipt 1,624 1,249 1,255 1,336
Goodwill 4,362 2,587 2,587 2,587
Intangible Assets 1,027 1,020 1,102 1,184
Accumulated Amortization 0 0 0 0
Other Assets 2,188 2,177 2,190 2,189
Deferred LT Asset Charges 0 0 0 0
Total Assets 49,799 49,868 52,152 49,144
Current Liabilities:
Accounts Payable 6,893 4,141 7,273 6,340
Current Portion LT Debt 318 0 0 0
Other Current Liabilities 0 0 0 0
Total Current Liabilities 7,211 4,141 7,273 6,340
Long Term Debt 557 0 0 0
Other Liabilities 0 0 0 0
Deferred LT Liab. Charges 0 0 0 0
Minority Interest 0 0 0 0
Negative Goodwill 0 0 0 0
Total Liabilities 7,768 4,141 7,273 6,340
Stockholder Equity:
Misc. Options, WarrantS 0 0 0 0
Redeemable Perferred Stock 0 0 0 0
Preferred Stock 500 500 500 500
Common Stock 43 46 47 48
Retained Earnings 14,220 11,794 8,642 4,607
Treasury Stock 0 0 0 0
Capital Surplus 27,268 33,388 35,690 37,649
Other Stockholder Equity 0 0 0 0
Total Stockholder Equity 42,031 45,727 44,879 42,805
Net Tangible Assets 36,641 42,120 41,189 39,033
Annual Cash Flow: All Numbers in Thousands
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Net Income 10,204 3,152 473
Operating Activites:
Depreciation 1,098 952 554
Adjustments to Net Income -1,464 4,108 2,722
Changes in Accounts Recv'bls 1,277 -901 -1,202
Changes in Liabilities -3,751 5,388 7,520
Changes in Inventories -120 89 -83
Changes in Other Op'ing Actv's -640 452 -834
Total Cash Flow fr Operations 6,607 16,001 9,150
Investing Activities:
Capital Expenditures -396 -746 -1,929
Investments -33,545 0 -61
Other Cash Flows fr Investing -1,331 -591 0
Total Cash Flows fr Investing -35,273 -1,337 -1,991
Financing Acitivies:
Dividends Paid 0 0 0
Sale or Purchase of Stock -7,322 507 137
Net Borrowings -253 -125 0
Other Cash Flows fr Financing 261 526 240
Total Cash Flows fr Financing -7,315 908 377
Effect of Exchange Rate Change 0 0 0
Change in Cash & Cash Equiv.s -35,981 15,572 7,537
Quarterly Cash Flow: All Numbers in Thousands
Period Ending 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08
Net Income 2,426 3,152 4,034 2,570
Operating Activites:
Depreciation 218 222 220 223
Adjustments to Net Income 251 -955 236 642
Changes in Accounts Recv'bls 6,303 -6,908 178 -67
Changes in Liabilities 5,941 -2,687 934 -3,513
Changes in Inventories -5 92 48 -101
Changes in Other Oper'g Acts 283 4,566 -4,771 31
Total Cash Flow f Operations 15,417 -2,518 881 -215
Investing Activities:
Capital Expenditures -494 -126 -57 -35
Investments -6,070 6,535 1,211 -33,545
Other Cash Flows fr Investing -1,000 0 0 -10
Total Cash Flows fr Investing -7,564 6,408 1,154 -33,590
Financing Acitivies:
Dividends Paid 0 0 0 0
Sale or Purchase of Stock -6,446 -2,627 -2,242 -7,575
Net Borrowings 0 0 0 -253
Other Cash Flows fr Financing 0 0 0 49
Total Cash Flows fr Financing 0 0 0 0
Effect of Exchange Rate Chg 0 0 0 0
Change in Cash & Cash Equiv. 1,407 1,262 -207 0
MDF Metropolitan Health Networks Inc. [Indices near +3.0 or near zero,
or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28? 3.0000 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: -0.9500 Forward P/E Ratio < 28? 3.0000
Sales Tests:
Price/Sales Ratio < 2.3? 3.0000 Inventory/Sales < 5%? 3.0000
Sales < $1 billion? 3.0000 Operating Margin < 7.5%? 1.3489
Balance Sheet Tests:
Debt/Equity < 0.40? 1.0000 Long-Term Debt Service: 3.0000
LTD Being Reduced? 0.0000 Short-Term Debt Service: 3.0000
Current Ratio > 2? 2.7345 Working Capital >= 1.5? 0.3657
Leverage Ratio < 20%? 3.0000 Debt / Assets < 1? 1.0000
Quick Ratio > 1? 0.8979 Inventory Turnover > 1? 0.0387
Shares Out Decreasing? 1.8000 Market Cap.> 1.5 Billion? 3.0000
Profit Margin > 7.5%? 0.4693
Income Tests:
Dividend Yield > 2.0%? 0.0000 EPS Annual Growth > 10%? 0.0000
Enterprise Value/Revenue: 0.1067 EPS 5-yr Growth > 20%? 1.8000
Enterprise Value/EBITDA: 0.3923 EPS Growth Consistent? 1.8000
EPS Qrtly Growth > 10%? -3.0000 Collection < 45 days? 3.0000
Rev. Qtrly Growth > 15%? 1.7400 Gross Pft/Cur. LTD < 1? 3.0000
EPS Annual Growth > 10%? 0.0000 Borrowing Int. Rate< 6%? 1.0000
Stock Performance Tests:
Volatility > 25%? 3.0000 % Held by Insiders < 5%? 0.1448
Beta > 1.25? 0.6640 % Held by Institut. < 50? 1.8657
50 Da MA > 200 Da MA? -0.0279 % Held by Institut. > 30? 0.8933
52-Wk Change vs. S&P 500: 2.1301 Short Ratio > 5? 1.0800
Price/Book Value < 3? 1.7700 Short % of Float > 20? 0.1250
Return on Assets > 17%? 1.3512 Average Volume > 100,000? 1.4783
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 1.1319 Positive Free Cash Flow? 1.0000
Positive Oper. Cash Flow? 1.0000 Price to C.F./sh. Ratio: 0.5429
Cash Flow / Assets >.10? 2.4057
MDF Metropolitan Health Networks Overall Zenith Index: 1.3773
Financial Statements |
Financial Ratios |
. . . . . . . . . . . . 1 = Highest , 10 = Lowest
Market Grader |
Intrinsic Value |
Intrinsic Value by Discounted Cash Flow Method:
Intrinsic Value |
Intrinsic Value by Projected Earnings Growth Method:
Stock Scout |
We find "Scout" to be a bit biased toward the high end, so anything under a 6 is considered a negative, 6 and above, positive.
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Orders to Buy or Sell:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
Short Interest Ratio |
As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.
Stock Report |
Management's Discussion of Results of Operations Excerpts |
Moving Average Chart |
Right Time Study |
Channeling Potential |
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility. Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.
Results for Metropolitan Health Networks Inc.:
Symbol? MDF
Total Months Available: 62
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
2.00 1.06 2.50 1.85 2.45 1.85
RANGE = 2.50 TO 1.06 Close = 2.15
CHANNEL = 2.00 TO 1.85 Degree = 1
Volatility = 6.98% Index = 0
Intraday Chart |
20 Days:
Stock Fetcher |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
Neural Network Prediction |
"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."
Ultimate Trading Systems |
The "ultimate systems" are inconclusive, giving no clear confirmed signals.
The corresponding trades for the above chart are shown in tabular form below.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | + 1 |
| Comparison | + 1 |
| Industry | - 1 |
| Bond Issue | 0 |
| Zenith Index | + 1 |
| GAAP vs. non-GAAP Earnings < 1% | + 1 |
| Cash Flow | + 1 |
| Ratios | + 1 |
| Market Grader | + 1 |
| Intrinsic Value DCF | + 1 |
| Intrinsic Value DDM | 0 |
| Stock Scout | - 1 |
| Projected Earnings | - 1 |
| Research Reports | 0 |
| Analysts | - 1 |
| Executive Perquisites | + 1 |
| Insider Activity | - 1 |
| Institutional Activity | + 1 |
| Management Reporting | + 1 |
| Short Interest | + 1 |
| Sentiment | + 1 |
| Standard & Poor's | 0 |
| Moving Average | - 1 |
| Right Time Study | + 1 |
| Stock Fetcher | 0 |
| Point & Figure | - 1 |
| Wall Street Analyzer | - 1 |
| Marketspace Chart | - 1 |
| Time Series Chart | - 1 |
| Neural Network | - 1 |
| Stock Options | - 1 |
| Ultimate Trading Systems | 0 |
| Total | + 2 |
Place 13,700 shares of Metropolitan Healthcare Networks Inc. (MDF) on the Active List.
