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R1 RCM Inc. (RCM): Midwood Capital Management Keeps It As The Top Position

Published on May 8, 2019 at 8:05 am by Nina Zdinjak in Hedge Funds, News

Midwood Capital Management posted a 10.6% return for the first three months of 2019 in its Q1 2019 Investor Letter (download here). The fund also shared its annualized return since inception, which amounted to 9.5%, and posted a few short comments on several stocks in its equity portfolio. For its largest position,  R1 RCM Inc. (NASDAQ:RCM), and one of the biggest contributors to its quarterly performance, the fund said the following:

“R1 RCMInc. (RCM;$10.04; $2.6billion market cap): This leading independent provider of revenue cycle management services to acute care hospitals and physician groups remains our largest position. The stock traded idiosyncratically in January despite providing very bullish guidance early in the month ahead of the bellwether J.P. Morgan Healthcare Conference. The stock began to make a move upward at the end of January, ultimately rising nearly 22% in the first quarter. RCM contributed 353 bps to the Fund’s gross return in Q1”

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R1 RCM is a $1.19 million market cap revenue cycle management company that provides its professional services to hospitals and physician group in the US. Over the last six months, its stock gained 22.48%, and on May 7th it had a closing price of $10.73.

For the full year 2018, the company reported $868.5 million revenue and diluted loss per share of $0.60, compared to revenue of $418.7 million and diluted loss per share of $0.75 for the full year  2017.

Dislcosure: None.
This article is originally published at Insider Monkey.


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