Excellent post and analysis. REVENUES mean squat without EBITDA. A well managed company generates Earnings by controlling costs. The opposite has occurred here for the last three years!
The CEO has to go or a fire sale will occur by year's end!
I assume they've been buying some of other pharmacies and acquiring space for expansion as well as other equipment for rapid merchandising. Vehicles too.
Your dilution numbers are inaccurate. As of December 31, 2018, the O/S was already over 400 million. Last year’s dilution was minimal and all restricted shares.
Also, SG&A expenses naturally increased and doubled due to their acquisitions. Hence why it went from $3.4 to $6 million last year after the Davis/Orlando acquisition closed. Obvious spin of numbers there without context is obvious.