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Everythings not kosher at ARTC

The earnings for the first quarter'08, led with a PR touting surprisingly high year-over-year growth numbers. Notably, the announcement was in the form of an 8-K – only including the numbers the company wanted investors to see. All the financial details provided by a 10-Q, such as divisional breakout of revenues, cash flow, receivables aging, etc. are still AWOL.

Even within the bounds of the company’s carefully orchestrated quarterly release, there was one item that stood out like a sore thumb. Beyond the sequential decrease in revenue on the recently touted spine business (down 500k), was the cold fact that the rate of growth in receivables outstripped that of revenues by almost 300%. This should have been the first red flag to investors that something was not kosher in the world of Arthrocare.

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