ADMI Corp. (doing business as The Aspen Group [TAG]) navigated 2024 largely in line with expectations achieving mid-teens revenue growth and S&P Global Ratings? adjusted EBITDA margins of about 12%. While operations trended well, cash flow came in below our expectations primarily due to a significant working capital outflow in its fourth quarter, attributable primarily to continued weakness in its ClearChoice segment. That said, we expect the company to generate operating cash flows sufficient to cover its maintenance capital in 2025, due to stable operations in the core dental business, tailwinds in its WellNow segment, and a trend toward more normal working capital. Therefore, S&P Global Ratings affirmed its ?B-? issuer credit rating, with a stable outlook. We also maintained
