...August 26, 2024 We expect solid growth and margin improvement in fiscal 2024. We forecast the company (doing business as TAG) will see mid-double-digit percent organic revenue growth in 2024 and mid-single-digit percent growth in 2025; we also expect its S&P Global Ratings-adjusted EBITDA margin will improve 600-700 basis points (bps) in 2024 and 50-100 bps in 2025. We attribute much of this improvement in 2024 to TAG lapping the one-time 2023 cyber incident--the material impact of which we believe is in the past. We anticipate improved results at TAG's WellNow division, given its focus on optimizing profitability, but we expect the segment will remain a drag on consolidated EBTIDA in 2024 and 2025 based on continued volume weakness, labor challenges, and reimbursement pressure seen across the urgent care industry. Furthermore, we believe current macroeconomic uncertainty and high interest rates are the most significant headwinds to TAG's ClearChoice segment given the high price point and...
