This report does not constitute a rating action. S&P Global Ratings expects organic revenue will increase 7%-10% annually in fiscals 2026 and 2027. PointClickCare Technologies'(PCC) core business of providing an electronic health record (EHR) platform to skilled nursing facilities (SNF) and senior living facilities, which entails high switching costs, supports its recurring revenue base and strong customer retention. Because the company holds a dominant share in its largely penetrated core market, we expect it will primarily increase its revenue by upselling modules and further expanding into health system and payer care-coordination products. We view financial stress among its senior care customers as the greatest risk to PCC’s growth prospects. Medicaid accounts for a majority of SNF reimbursement, and state
