Research from Atrium Research, Atrium Research Corporation

Atrium Research

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis.

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>ADF reported strong Q2 financial results including revenue of $95.0M (+79% YoY) vs. our estimate of $85.8M.</li>
<li>EBITDA of $8.4M (+128% YoY, 9% margin), below our expectations due to $5.9M in DSU/PSU expense.</li>
<li>Adjusting for this, EBITDA would have been in line with our forecast.</li>
</ul>


ADF reported strong Q2 financial results including revenue of $95.0M (+79% YoY) vs. our estimate of $85.8M.
EBITDA of $8.4M (+128% YoY, 9% margin), below our expectations due to $5.9M in DSU/PSU expense.
Adjusting for this, EBITDA would have been in line with our forecast.


DRX: Strong Q2 Results with Revenue Up 79% YoY

ADF Group

DRX: Strong Q2 Results with Revenue Up 79% YoY