Update: The article below was posted on Bloomberg earlier today (see screenshot) after originally being published on Seeking Alpha here.
By Tom Tobin
We recently developed a web-based survey tool to track the number of athenahealth (ATHN) clinical customers. Through today, the annualized trend is running near 20%. That’s good enough to stick with our “Best Idea” long thesis which we presented on August 14th.
The ATHN short thesis revolves around valuation and a negative outlook for athenahealth’s opportunity in the hospital market. We think there remains a big opportunity in the physician office. The data, so far, support our outlook.
We don’t think you can be short this chart. But with 20% short interest, clearly there are those who disagree with us.