Reasons why I think VHT may be a bad investment:

• Brokers like Bell Potter, who make top $$ on the captial raise continually pump the stock, knowing they benefit from capital raises.   Investors need to be aware of this symbiotic relatonship. 
• Trading on an EV/S ratio of 14.5, despite -78% cashflow margin, and a pedestrian 20% pa organic growth rate.  
• It will be years before Volpara achieve cashflow breakeven on organic growth alone.  
• More acquisitons are inevitable, and with $60 million in cash on the balance sheet, they may be able to buy another $6 million in cashflow????  But that won't be enough to reach breakeven. 
• Further capital raises to come, perhaps later in the year, after they make further acquisitions.   With these acquisitions, comes more integration and execution risk.   
• Recent acquisitions and upcoming ones, will distract management from what they should be focusing on - improving organic growth.