Not sure about the theory of doubling the number of dentists to double the revenues. I thought PSQ's pitch was all about taking care of the back office & admin processes, so the dentist could focus solely on dentistry and improve his/her productivity. And if go back to FY08 (as per company materials), it appeared as though they were generating some leverage through not just back office inefficiencies but improved work flows as well. However this appears to have reversed in FY15 & Fy16 and continues to do so.
To me it looks like they under-invested in training & staff through the pre-IPO and post IPO period, and it looks like they are now playing catch-up. Hence 10-15% fee growth equating to 10% EBITDA growth.
Ann: Trading Update Announcement and Presentation, page-5
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