Signals

6 active signals, 3 high, 2 med, 1 positive

highConcentration

Customer concentration risk, Helix Bio at 18.4% of TTM revenue

Helix Bio's contribution increased from 12.1% in Q1 2025 to 18.4% in TTM Q1 2026, exceeding the 15% threshold typically flagged by buyers. Contract renews March 2027.

Detected · 4h agoConfidence · 0.94Cites · 47 invoices

highAnomaly

Unusual journal entry pattern, Q4 2025 month-end

12 manual JEs posted on Dec 31, 2025 totaling $284K of revenue. Z-score 3.2 against rolling 24-month baseline. Possible cut-off issue, review before close.

Detected · 2d agoConfidence · 0.88Cites · 12 GL entries

highMargin

Gross margin compression, 180 bps QoQ

Gross margin compressed from 43.8% (Q3 2025) to 42.0% (Q4 2025) and 42.4% (Q1 2026), driven by 14% YoY increase in third-party AI inference costs.

Detected · 1w agoConfidence · 0.97Cites · 6 vendor accts

medWorking capital

Days sales outstanding trending up

DSO increased from 47 days (Q3 2025) to 61 days (Q1 2026). Three customers, Helix Bio, Atlas Mfg, Cascade Health, account for 78% of the $312K growth in AR.

Detected · 5d agoConfidence · 0.91

medVendor

Vendor concentration, OpenAI 31% of COGS

Single-vendor dependency on OpenAI for inference. Pricing or availability changes would directly impact margins. Recommend documenting redundancy plan.

Detected · 1w ago

PositiveRetention

Net revenue retention 124%, top quartile

NRR has held above 115% for 6 consecutive quarters, reaching 124% in Q1 2026. Best-in-class for vertical SaaS at this revenue scale.