Some, like Veritas analyst Dimitry Khmelnitsky, suggest that Valeant's debt levels and cash flows are unsustainable without near - constant acquisitions: «Valeant's
organic revenue growth disclosures thus far have been piecemeal, inconsistent and confusing,» wrote Khmelnitsky in a note from 2012.
However, until the 10Q for Q3 ’12 (which included the
disclosure that the 3.5 % pro-forma
revenue growth consisted of NEGATIVE 1.4 %
organic growth and 4.9 % acquired
growth from seven acquisitions — ADAM, HealthConnect, BSI, Taimma, PlanetSoft, Fintechnix, and TriSystems — completed in 2011 and 2012), the pro-forma
revenue was the only metric Ebix provided that was tangential to
organic growth.