Kiwi health software company Orion Health appears to be preparing the business for a partial or full sale, say analysts.
Last month the company confirmed it was pursuing "potentially significant transactions" after media speculation it was considering selling.
At the company's full year results briefing today, chairman Andrew Ferrier confirmed they were still in talks but said he wouldn't comment "unless and until" a proposal reached sufficient certainty.
Hamilton Hindin Green analyst Jeremy Sullivan said although it hadn't been confirmed, the strategic move would likely be to sell off at least one of the three parts of the business in the not too distant future.
"Reading between the lines, I think they are getting the business at least partially ready for a trade sale," he said.
"That's just speculation at this point but it does look like the writing is on the wall for at least part of the business."
The health tech company posted a full year result at the lower end of its downgraded forecast.
For the financial year to March 31, the Group posted operating revenue of $170m - just in line with its forecasted $170m to $173m, but significantly lower than the initial guidance of about $220m.
This was attributed to the timing of a major contract which was signed in the first week of April and so falls into the 2019 financial year.
Full year operating losses widened to $40.4m but the company said its second half of 2018 was the lowest half-yearly operating loss in four years at $15.4m.
The company has been reviewing its business structure since last year with the aim of returning to profitability.
It had been focusing on global expansion over short-term earnings since listing in 2014, but last month announced a restructuring of the Group into three distinct divisions - Rhapsody, Population and Hospital.
Stephen Ridgewell, a senior research analyst at Craigs Investment Partners said the ideal scenario for the business would be for it to divest its less profitable Population division and hold on to the profitable Rhapsody branch.
"It is positive they are still in talks with a third party, but what still remains very unclear is the nature of the proposal they are considering," Ridgewell said.
"We don't know if they're considering a full sale of the business with an on-market takeover, or a partial sale of the business. And if it is a partial sale, what part of the business that might be."
Founder and chief executive Ian McCrae said in the last financial year the company had removed $10m in costs, and a further $30m as part of its restructuring.
He said the business was well positioned for a solid 2019 year.
Recurring revenue now makes up 50 per cent of the company's operating revenue and it completed the year at a record high level of accounts receivable at $71m.
Chief financial officer Mark Tisdel said revenue pipeline, cost reduction, sale of surplus land and a renewed working capital facility of $20m from ASB would provide the company with sufficient liquidity to pursue its strategy in the upcoming period.
Shares in the company opened the day at 69c. Shares have fallen by just over 40 per cent in the last 12 months.