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Do you check company sales trends when evaluating stocks? Since most companies rely on sales as their primary source of profit, a sales analysis should be high on the list. For ideas on how to look at a company's sales, we ran a screen.

We began with stocks of the healthcare sector that appear undervalued relative to earnings growth, with PEG ratios below 1. We then looked at their sales trends by comparing growth in revenue to growth in accounts receivable over the last year.

Accounts receivable is the portion of revenue that has not yet been received, and since there is no guarantee that the money will ever be received, the smaller accounts receivables is relative to revenue the better. That is, companies with smaller accounts receivable relative to inventory are considered to have higher quality revenues.

We screened for companies seeing faster growth in revenues than accounts receivable year-over-year, as well as accounts receivable decreasing as a portion of current assets. This indicates that these companies are seeing healthier sales and improving liquidity.

Interactive Chart: Press Play to compare changes in market cap over the last two years for the stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

Do you think these companies have solid sales trends? Use this list as a starting point for your own analysis.

List sorted by difference between growth in revenue and accounts receivable.

1. Pernix Therapeutics Holdings, Inc. (PTX): Engages in the development, marketing, and sale of branded and generic pharmaceutical products primarily for the pediatric market. Market cap at $227.76M. Price at $8.84. PEG at 0.58. Revenue grew by 74.27% during the most recent quarter ($21.4M vs. $12.28M y/y). Accounts receivable grew by 38.53% during the same time period ($20.6M vs. $14.87M y/y). Receivables, as a percentage of current assets, decreased from 46.34% to 30.25% during the most recent quarter (comparing 3 months ending 2011-12-31 to 3 months ending 2010-12-31).

2. 3SBio Inc. (SSRX): Engages in the research, development, manufacture, and distribution of pharmaceutical products in the People's Republic of China. Market cap at $297.28M. Price at $13.15. PEG at 0.89. Revenue grew by 38.24% during the most recent quarter ($139.88M vs. $101.19M y/y). Accounts receivable grew by 20.16% during the same time period ($161.19M vs. $134.15M y/y). Receivables, as a percentage of current assets, decreased from 16.91% to 16.24% during the most recent quarter (comparing 3 months ending 2011-12-31 to 3 months ending 2010-12-31).

3. DUSA Pharmaceuticals Inc. (DUSA): Develops and markets Levulan photodynamic therapy and other products for common skin conditions primarily in the United States, Canada, and Korea. Market cap at $135.58M. Price at $5.63. PEG at 0.85. Revenue grew by 28.54% during the most recent quarter ($15.27M vs. $11.88M y/y). Accounts receivable grew by 15.48% during the same time period ($3.73M vs. $3.23M y/y). Receivables, as a percentage of current assets, decreased from 12.2% to 10.31% during the most recent quarter (comparing 3 months ending 2011-12-31 to 3 months ending 2010-12-31).

4. Trinity Biotech plc (TRIB): Develops, manufactures, distributes, and sells diagnostic test kits and instrumentation worldwide. Market cap at $232.30M. Price at $10.70. PEG at 0.92. Revenue grew by 3.95% during the most recent quarter ($20.01M vs. $19.25M y/y). Accounts receivable grew by -6.45% during the same time period ($24.09M vs. $25.75M y/y). Receivables, as a percentage of current assets, decreased from 25.41% to 20.95% during the most recent quarter (comparing 3 months ending 2011-12-31 to 3 months ending 2010-12-31).

5. National Healthcare Corp. (NHC): Operates and manages long-term health care centers, and associated assisted living and independent living centers in the United States. Market cap at $602.96M. Price at $44.17. PEG at 0.89. Revenue grew by 0.46% during the most recent quarter ($192.74M vs. $191.86M y/y). Accounts receivable grew by -4.72% during the same time period ($73.41M vs. $77.05M y/y). Receivables, as a percentage of current assets, decreased from 23.88% to 20.27% during the most recent quarter (comparing 3 months ending 2011-12-31 to 3 months ending 2010-12-31).

*Accounting data sourced from Google Finance, all other data sourced from Finviz.

Source: 5 Undervalued Healthcare Stocks With Positive Receivables Trends