Companies in the News
Smartmeds.com sees 200,000 hits
Infu-Tech (Carlstadt, NJ) said that in its first full month of operation on its Smartmeds.com Web site, it has attracted close to 200,000 hits, 34,000 page views, and 32,000 document views. The company also said it has launched its initial ad campaign of the new site and expects the advertising to help with traffic.
IHS expects FY99 net loss
Integrated Health Services (IHS; Sparks, MD) said last week it expects to report a loss for FY99 ended Dec. 31 of more than $2.2 billion. IHS said the loss was primarily due to about $2.1 billion in non-recurring charges resulting from a loss on impairment of long-lived assets due to the impact of the prospective payment system. Additionally, IHS said the loss stemed from last year’s sale of its infusion business unit, which provided repsiratory therapy and the sale and rental of home medical equipment.
IHS filed for Chapter 11 bankruptcy protection on Feb. 2, listing assets of $3.6 billion and liabilities of $4.1 billion.
Lincare chairman retires
Lincare Holdings (Clearwater, FL) said last week that James Kelly will retire from the board, effective May 8. Kelly served as chairman of the board from April 1994 until March 2000 and served as chief executive officer of the company from June 1986 to December 1996. John Byrnes, president/CEO of Lincare, will replace Kelly as chairman of the board, Lincare said.
NHHC to acquire CT U.S. HomeCare operations
National Home Health Care Corp. (NHHC; Scarsdale, NY) will acquire, through a wholly owned subsidiary, certain assets of the Connecticut operations of U.S. HomeCare Corp. (Hartford, CT). U.S. HomCare announced last month that its agent bank, Chase Manhattan, would be taking over and selling off its assets.
The Connecticut operations had annual revenues of $3.5 million, NHHC said. The closing is expected to occur by mid-April. NHHC President/CEO said the acquisition will complement the company’s existing Connecticut operations and further increase its presence in the state.
NuMed extends acquisition closing
NuMed Home Health Care (Clearwater, FL) agreed with Capital General Corp. (CGC) to extend the time for closing of the proposed acquisition of 80.9% of the stock of NuMed in exchange for stock of CGC and a working capital loan of $2.5 million. The time period, as contemplated in a letter of intent signed by NuMed and CGC in November, was extended until last Friday, April 7.
Execution of the definitive agreements and closing of the transaction were delayed as a result of CGC’s inability to fund the working capital loan to NuMed, the company said. CGC has advised NuMed that it has rectified that issue closing on its funding March 30.
Option Care signs two provider agreements
Option Care (Bannockburn, IL) last week announced the signing of an Ancillary Provider Managed Care agreement with MethodistCare. Under the terms of the agreement, Option Care willl provide alternate site and home IV services to more than 70,000 MethodistCare members in Houston.
Option Care also said last week it signed an Ancillary Provider Managed Care agreement with AmeriHealth. Under the terms of the AmeriHealth agreement, Option Care will provide alternate site and home IV services to more than 60,000 members in Houston.