Companies in the News
Companies in the News
Byram acquires medical supply provider
Byram Healthcare Centers (Greenwich, CT) acquired Medical Home Supply (MHS; Denver), a privately held medical supply provider. MHS, with $2.5 million in annual revenues, provides disposable medical supplies to home care patients in Colorado.
"This transaction provides Byram with an initial foothold in the West," said Raymond Noeker, CEO. "The strength of the MHS organization will allow us to rapidly expand our presence in the West and move Byram closer to our objective of having an efficient national distribution capability."
Continental sees increase in 2Q99 sales
Continental Home Healthcare (Vancouver, British Columbia) saw gross sales in 2Q99 ended June 30 of $4.9 million, compared to sales of $4.5 million in 2Q98. The company recorded a net profit of $106,789, up 79% from the previous quarter’s net income of $59,563.
Continental management said it is encouraged with the financial results from 2Q99 and the first six months of FY99, as the second half of the year is historically the stronger of the two periods.
The company recently completed the acquisition of Queen of Angels, Hollywood Presbyterian Medical Center’s home medical equipment business. Continental officials said the acquisition will contribute to further growth of revenues and profits in the coming periods. In addition, the company is nearing the completion of securing a $3 million operating line of credit, which will enable management to continue its acquisition strategy in the southwestern United States.
Invacare acquires two companies
Invacare (Elyria, OH) has acquired two small, private companies: Adaptive Switch Laboratories (Spicewood, TX) and Dynamic Systems (Atlanta). Both companies, Invacare said, design and manufacture adaptive devices that allow people with disabilities to achieve independent mobility, environmental control, communication, and computer access. Dynamic Systems markets its products under the brand name Peachtree.
Dynamic Systems’ operations will be merged, within the next 30-60 days, with Adaptive Switch, which will maintain its operations at its Texas location. Adaptive Switch will continue to operate as it has in the past, designing and manufacturing products to interface with all power chair manufacturers. Adaptive Switch has supplied Invacare with its devices for the past four years, the company said.
Rehabilicare FY99 revenues up 24%
Rehabilicare (New Brighton, MN) last week announced its consolidated financial results for 4Q99 and FY99 ended June 30. Both revenue and net income for the year-end set records for the company, Rehabilicare said.
For FY99, the company reported revenues of $41.8 million, a 24% increase from FY98 revenues of $33.8 million. The company recorded a net income in FY99 of $2.9 million, 27 cents per share, compared to a net loss in FY98 of $1 million, 10 cents per share. The FY99 results, Rehabilicare said, include the home care business of Henley Healthcare, which was acquired by Rehabilicare in August., and five months of operations of Rehabilicare’s majority-owned, U.K. subsidiary Rehabilicare Ltd.
In 4Q99, the company saw revenues of $10.9 million, compared to 4Q98 revenues of $8.6 million, an increase of 27%. Rehabilicare posted a net income in 4Q99 of $760,000, 7 cents per share, compared to a 4Q98 net income of $86,000, 1 cent per share.
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