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Boston Scientific Posts Strong Results for Q4 2023
Boston Scientific announced its fourth quarter and full year 2023 results the morning of Wednesday, January 31. The company’s revenue for the quarter rose 15% from $3.2 billion during Q4 2022, to $3.7 billion. For the full year 2023, the company generated net sales of $14.2 billion, growing 12% over the $12.7 billion generated during full year 2022. For Q1 2024, Boston Scientific expects sales to increase 7% to 9% on an organic basis. The company’s first-quarter sales guidance is impressive as its stock hit a record high. Boston Scientific’s stock jumped a little more than 3% from $61.43 to $63.47 in afternoon trades on the stock market the day of the announcement. ... Read More »
Cigna Sells Medicare Assets to Health Care Service Corporation for $3.7 Billion
Cigna has announced the sale of its Medicare Advantage, Cigna Supplemental Benefits, Medicare Part D and CareAllies businesses to Health Care Service Corporation (HCSC) for a total transaction value of approximately $3.7 billion. HCSC is the United States’ largest customer-owned health insurer with nearly 17.5 million members in its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. HCSC was formerly known as Hospital Service Corporation and changed its name to Health Care Service Corporation in 1975. Centerview Partners LLC is acting as a financial advisor to Cigna. Morgan Stanley & Co. LLC provided additional financial advice. Wachtell, Lipton, Rosen & Katz... Read More »
Orthopedic Care Partners Partners With Palm Beach Hand to Shoulder
Orthopedic Care Partners (OCP), a portfolio company of Varsity Healthcare Partners, announced its strategic affiliation with Palm Beach Hand to Shoulder in Jupiter, Florida. Palm Beach Hand to Shoulder is an orthopedic practice owned by Veronica A. Diaz, MD, a board-certified, shoulder fellowship-trained orthopedic surgeon. Since 2010, Dr. Diaz has performed thousands of procedures and specializes in the management of degenerative, traumatic and sports-related conditions of the shoulder and upper extremity. According to its website, Dr. Diaz is the only provider on staff. OCP is a strategic partner and support organization for top-performing orthopedic practices across the... Read More »
N. Harris Computer Corporation Acquires 2 RCM Companies
N. Harris Computer Corporation, a subsidiary of Constellation Software Inc., announced that it is acquiring two revenue cycle management (RCM) providers in California: Pacific Medical Management Services and Whittier Medical Management Associates. Pacific Medical Management Services is an RCM company based in Torrance, California. The company’s offerings create end-to-end RCM services for the ambulatory market that ensure timely and optimal compensation for healthcare services. The services are designed to accelerate the posting of payments and lower the potential denial of claims. Whittier Medical Management Associates is a medical billing and practice management... Read More »
Arlington Capital Partners Announces Majority Investment in Afton Scientific
Arlington Capital Partners has announced a majority investment in Afton Scientific, a contract, development and manufacturing organization (CDMO) dedicated to sterile manufacturing of injectable pharmaceuticals. According to data captured in the LevinPro HC database, this acquisition marks the third CDMO transaction of the year. There were 21 CDMO transactions announced during 2023, and 39 during 2022. Based in Charlottesville, Virginia, Afton Scientific specializes in sterile injectable drug manufacturing as well as providing pre-sterilized vials and kits. The company performs aseptic fill-finish for products ranging from pre-clinical through commercial-scale manufacturing across various... Read More »
Flagship Healthcare Trust Acquires Mechanicsville, VA MOB
Flagship Healthcare Trust, which is managed and owned by Flagship Healthcare Properties, is acquiring a 15,000-square-foot medical office building (MOB) in Mechanicsville, Virginia for $5.4 million, according to county records. Built in 2014, the building is fully leased by Richmond Pediatric Associates and Richmond Pediatric Dentistry & Orthodontics. The property was most recently assessed at $4.2 million. Flagship Healthcare Trust is a private real estate investment trust that owns clinical healthcare assets in the United States. Flagship holds interests in 90 healthcare properties valued at more than $850 million. Flagship’s portfolio includes more than 2.3 million... Read More »
Dental Care Alliance acquires The Kids Dentist
Dental Care Alliance (DCA), a portfolio company of private equity firm Harvest Partners, announced its acquisition of The Kids Dentist. The Kids Dentist is a single-location general practice in Mequon, Wisconsin. According to its website, the practice has four providers on staff. Founded in 1991 and headquartered in Sarasota, Florida, DCA is a multi-branded dental support organization with more than 400 affiliated dental offices and 900 dentists across 23 states. DCA’s allied practices represent all dental specialties and treat patients under more than 150 brands. DCA entered the state of Wisconsin in 2021, and this affiliation brings DCA’s footprint in Wisconsin to... Read More »
Lion Street Medical Purchases Pensar Medical
Lion Street Medical has announced the successful acquisition of Pensar Medical, a Norco, California-based medical device company specializing in wound care. Founded in 2012, Pensar Medical specializes in Negative Pressure Wound Therapy (NPWT) systems, including WoundPro, the industry’s most powerful and durable pump, and MicroDoc, a disposable unit for single-use NPWT. The company also offers wound care supplies, including collection canisters and foam dressing kits. Lion Street Medical is a leading national financial services company comprised of over 200 independent firms that specialize in design and planning for high-net-worth and corporate clients. The company is... Read More »
Top M&A Trends in the 2023 Hospital Market
Introduction & The Numbers The Hospital sector saw a great deal of flux in 2023. Despite numerous macroeconomic and regulatory headwinds, year-over-year deal activity increased by approximately 10%, hitting 75 deals. For context, before COVID-19 rattled the industry, there were 96 hospital acquisitions and mergers in 2019. The market is on the rebound, but we’re still short of pre-pandemic levels. Deal volume only tells part of the story, however. A year with 75 health system mergers is very different than 75 acquisitions of single-facility organizations in distress, for example. There was still a mix of large and small mergers, but the M&A market is becoming more top-heavy. “We’re... Read More »Schedule a demo
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