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Addus HomeCare Reports Impressive Q2:23 Earnings Led by Personal Care, Eyes Expansion Amidst Segment Challenges
Addus HomeCare (NASDAQ: ADUS) came out with its second quarter financial results on July 31, 2023, holding its earnings call the next morning. Addus posted revenue of $260 million during Q2:23, an increase of 9.7% over Q2:22 when it generated revenue of $237 million. The company also reported second-quarter net income of $14.9 million, an increase of 32% compared to the $11.3 million reported during the same period last year. Last quarter, it was expected that Addus would post earnings of $0.90 per share when it actually produced earnings of $0.97, delivering a surprise increase of 7.78%. This marks the fourth consecutive quarter in which the company has exceeded EPS estimates. Addus’... Read More »
Sitero Acquires Clario’s eClinical Technology Suite
Sitero, a contract research organization (CRO) based in Coral Gables, Florida, announced on August 1 that it acquired Clario’s e-clinical technology suite. The financial terms of the acquisition were not disclosed. Clario’s e-clinical technology suite is an advanced technology suite designed to manage the end-to-end clinical trial lifecycle. Components include electronic data capture systems, randomized and trial supply management, clinical trial management systems, e-consent and site and patient payments. Sitero is a next-generation, site-focused CRO for life sciences and institutional research organizations that helps get treatments to market safer and faster through... Read More »
Orlando Health Acquires Florida Medical Clinic
On August 1, Orlando Health announced that it entered a partnership with Florida Medical Clinic (FMC). FMC is a multi-specialty physician group consisting of 54 locations, more than 350 providers, 40 medical specialties and a team of more than 2,000 employees. Orlando Health is a not-for-profit healthcare organization with $8.1 billion of assets under management. The 238-bed system includes 23 hospitals and emergency departments. The system includes specialty institutes, primary care and more among its suite of inpatient and outpatient services. More than 4,200 physicians, representing more than 100 medical specialties and subspecialties, have privileges across the Orlando Health... Read More »
Elite365 Acquires Healthcare Staffing Firm Kobor MedSearch
Tampa, Florida-based Elite365, a healthcare staffing firm backed by private equity Regal Healthcare Capital Partners, announced on August 2 its acquisition of Kobor MedSearch for an undisclosed price. Kobor MedSearch is a Dawsonville, Georgia healthcare staffing firm with more than 25 years of experience. The company specializes in the anesthesia staffing market, both for locum tenens and permanent placement. Kobor MedSearch president Betty Evenson will continue in her role as president to help ensure continuity of service for customers and to partner with the Elite365’s team in uniting the two organizations. According to data captured from the LevinPro HC database, this acquisition... Read More »
MyTown Health Partners Acquires St. Camillus Urgent Care & Family Practice
MyTown Health Partners (MTHP), a comprehensive practice management services organization formed by Webster Equity Partners, has announced its acquisition of St. Camillus Urgent Care & Family Practice. St. Camillus Urgent Care & Family Practice is a Christian-based urgent care center with sox locations across Kentucky. The center has been open since 2009. MTHP is a practice management services organization headquartered in Pittsburgh. MTHP is bringing together national leaders in the rural and urban healthcare space with the goal of providing accessible healthcare treatment to underserved communities. This strategic partnership will extend MTHP’s mission of compassionate... Read More »
MD Revolution Acquires RPM Provider NavCare
MD Revolution announced on August 1 that it has acquired NavCare based in Augusta, Georgia. NavCare is a remote patient care services company that provides virtual chronic care management (CCM), remote patient monitoring (RPM) and telehealth care management. Founded in 2011, MD Revolution, provides RPM and CCM to more than 1,700 providers and 150,000 patients, collecting and evaluating more than 19 million vital measurements through care delivery. According to Kyle Williams, CEO of MD Revolution, this merger will lead to MD Revolution being able to offer greatly expanded service to clients and patients. NavCare teams will become employees of MD Revolution. Chris MacInnis will become Chief... Read More »
CBRE Arranges Sale of Fayetteville, Georgia MOB Portfolio
CBRE has announced that it arranged the sale of a medical office building (MOB) portfolio spanning 192,363 square feet across two buildings in Fayetteville, Georgia. A joint venture between Remedy Medical Properties and Kayne Anderson Capital Advisors acquired the portfolio for an undisclosed price. A team from CBRE arranged the sale and represented the seller, Piedmont Healthcare, in the transaction. The properties are directly connected to the 310-bed Piedmont Fayette Hospital. Remedy Medical Properties is a full-service healthcare real estate company and the largest private owner of healthcare properties in the country, with more than 26 million square feet and more than 20 offices... Read More »
Investor Interest Spikes for Telehealth in 1H:23
Telehealth demand has oscillated over the past several years. There was a peak in usage during 2020 and 2021 during the COVID-19 quarantine, driving dozens of deals in the healthcare M&A market. Deals such as Microsoft Corp.’s purchase of Nuance Communications for $19.7 billion in April 2021 and Teladoc Health’s acquisition of Livongo Health, Inc. for $18.5 billion are some notable examples. Several companies even hit the public market through a special purpose acquisition company (SPAC). Sharecare, Inc. merged with a SPAC in a deal valued at $3.9 billion in November 2021; Him & Hers joined Oaktree Acquisition Corp., sponsored by an affiliate of Oaktree Capital Management, L.P.,... Read More »
HealthEdge Investment Partners and United Western Group Recapitalize Veridian Healthcare
HealthEdge Investment Partners, LLC and United Western Group announced on July 31 the recapitalization of Veridian Healthcare, LLC. Veridian Healthcare is a leading outsourced manufacturer of private label and branded in-home diagnostic, pain care management and personal care products. The company is based in Gurnee, Illinois. Based out of Tampa, Florida, HealthEdge Investment Partners is an operating-oriented private equity firm that focuses exclusively on the healthcare industry. The firm was founded in 2005. United Western Group is a private equity firm based in Washington, D.C. that partners with managers and entrepreneurs to invest in strategically viable, market-leading... Read More »Schedule a demo
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