Sunrise Appoints Robert Hoover
Sunrise Medical, Carlsbad, Calif, has appointed Robert Hoover, MD, as senior vice president of global clinical services. Hoover will work to further ensure that the company and the health care community are true partners in their goals and efforts. “We strongly believe that having a focused effort, and really partnering with providers, physicians, clinicians, and the associations, will positively influence what we are doing at Sunrise and ultimately advance our knowledge of how to do it better with all stakeholders in mind,” says Michael Hammes, chairman and CEO.Spending the last 7 years at CIGNA as DMERC Medical Director for Region D, Hoover brings an abundance of medical knowledge and professional relationships to his new role. “Part of my role is [to look at] what best serves the beneficiary and meets their medical needs,” says Hoover. “As always, Sunrise will look at product development with an eye toward making the right product that meets the needs of the patient.” |
FLA Orthopedics Buys American Professional Bracing
FLA Orthopedics, Miramar, Fla, has acquired American Professional Bracing Inc (APB), Eatontown, NJ, a major supplier of off-the-shelf spinal bracing products. FLA’s acquisition of APB adds patented back braces to the company. APB products, used for rehabilitation and correction, complement FLA’s broad range of orthopedic supports and braces for the wrist, elbow, knee, back, and ankle. “American Professional Bracing moves FLA into a new market that also opens up fresh opportunities for our HME retail and other customers,” says Rex Niles, FLA’s chief executive. “Off-the-shelf back braces are taking market share from custom braces because they are more convenient and provide treatment at a fraction of the cost.”
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Metridoc Named Premier Document Management Solution
The Northwood Plus Program has named the Metridoc document management solution from Titan Consulting Group Inc, Center Line, Mich, as a Premier Vendor of document management solutions for its members. “Other solutions in the industry get rid of the paper and leave the entire manual filing process up to people; instead of filing paper, you are left filing images of paper. Metridoc is a fully automated solution; it gets rid of the paper, the filing process, and the process of retrieving important documents,” says Brian O’Neil, president of Titan. “Any size provider can start saving money with a Metridoc solution.” Northwood has assembled various manufacturers and suppliers to provide members with substantial savings on the products they sell and use. Members of the Northwood Plus Program are eligible for discounted pricing on the Metridoc solution software and services.
ResMed Splits Stock
ResMed Inc, San Diego, has approved a two-for-one split of its common stock, payable in the form of a 100% stock dividend. Shareholders of record will receive one additional share of common stock for every share held on September 15, 2005. “ResMed’s share price has appreciated over 90% since our last split in March 2000, reflecting strong financial performance from the company and robust growth in the industry at large,” says Peter C. Farrell, PhD, chairman and CEO.
Invacare Financial Results
Invacare Corp, Elyria, Ohio, recently announced that its financial results for the second quarter and first half of the year ended June 30, 2005 were in range with recent guidance. Net sales for the quarter increased 17% to $396.3 million versus $339.3 million for the second quarter last year. Foreign currency accounted for three percentage points of the net sales increase, while acquisitions contributed an additional 11 percentage points. Results for the quarter benefited from higher net sales, which were offset by a lower gross margin; higher selling, general, and administrative expense; and higher interest expense. “Although the company’s earnings performance was disappointing for the second quarter, Invacare remained focused on its cash flow performance, generating a strong $31 million of free cash flow for the quarter, which included $5 million related to the sale of a manufacturing facility no longer used by the company,” says A. Malachi Mixon III, chairman and CEO. “In the second quarter, the company had a 3% net sales increase excluding foreign currency and acquisitions, similar to that experienced in the first quarter.”
In Brief
Sunrise Medical, Longmont, Colo, recently opened a new distribution center in High Point, NC. This distribution center marks the second such facility to open in the last 5 months and is part of a 13-month expanded distribution center strategy that will increase Sunrise’s overnight delivery coverage in the United States from 30% to more than 80%... Rotech Healthcare Inc, Orlando, Fla, recently assigned Greg Spratt to the position of chief clinical officer...The 2005/2006 Abelware® catalog is now available...CHAD Therapeutics Inc, Chatsworth, Calif, recently released fiscal 2006 first quarter financial results. For the 3 months ended June 30, 2005, revenue declined to $5,895,000 from $6,099,000 for the first quarter of fiscal 2005...MedFORCE Technologies Inc, Chestnut Ridge, NY, is providing a stand-alone electronic remittance notice (ERN) solution for companies not currently using MedFORCE SCAN. The package, called MedFORCE ERN, offers non-MedFORCE SCAN customers all ERN auditing, reporting, and workflow benefits available with the company’s flagship product, now on version 4.3.
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