CEO Jerry C. Cirino Reports The Company Is Poised To Serve
Customers Of All Types With Best-In-Class Medical Imaging Technology
Offering And Industry Leading Sales And Service Organization
MENTOR, Ohio, Nov. 29 /PRNewswire/ -- Now entering its third year since
the company was merged to form SourceOne Healthcare Technologies (RSNA Booth
#1919), today announced a number of milestones and achievements for 2004,
including improved financial performance, signing of a record number of new
distribution agreements and the completion of a strategic business plan to
fully integrate the company's operations, sales organization and approach to
serving its 20,000-plus customers.
SourceOne was formed through the acquisition of Health Care Products and
Digital Imaging (HCP and DI) by Platinum Equities, a global acquisition firm
that specializes in mission-critical companies. The company continues to
operate as a privately held company with sales exceeding $1 billion.
In less than two years, SourceOne has emerged as the market leader in the
distribution of traditional medical imaging supplies, equipment and service,
and the most advanced equipment options for PACS, digital radiology for
women's health, and an array of specialized and tailored digital solutions for
hospitals of all sizes, specialty clinics, physicians and veterinarians. In
less than two years, the company has emerged as the market leader with a
market share approaching 50 percent.
"We are very pleased to report that SourceOne Healthcare Technologies has
met all of our management objectives for the past year, including improving
earnings performance, substantially improving free cash flow and optimizing
the efficiency of our operations," said Jerry C. Cirino, president and CEO.
"At the same time, building on the momentum of our successes in 2003, during
the past year we have signed 11 national distribution agreements with some of
the world's most respected medical imaging technology companies."
"We expanded our RIS/PACs offering with our partner Merge eFilm," said
Cirino. "In the last month, we have signed agreements with Imaging Dynamics
Company (IDC), CompuMed, Barco and PenRad Technologies. We will be announcing
additional unique and mutually beneficial alliances and agreements in the
coming months."
Cirino reported highlights of the company's financial performance in 2004.
Based on strong sales, earning improved in 2004, and free cash flow was
significantly increased by 250 percent. "These substantial financial
improvements will enable us to continue our plans to broaden our product and
service offerings with unique and rewarding relationships with new and
existing business partners," added Cirino.
Cirino cited a number developments and changes completed in the past year
aimed at improving how the company serves its customers. By optimizing the
operations of the company's 40 distribution centers and implementing a new
eLogistics program, the company's fill rate is 98 percent, an achievement that
has virtually eliminated backorders. To broaden the company's service for
smaller customers, SourceOne's reorganized its telemarketing group -
CustomerExpress(SM) -- a team that now responds to more than 3,500 customer
orders per day. The company's highly- trained Field Service Engineers (FSEs)
performed a record 375,000 service transactions during the past 12 months.
SourceOne continued its focus on broadening its digital imaging offering.
Most recently, the company recently signed a contract with IDC, giving
SourceOne nationwide distribution rights to an innovative, efficient and
affordable line of direct digital radiography (DR) solutions for hospitals and
orthopedic centers.
Expanding on the company's commitment to women's health, SourceOne signed
a national distribution agreement with PenRad, to offer cutting edge Advanced
Mammography Information Systems that are designed to decrease workload,
increase efficiency, improve accuracy and provide immediate turnaround time.
This is complemented by the recent signing of a strategic national
distribution agreement with Barco, the global leader in high-performance
medical-imaging display technology. SourceOne now offers Barco's full line of
medical display technology for X-ray, digital radiography, PACS, digital
mammography, ultrasound and magnetic resonance imaging.
SourceOne will market and distribute CompuMed's innovative DICOM
OsteoGram(R) software that may be added to existing computed radiography (CR)
and digital radiography (DR) systems enabling them to perform bone mineral
density screening for early detection and treatment of osteoporosis. This
breakthrough second-generation technology will give SourceOne's customers the
ability to use a simple hand x-ray to precisely determine bone mineral density
(BMD) as an indicator of osteoporosis and future fracture risk. The Automated
OsteoGram(R) software analysis program instantly produces a BMD report
comparable to tests performed on the expensive, dedicated BMD testing
equipment generally found in hospitals and specialty practices.
"Looking to 2005 and beyond, we will continue to enhance our offering of
digital technology," said Cirino. "Upcoming developments will include new
distribution agreements, possible acquisitions, and renewals with many of our
long-standing Group Purchasing Organizations (GPOs). This, combined with a
management ethos of constantly challenging ourselves to better serve customers
will be a winning combination by all measures."
About SourceOne Healthcare Technologies
Headquartered in Mentor, Ohio, SourceOne Healthcare Technologies is a
leading provider of imaging equipment, radiographic supplies and services
tailored to healthcare facilities including those transitioning to a digital
imaging environment. Its broad equipment and consumables lines, as well as
nationwide manufacturing, e-Logistics, sales professionals and field service
engineers enable customers to turn to SourceOne as the best-in-class, single
source for effective supply chain and medical imaging management. SourceOne
is a privately held company of Platinum Equity, a global acquisitions firm
specializing in the strategic operation of mission-critical companies. For
additional information about SourceOne, visit http://www.sourceonehealth.com.
SOURCE SourceOne Healthcare Technologies
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Related links:
http://www.sourceonehealth.com
CONTACT:
Jennifer Barnwell, Marketing Communications
Manager, of SourceOne Healthcare Technologies, +1-440-701-1200,
or Jennifer.barnwell@sourceonehealth.com; or Todd E. Appleman of
The Appleman Group, +1-323-850-7664, or
tappleman@the-appleman-group.com, for SourceOne Healthcare
Technologies
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