Akumin Expands in Texas with Five Diagnostic Centers and US$13 Million Revenues
News Provided by Akumin Inc. / Aug 19, 2019. 12:24pm ET
August 19, 2019 – Toronto, ON – Akumin Inc. (TSX: AKU.U; AKU) (“Akumin” or the “Corporation”) announced today it has acquired five freestanding, outpatient diagnostic imaging centers in El Paso, Texas from Southwest X-Ray, LP. The five multi-modality centers produced a combined revenue of $13.3 million on a last twelve months basis as at December 31, 2018. The purchase price due at closing was paid using proceeds drawn from Akumin’s revolving credit facility.
“We’re very excited to welcome Fernando and Veronica Escargaza and their team from Southwest X-Ray to the Akumin family. This transaction represents a strategic foothold in West Texas, executing on our strategy of expanding and building density in key markets,” said Riadh Zine, President and Chief Executive Officer of Akumin.”
Akumin is a leading provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States with a network of owned and/or operated imaging centers located in Florida, Texas, Pennsylvania, Delaware, Illinois, Kansas and Georgia. By combining our clinical expertise with the latest advances in technology and information systems, our centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders and may reduce unnecessary invasive procedures, minimizing the cost and amount of care for patients. Our imaging procedures include MRI, CT, positron emission tomography (PET), ultrasound, diagnostic radiology (X-ray), mammography, and other interventional procedures.
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Akumin as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of our Annual Information Form available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Akumin; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Akumin expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Akumin Inc.
For further information: Riadh Zine, President and Chief Executive Officer, (416) 613-1391