Akumin Inc. Acquires Five Diagnostic Centers with US$19 Million Revenues in Florida
News Provided by Akumin Inc. / Nov 12, 2018. 9:46am ET
November 12, 2018 – Toronto, ON – Akumin Inc. (TSX: AKU.U; AKU) (“Akumin” or the “Corporation”) announced today it has acquired four freestanding, outpatient diagnostic imaging centers in Broward County from Diagnostic Professionals, Inc. and related parties effective November 9, 2018. Akumin also acquired a single imaging center on November 1, 2018 in Kissimmee, Florida. The five centers produced a combined revenue of $19.2 million on a last twelve months basis as at June 30, 2018. The purchase price due at closing in both transactions was paid using proceeds drawn from Akumin’s revolving credit facility.
“The acquisition of these five centers further adds to our geographic density in mid and south Florida, continuing our strategic objective of growth in our core markets,” said Riadh Zine, President and Chief Executive Officer of Akumin. “With these transactions, we now operate 45 centers in Florida, and 95 company-wide.”
Akumin is a leading provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States with a network of 95 owned and/or operated imaging centers located in Florida, Texas, Pennsylvania, Delaware, Illinois and Kansas. 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