Health & Fitness
Health and Fitness
Health and Fitness
Tue, October 2, 2012
CML HealthCare Inc. Acquires Hemostasis Reference Laboratory
October 02, 2012 07:35 ET
CML HealthCare Inc. Acquires Hemostasis Reference Laboratory
MISSISSAUGA, ONTARIO--(Marketwire - Oct. 2, 2012) -CML HealthCare Inc. (TSX:CLC) (the "Company" or "CML") announced today it has acquired Hemostasis Reference Laboratory Inc. ("HRL"). Located in Hamilton, Ontario, HRL is a provider of specialized laboratory testing services in the areas of coagulation for clients throughout the world. Its customers include diagnostic manufacturers, pharmaceutical research, clinical research, and CROs in Canada, the United States, Europe and Australia. HRL currently performs specialty clinical trials, research studies, and reagent analysis, and is one of the few organizations world-wide that conduct validation testing on equipment and reagents. For the twelve months ended June 30, 2012, HRL's revenue was approximately $1.5 million. The acquisition of HRL will allow CML to expand its service offerings and diversify its payor base in line with its recently announced strategy. The transaction closed on October 1, 2012.
"We are very excited about the Hemostasis business as we believe it is a great platform for growth in their areas of expertise. While the current financial impact from HRL on the overall CML consolidated results is modest, the acquisition will be immediately accretive to cash flow, and the company's compound annual growth rate of over 20% during the past several years has been very impressive. Over time, we expect to see continued revenue growth and improving margins without significant further capital investment," said Mr. Wellner. "I want to personally welcome all of Hemostasis' valued employees to CML and look forward to continuing to build on the past success of Hemostasis in the provision of specialized testing services to our customers."
About CML HealthCare Inc.
Based in Mississauga, Ontario, CML HealthCare Inc. is Canada's leading community-based, medical diagnostic services provider operating 140 laboratory patient service centres in Ontario and 103 imaging patient service centres in Ontario, Alberta and British Columbia. CML is publicly-traded on the Toronto Stock Exchange under the symbol "CLC" and has approximately 89.8 million common shares outstanding. For more information, please visit [ www.cmlhealthcare.com ].
