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Biotech / Medical : Primedex Health Systems, Inc. (Nasdaq BB: PMDX)
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To: Edward P. Buzinky who wrote (5)7/2/1997 12:21:00 AM
From: Edward P. Buzinky   of 39
 
The sale to DHSM closed a while back. The companies received 25M for the 4 centers and ultrasound biz - 16M in cash, 1.5M in a 3 year note, 7.5M in debt assumed - and a management K paying PMDX 5% of revenues. Really, a great deal.

The 10K was also released a couple of weeks back, and the right side of the balance sheet was not pretty, due in no small part to the short term obligations of DIAM that PMDX had to build into its bs, given its over 50% ownership. My calculations show total debt for the combined companies of approx 87M - still too much for a 70M in rev biz. But if you have 22 MRI machines and 21 CT machines in your centers, you have obligations. The DHSM consideration and cash flow have taken care of the short term obligations. The companies acquired 3 more centers. Biz is up as it is for all the companies in the industry. Now that they have a handle on the DIAM accounting picture, the 10Qs should come pretty fast.
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