Information for the Lazy:
Headquartered in New York and founded in 1988, IMPATH became a publicly traded company
in February 1996. The company now has facilities in New York, Los Angeles and Phoenix. It
has experienced five consecutive years of revenue growth in excess of 40%, primarily due to
increasing awareness of our cancer focused expertise.
IMPATH is the first company to focus exclusively on the analysis of cancer. We specialize in
sophisticated tests that help pathologists and clinicians diagnose and treat difficult cancers. In
short, we provide to a broad market the kind of customized cancer information services that are
generally found only in major academic medical centers.
Our mission is to be the definitive, comprehensive resource for the management of cancer by
providing patient-specific diagnostic, prognostic and treatment information to optimize patient
outcome.
IMPATH's Market
IMPATH's major customers currently include the pathology departments of small and
medium-sized community hospitals, of which there are about 3,200 in the U.S. Our active client
list includes more than 1,350 hospitals and 4,000 physicians.
Our potential market includes all physicians involved in the diagnosis and treatment of cancer.
This includes approximately 16,000 pathologists, 7,000 oncologists and 9,000 urologists in the
U.S., as well as other specialists for whom cancer is important, such as surgeons, gynecologists
and radiologists.
We have carved out significant market share. IMPATH performs more specialized analyses to
diagnose difficult cancer cases than any other institution in the world. We provide patient-specific
prognostic information for over 20% of all breast cancer cases in the U.S. last year and over 30%
of cases diagnosed in the New York metropolitan area.
Competitive Advantages
Due to our large volume of cases, IMPATH has acquired far more experience in our field
than any hospital pathology department or individual pathologist can offer. We can also
take advantage of significant economies of scale.
In contrast to fragmented departments at most hospitals (pathology, molecular,
cytogenetics), IMPATH provides coordinated, comprehensive analyses from a single
source.
Our 48-hour turnaround is vastly superior to the two-week turnaround common at
hospitals and smaller facilities.
Our established reputation results in strong customer loyalty.
The Growing Need for IMPATH
Between 1980 and 1995, the estimated number of cancer cases in the U.S. rose from less than
800,000 to 1.2 million -- an increase of more than 53%. The direct medical cost is estimated to be
$35 billion annually and rising by 8% to 10% a year.
In the era of managed care, more and more emphasis will be placed on containing the cost of
cancer treatment. IMPATH provides the key: accurate diagnosis and prognostic assessment to
guide optimal treatment decisions. A typical IMPATH analysis provides information that can
prevent ineffective and unnecessary treatments costing many thousands of dollars.
Corporate Strategy
IMPATH will continue to incorporate new technologies that provide better information
about cancer. IMPATH's medical staff and scientific consultants are leaders in the
development of technologies for the evaluation of various cancers.
IMPATH will expand its geographic presence. Since we opened our California facility in
December 1995, we have more than doubled our capacity. We have also made several
strategic regional acquisitions, and will continue to increase the size of our salesforce in
key regions. In addition, we will pursue opportunities to partner with foreign oncology
and hospital groups in Europe, Southeast Asia, Japan, Canada and Australia.
IMPATH will establish strategic partnerships and joint ventures with oncology
networks, hospital groups, managed care companies and pharmaceutical companies. We
will also continue to acquire companies with synergistic capabilities.
OUR LOCATIONS:
New York
Los Angeles
Phoenix
1010 Third Ave.
5230 Pacific Concourse Drive
810 East Hammond Lane
Suite 203
Suite 450
Phoenix, AZ 85034-6515
New York, NY 10021
Los Angeles, CA 90045
(602) 254-6620
(212) 702-8300
(310) 725-4900
Iris D. Daniels, Director of Investor Relations
(800) 447-8881
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