Oacis Healthcare Holdings Corp., parent company of Oacis Healthcare Systems, a healthcare clinical information systems company, has filed with the Securities and Exchange Commission for an initial public offering of 2.8 million shares of common stock. The Greenbrae, Calif.-based company was a unit of Bell Atlantic Corp. until it was purchased two years ago by Information Partners, a Boston-based investment management company. The offering price per share is expected to be between $9 and $11 per share. The lead underwriter is Hambrecht & Quist.
Dynamic Healthcare Technologies, a Maitland, Fla.-based developer of clinical information and document imaging systems, said it completed the acquisition of Dimensional Medicine, a Minnetonka, Minn.-based vendor of radiology information systems and diagnostic image management systems. The acquisition was valued at $3 million, of which nearly $2.5 million was assumption or retirement of Dimensional Medicine's debt and other liabilities. Dimensional Medicine's radiographic capabilities will be incorporated into Dynamic Healthcare's multimedia electronic record, which integrates health-related data from a range of sources, the company said.
OccuSystems blamed harsh winter weather for slowing its same-market revenue growth in the first quarter ended March 31. The Dallas-based company, which manages the occupational healthcare practices of 143 physicians in 13 states, showed a 23% increase in net revenues to $33.5 million. Net income increased nearly sixfold to $1.6 million, or 9 cents per share, from $237,000, or 2 cents per share, in the year-ago quarter. The company posted an 8.3% increase in same-market revenues, with increased patient visits accounting for 60% of the improvement and increased revenues per visit producing the balance. The company said same-market revenue growth would have been two percentage points higher if it weren't for inclement weather that forced many of its centers to close for days.
Physician Computer Network, a Morris Plains, N.J.-based developer of medical practice management software, reported that revenues and net income tripled in the first quarter ended March 31. The company reported a 200% increase in net income to $3.3 million, or 7 cents per share, from net income of $1.1 million, or 3 cents per share, in the year-ago quarter. Revenues jumped about 223% to $21 million. The company now has 50 million shares of common stock outstanding, compared with 40 million a year ago, accounting for the difference in growth between net income and earnings per share. PCN, which is traded on the NASDAQ exchange, has a registration pending with the Securities and Exchange Commission for an additional offering of
7 million shares.
RehabCare Group, a provider of contract rehabilitation services, said it acquired Health Tour, a Lowell, Mass.-based provider of medium-term therapy services, for $21.5 million in cash and stock. St. Louis-based RehabCare also reported a 24% increase in earnings for fiscal 1996. For the year ended Feb. 29, the company posted net income of $5.9 million, or $1.26 per share, compared with net income of $4.7 million, or $1.05 per share, in the previous year. Revenues increased 7% to $89.4 million. RehabCare provides post-acute care and staffing services at more than 100 hospitals in 25 states. Health Tour provides therapists to more than 650 hospitals, nursing homes and contract therapy companies nationwide. It posted revenues of $26.1 million in 1995.