Atlanta-based Housecall Medical Resources has purchased Healthfirst, a home-care consulting firm, for $21.8 million in cash and $1.2 million in assumed debt. Knoxville, Tenn.-based Healthfirst adds 31 management contracts to Housecall's management services division, which currently has 32 contracts. Steve Williams, Healthfirst's president and chief executive officer, will join Housecall as president of its management services division. Housecall also increased its credit line with Toronto-Dominion Bank to $18 million from $15 million and secured a $22 million term loan facility. The company used the loan to help complete the Healthfirst acquisition. Housecall reported a net loss of $3.7 million, or 34 cents per share, for its third quarter ended March 31, compared with net income of $885,000, or 12 cents per share, in the year-ago quarter. Revenues fell 13% to $46.5 million.
Dynamic Healthcare Technologies, a Maitland, Fla.-based healthcare information systems company, signed a definitive agreement to acquire Dynacor, an Apple Valley, Minn.-based laboratory information systems vendor, in a stock transaction worth about $1.2 million. Dynamic Healthcare develops and markets systems that capture, store and retrieve electronic health information across networks seeking to provide a continuum of care. The company said it plans to combine strengths of its lab information system with that of Dynacor. The agreement calls for Dynacor shareholders to exchange all outstanding common shares for 250,000 shares of Dynamic Healthcare. Dynamic Healthcare's stock was trading last week at about $5 per share on the NASDAQ market.
Imation Corp. said it has reached a definitive agreement to acquire Cemax-Icon, a Fremont, Calif.-based maker of radiology image archiving and communications systems. Subject to state and federal regulatory review and shareholder approval, the buyout is expected to close in the third quarter and is valued at more than $40 million, Imation said. Oakland, Minn.-based Imation makes diagnostic imaging equipment and supplies. It was spun off from Minnesota Mining and Manufacturing last July.
Mariner Health, a New London, Conn.-based post-acute services company, said it is negotiating an agreement with North American Medical Management, a division of PhyCor, and the Florida Independent Physician Association. Under the agreement, Mariner would be the firms' preferred provider of post-acute services, such as home care and skilled nursing. Together, North American Medical and FIPA have risk contracts for 100,000 enrollees in Florida.
Alaris Medical Systems is the exotic new name for infusion pump manufacturers IMED and IVAC, which merged last November into a company formerly known as Advanced Medical. Earlier this month the San Diego-based company was re-christened Alaris, which the company said is derived from the Latin word "to have wings." In 1996, the company posted $346 million in sales on a pro forma basis to more than 5,000 hospitals and alternate-care sites worldwide.
Lincare Holdings, a Clearwater, Fla.-based provider of respiratory therapy services, has acquired VitalAire Corp., Walnut Creek, Calif. Terms weren't disclosed. VitalAire provides home oxygen and respiratory therapy services and durable medical equipment through 11 locations in California and one in Nevada. VitalAire reported revenues of $10 million in 1996. Lincare provides home respiratory therapy services and equipment to more than 110,000 patients in 38 states.