AmeriNet, a St. Louis-based group purchasing organization, has signed a five-year, sole-source contract with U.S. Surgical Corp. covering stapling, laparoscopic and suture products. Norwalk, Conn.-based U.S. Surgical says the deal includes a compliance component that rewards AmeriNet purchasers with better terms and pricing in proportion to their commitment to the company's products. Details weren't released. The agreement took effect June 1 and is expected to yield annual sales of more than $100 million, the organizations say.
U.S. Diagnostic, the nation's largest outpatient diagnostic imaging chain, reported a doubling of net income for the first quarter ended March 31, to $2 million, or 8 cents per share, from net income of $1 million, or 10 cents per share, in the year-ago quarter. The West Palm Beach, Fla.-based company says its first-quarter revenues rose more than fourfold, to $52.4 million, principally as a result of acquisitions. Same-center revenues, an important measure of sales strength, were 7% higher than in the year-ago quarter. U.S. Diagnostic released its earnings five days late after an intensive review of its financial statements by outside auditor Arthur Andersen, spurred by recent management turmoil.
Johnson & Johnson says it has signed a definitive agreement to acquire Biopsys Medical, an Irvine, Calif.-based maker of minimally invasive breast biopsy equipment, in a stock swap valued at about $310 million. New Brunswick, N.J.-based Johnson & Johnson called the acquisition a "strategic advance" for its minimally invasive surgery franchise. Both companies' boards have approved the merger. The deal's completion is subject to approval from Biopsys' shareholders and other customary conditions, including antitrust clearance.
Fresh from its November 1996 initial public offering, HealthCare Financial Partners has posted a strong increase in earnings. For the quarter ended March 31, the Chevy Chase, Md.-based healthcare lender says net income rose to $1.1 million, or 18 cents per share. In the prior quarter, the company posted net income of $421,707, or 7 cents per share, on a pro forma basis, reflecting the company's reorganization and IPO. Revenues rose 97% to $4.5 million. John K. Delaney, the company's chief executive officer, says strong growth in the company's asset-based lending and secured term loan programs contributed to the record earnings. The company's accounts-receivable financing volume grew more than 30% during the quarter.