Curative Health Services Announces Acquisition of MedCare; Anticipates $0.03 Per Share Accretion for 2003.Business Editors/Health/Medical Writers HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Feb. 3, 2003 Curative Health Services health services Managed care The benefits covered under a health contract , Inc., (Nasdaq: CURE), announced today it has acquired MedCare, Inc. ("MedCare") for approximately $6.6 million in cash. The Company expects the acquisition to add $0.03 to earnings per share in 2003. As a result, Curative has revised its guidance for 2003 and now anticipates earnings per diluted share to be in the range of $1.50 - $1.56. Financial terms of the transaction will be discussed in greater detail on Curative's fourth quarter and full-year 2002 results conference call on Wednesday, February 12, 2003 at 11:00 a.m. Eastern Time. The Company will discuss its financial results, recent developments, business strategy and outlook. To participate in the conference call, dial 1-800-915-4836 approximately 10 minutes prior to the scheduled start time. MedCare is a specialty pharmacy with locations in Alabama, Mississippi, West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. and Florida. MedCare's primary product line is Synagis(R) for the prevention of RSV RSV respiratory syncytial virus; Rous sarcoma virus. RSV abbr. respiratory syncytial virus RSV 1 Respiratory syncytial virus, see there 2 Rous sarcoma virus, see there (Respiratory Syncytial Virus respiratory syncytial virus (sĭnsĭsh`əl): see cold, common. ). Other product lines include Growth Hormone growth hormone or somatotropin (sōmăt'ətrō`pən), glycoprotein hormone released by the anterior pituitary gland that is necessary for normal skeletal growth in humans (see protein). and Hemophilia clotting factor clot·ting factor n. Any of various plasma components involved in the clotting of blood, including fibrinogen, prothrombin, thromboplastin, and calcium ion. Also called coagulation factor. . "This acquisition strengthens our growing Synagis(R) operations and expands our geographic footprint into the Southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. as we continue our strategy to aggressively grow the specialty pharmacy business both organically and through strategic acquisitions," said Joseph Feshbach, Curative's Chairman and Chief Executive Officer. "In addition, adding MedCare to the Curative family offers a unique opportunity to broaden our existing product portfolio by entering additional therapy lines where Curative's high-touch approach can add real value to the patients affected by these disease states." About Curative Health Services Curative Health Services delivers superior clinical outcomes and unmatched patient satisfaction for patients experiencing serious medical conditions through two unique business units. Curative's Specialty Pharmacy Services business unit provides services to help patients manage the health care process, and offers related pharmacy products to patients for chronic and critical disease states including Hemophilia, Immune System immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. Disorders, Respiratory Syncytial Virus (RSV), Multiple Sclerosis and Rheumatoid Arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. . Curative's Specialty Healthcare Services ("SHS SHS Shares (stock) SHS SAW (Surface Acoustic Wave) Humidity Sensor SHS Sciences Humaines et Sociales (French: Social Sciences) SHS Student Health Service SHS Second Hand Smoke ") business unit is an industry leader in chronic wound care management, consistently achieving an outcome success rate of more than 80 percent. SHS provides a broad continuum of services to health care providers through a nationwide network. This national network of hospital-based Wound Care Center(R) programs has offered comprehensive treatment to over 375,000 patients, achieving more than a 94 percent patient satisfaction rate. For more information, visit www.curative.com This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Factors that might cause such differences include, but are not limited to, the termination or non-renewal of a material number of contracts, an inability to obtain new contracts, changes in the government regulations relating to the Company's Specialty Healthcare Services or Specialty Pharmacy Services business units, changes in the regulations governing third party reimbursements for the Company's services, manufacturing shortages of products sold by Curative's Specialty Pharmacy Services business unit, and the other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. Readers of this release are referred to the Company's Quarterly Report on Form 10Q for the quarter ended September 30, 2002, for further discussion of these and other factors that could affect future results. Editors Note: This release is also available on the Internet over the World Wide Web at: http://www.curative.com |
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