Curative Health Services Reiterates 2003 Guidance.Business Editors HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Jan. 13, 2003 Curative Health Services health services Managed care The benefits covered under a health contract , Inc., (Nasdaq: CURE), announced today that based on a preliminary analysis of Governor Gray Davis' California Budget proposal, the Company believes that reductions in MediCal spending for the remainder of California's 2002-2003 fiscal year and as proposed for fiscal year 2003-2004 are absorbable within previously stated guidance for calendar year 2003. "The proposed budgeted reductions in reimbursement for 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. for the MediCal Hemophilia population were largely accounted for in the conservative assumptions we used in our previously stated guidance," said Joseph L. Feshbach, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Curative Health Services. "We expect additional discussion in the California state legislature The California State Legislature is the state legislature of the U.S. state of California. It is a bicameral body consisting of the lower house California State Assembly, with 80 members, and the upper house California State Senate, with 40 members. and other state governmental agencies over the coming months to further clarify the extent of any reductions. We will again update our guidance as it applies to this issue when a definitive resolution is in place." The Company reiterated its previously stated guidance for 2003 of revenues of approximately $219 - $230 million and earnings per diluted share to be in the range of $1.47 - $1.53. 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, Hepatitis C Hepatitis C Definition Hepatitis C is a form of liver inflammation that causes primarily a long-lasting (chronic) disease. Acute (newly developed) hepatitis C is rarely observed as the early disease is generally quite mild. , 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 respiratory syncytial virus (sĭnsĭsh`əl): see cold, common. (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 ), Multiple Sclerosis and Rheumatoid Arthritis. 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 more than 100 hospital-based Wound Care Center(R) programs has offered comprehensive treatment to over 350,000 patients, achieving more than a 95 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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