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Express Scripts Reports Strong Fourth Quarter Earnings
Date:2/24/2010

ST. LOUIS, Feb. 24 /PRNewswire-FirstCall/ -- Express Scripts, Inc. (Nasdaq: ESRX) announced 2009 fourth quarter and full year net income from continuing operations of $222.9 million and $826.5 million, or $0.80 and $3.11 per diluted share, respectively.  Adjusted earnings per share, as detailed in Table 3, were $0.97 and $3.58 per diluted share for the fourth quarter and full year, respectively.  

"2009 was an excellent year for Express Scripts.  During the year, we closed the NextRx transaction, began a long-term strategic alliance with WellPoint, implemented a new contract for the Department of Defense (DoD) and had a successful selling season, while continuing to provide superior service to existing clients and patients," stated George Paz, president, chief executive officer and chairman. "Our strong financial performance is a testament to steadfast execution of our business model of alignment and the hard work we do every day to make prescription drugs safer and more affordable."

Fourth Quarter 2009 Review (2009 data reflected on an adjusted basis. See Table 2)

  • Generic utilization of 69.1%, up 1.8 percentage points from 2008.
  • Cash flow from continuing operations of $844.2 million, up 129% from 2008.
  • Total adjusted claims of 154.6 million, up 23% from 2008.
  • EBITDA of $488.1 million, up 34% from 2008.  
  • EBITDA per adjusted claim was $3.16, down 7% from the third quarter of 2009, reflecting the impact of NextRx.
  • Gross profit percentage was down from 2008 due to the revenue recognition change for the DoD contract.

Full Year 2009 Review (2009 data reflected on an adjusted basis. See Table 2)

  • Generic utilization of 68.3%, up 2.2 percentage points from 2008.
  • Total adjusted claims of 530.6 million, up 5% from 2008.
  • EBITDA of $1,696.9 million, up 23% from 2008.  EBITDA per adjusted claim was $3.20, an increase of 18% over 2008.

Guidance

Based on the continued growth in the legacy Express Scripts business, along with contribution of NextRx in 2010, the Company expects to achieve adjusted earnings per share in the range of $4.80 to $5.00.  Adjusted earnings per share excludes items as detailed in Table 4.

  • Total adjusted claims are expected to be in a range of 740 to 760 million.
  • Adjusted EBITDA per script is expected to be in a range of $3.15 to $3.25.
  • Cash flow from operations is expected to be in excess of $2 billion.

The Company continues to expect the acquisition of NextRx to generate more than $1 billion of incremental EBITDA once fully integrated.

About Express Scripts

Express Scripts, Inc., one of the largest pharmacy benefit management companies in North America, is leading the way toward creating better health and value for patients through Consumerology(SM), the advanced application of the behavioral sciences to healthcare.  This approach is helping millions of members realize greater healthcare outcomes and lowering cost by assisting in influencing their behavior.  Headquartered in St. Louis, Express Scripts provides integrated PBM services including network-pharmacy claims processing, home delivery services, specialty benefit management, benefit-design consultation, drug-utilization review, formulary management, and medical and drug data analysis services. The company also distributes a full range of biopharmaceutical products and provides extensive cost-management and patient-care services. More information can be found at www.express-scripts.com and www.consumerology.org.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements, including, but not limited to, statements related to the Company's plans, objectives, expectations (financial and otherwise) or intentions. Actual results may differ significantly from those projected or suggested in any forward-looking statements.  Factors that may impact these forward-looking statements can be found in the Management's Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K on file with the SEC.  A copy of this form can be found at the Investor Relations section of Express Scripts' web site at http://www.express-scripts.com.

We do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    
    
                              EXPRESS SCRIPTS, INC.                          
                  Unaudited Consolidated Statement of Operations             
                                                                             
                                         Three Months                    
                                            Ended             Year Ended     
                                         December 31,         December 31,   
                                         ------------         ------------   
       (in millions, except per                                              
        share data)                     2009      2008       2009       2008 
                                        ----      ----       ----       ---- 
                                                                             
    Revenues(1)                     $8,203.4  $5,505.9  $24,748.9  $21,978.0 
    Cost of revenues (1)             7,513.7   4,954.1   22,318.5   19,937.1 
                                     -------   -------   --------   -------- 
        Gross profit                   689.7     551.8    2,430.4    2,040.9 
    Selling, general and                                                     
     administrative                    285.3     213.3      932.0      760.4 
                                       -----     -----      -----      ----- 
    Operating income                   404.4     338.5    1,498.4    1,280.5 
                                       -----     -----    -------    ------- 
    Other (expense) income:                                                  
        Non-operating charges, net         -         -          -       (2.0)
        Undistributed loss from                                             
         joint venture                     -         -          -       (0.3)
        Interest income                  1.2       2.3        5.3       13.0 
        Interest expense               (51.7)    (21.6)    (194.4)     (77.6)
                                       -----     -----     ------      ----- 
                                       (50.5)    (19.3)    (189.1)     (66.9)
                                       -----     -----     ------      ----- 
    Income before income taxes         353.9     319.2    1,309.3    1,213.6 
    Provision for income taxes         131.0     112.8      482.8      434.0 
                                       -----     -----      -----      ----- 
    Net income from continuing                                               
     operations                        222.9     206.4      826.5      779.6 
    Net income (loss) from                                                   
     discontinued operations,                                                
     net of tax                          0.4       0.4        1.1       (3.5)
                                         ---       ---        ---       ---- 
    Net income                        $223.3    $206.8     $827.6     $776.1 
                                      ======    ======     ======     ====== 
                                                                             
    Weighted average number of                                               
     common shares outstanding
     during the period:                                                      
        Basic:                         274.9     247.6      263.5      248.9 
        Diluted:                       278.1     249.9      266.1      251.8 
                                                                             
    Basic earnings (loss) per share:                                         
          Continuing operations        $0.81     $0.83      $3.14      $3.13 
          Discontinued operations          -         -          -      (0.01)
          Net earnings                  0.81      0.84       3.14       3.12 
                                                                             
    Diluted earnings (loss) per share:                                       
          Continuing operations        $0.80     $0.83      $3.11      $3.10 
          Discontinued operations          -         -          -      (0.01)
          Net earnings                  0.80      0.83       3.11       3.08 
                                                                             
    (1) Includes retail pharmacy co-payments of $879.9 million and $708.1 
    million for the three months ended December 31, 2009 and 2008, 
    respectively and $3,132.1 million and $3,153.6 million for the years ended
    December 31, 2009 and 2008, respectively.  
    
    
    
    
    
                              EXPRESS SCRIPTS, INC.                         
                      Unaudited Consolidated Balance Sheet                  
                                                                            
                                                 December 31,   December 31,
     (in millions, except share data)               2009           2008 
                                                    ----           ---- 
     Assets                                                             
     Current assets:                                                    
       Cash and cash equivalents                  $1,070.4        $530.7 
       Restricted cash and investments                 9.1           4.8 
       Receivables, net                            2,521.2       1,155.9 
       Inventories                                   313.0         203.0 
       Deferred taxes                                135.0         118.2 
       Prepaid expenses and other current assets      94.8          31.2 
                                                      ----          ---- 
            Total current assets                   4,143.5       2,043.8 
     Property and equipment, net                     354.1         222.2 
     Goodwill                                      5,519.2       2,881.1 
     Other intangible assets, net                  1,882.6         332.6 
     Other assets                                     31.8          29.5 
                                                      ----          ---- 
            Total assets                         $11,931.2      $5,509.2 
                                                 =========      ======== 
                                                                        
     Liabilities and stockholders' equity                              
     Current liabilities:                                               
       Claims and rebates payable                 $2,850.7      $1,380.7 
       Accounts payable                              706.9         496.4 
       Accrued expenses                              552.4         420.5 
       Current maturities of long-term debt        1,340.1         420.0 
       Current liabilities of                                          
         discontinued operations                       6.7           4.1 
                                                       ---           --- 
            Total current liabilities              5,456.8       2,721.7 
     Long-term debt                                2,492.5       1,340.3 
     Other liabilities                               430.1         369.0 
                                                     -----         ----- 
            Total liabilities                      8,379.4       4,431.0 
                                                   -------       ------- 
                                                                        
     Stockholders' equity:                                              
       Preferred stock, 5,000,000                                    
        shares authorized, $0.01 par                                 
        value per share; and no shares
        issued and outstanding                           -             - 
       Common stock, 1,000,000,000                                   
        shares authorized, $0.01 par                                 
        value; shares issued: 345,279,000
        and 318,958,000, respectively;                               
        shares outstanding:                                          
        275,007,000 and 247,649,000,                                 
        respectively                                   3.5           3.2 
       Additional paid-in capital                  2,260.0         640.8 
       Accumulated other comprehensive income         14.1           6.2 
       Retained earnings                           4,188.6       3,361.0 
                                                   -------       ------- 
                                                   6,466.2       4,011.2 
       Common stock in treasury at cost,                               
        70,272,000 and 71,309,000 shares,
        respectively                              (2,914.4)     (2,933.0)
                                                  --------      -------- 
            Total stockholders' equity             3,551.8       1,078.2 
                                                   -------       ------- 
            Total liabilities and                                      
             stockholders' equity                $11,931.2      $5,509.2 
                                                 =========      ======== 
    
    
    
    
    
                            EXPRESS SCRIPTS, INC.                        
           Unaudited Condensed Consolidated Statement of Cash Flows      
    
                                                           Year Ended    
                                                           December 31,    
                                                           ------------   
     (in millions)                                         2009     2008 
                                                           ----     ---- 
                                                                         
     Cash flows from operating activities:                               
     Net income                                          $827.6   $776.1 
     Net (income) loss from discontinued operations,
      net of tax                                           (1.1)     3.5 
                                                           ----      --- 
          Net income from continuing operations           826.5    779.6 
     Adjustments to reconcile net income to net                       
      cash provided by operating activities:                           
         Depreciation and amortization                    109.9     97.7 
         Deferred financing fees                           66.3      2.4 
         Deferred income taxes                             51.5     33.8 
         Bad debt expense                                  24.1     30.1 
         Employee stock-based compensation expense         44.6     40.2 
         Other, net                                         3.3     18.3 
                                                                         
     Changes in operating assets and liabilities,                      
      net of changes resulting from acquisitions:                       
              Receivables                                (505.4)    21.9 
              Inventories                                 (58.1)   (38.0)
              Other current and non-current assets        (68.4)     5.4 
              Claims and rebates payable                  995.4    113.0 
              Other current and non-current liabilities   267.9     (8.8)
                                                          -----     ---- 
     Net cash provided by operating activities -                        
      continuing operations                             1,757.6  1,095.6 
     Net cash provided by operating activities -                        
      discontinued operations                              13.9      7.4 
                                                           ----      --- 
     Net cash flows provided by operating activities    1,771.5  1,103.0 
                                                        -------  ------- 
                                                                         
     Cash flows from investing activities:                               
         Acquisitions, net of cash acquired, and                       
          investment in joint venture                  (4,672.6)  (251.5)
         Purchase of short-term investments            (1,201.4)       - 
         Sale of short-term investments                 1,198.9        - 
         Purchases of property and equipment             (149.4)   (85.8)
         Cash received from short term investment           6.4     38.9 
         Short-term investment transferred from cash          -    (49.3)
         Proceeds from sale of business                       -     27.7 
         Other                                             (4.3)    (0.6)
                                                           ----     ---- 
     Net cash used in investing activities             (4,822.4)  (320.6)
                                                       --------   ------ 
                                                                         
     Cash flows from financing activities:                               
         Proceeds from long-term debt, net of                           
          discounts                                     2,491.6        - 
         Net proceeds from stock issuance               1,569.1        - 
         Repayment of long-term debt                     (420.1)  (260.0)
         Deferred financing fees                          (79.5)       - 
         Tax benefit relating to employee stock                         
          compensation                                     13.4     42.1 
         Net proceeds from employee stock-based plans      12.5     31.9 
         Treasury stock acquired                              -   (494.4)
                                                            ---   ------ 
     Net cash provided by (used in) financing                           
      activities                                        3,587.0   (680.4)
                                                        -------   ------ 
                                                                         
     Effect of foreign currency translation                             
      adjustment                                            3.6     (6.0)
                                                            ---     ---- 
                                                                         
     Net increase in cash and cash equivalents            539.7     96.0 
     Cash and cash equivalents at beginning of year       530.7    434.7 
                                                          -----    ----- 
     Cash and cash equivalents at end of year          $1,070.4   $530.7 
                                                       ========   ====== 
    
    
    
    
    
                                   Table 1                              
                 Unaudited Consolidated Selected Information            
                                (in millions)                           
                                                                   
                                             Three Months               
                                                Ended       Year Ended  
                                             December 31,   December 31,   
                                             ------------   ------------ 
     Claims Volume                           2009   2008    2009   2008 
                                             ----   ----    ----   ---- 
     Network                                120.2   93.8   404.3  379.6 
     Home Delivery & Specialty               11.4   10.3    41.8   41.9 
     Other(1)                                 0.8    0.8     3.2    3.2 
                                              ---    ---     ---    --- 
       Total claims                         132.4  104.9   449.3  424.7 
                                            -----  -----   -----  ----- 
                                                                        
      Total adjusted claims(2)              154.6  125.2   530.6  506.3 
                                            =====  =====   =====  ===== 
                                                                        
     Depreciation and Amortization (D&A):                               
     Revenue amortization(3)                 $9.5     $-    $9.5     $- 
     Cost of revenues D&A                     7.4    6.3    26.3   26.3 
     Selling, general & administrative D&A   19.5   18.4    74.1   71.4 
                                             ----   ----    ----   ---- 
          Total D&A                         $36.4  $24.7  $109.9  $97.7 
                                            =====  =====  ======  ===== 
                                                                        
     Generic Fill Rate                                                  
     Network                                 70.4%  68.3%   69.6%  67.3%
     Home Delivery                           58.3%  56.6%   57.7%  56.6%
     Overall                                 69.1%  67.3%   68.3%  66.1%
    
    (1) Other claims represent:  (a) drugs distributed through patient 
    assistance programs (b) drugs distributed where we have been selected by 
    the pharmaceutical manufacturer as part of a limited distribution network
    and (c) Emerging Market claims.  
    
    (2) Total adjusted claims reflect home delivery claims multiplied by 3, as
    home delivery claims are typically 90 day claims.  
    
    (3) Revenue amortization related to the customer contract with WellPoint 
    which consummated upon closing of the NextRx acquisition in Q4 2009.  
    Under U.S. GAAP standards, amortization of intangibles that arise in 
    connection with consideration given to a customer by a vendor is 
    characterized as a reduction of revenues.  
    
    
    
    
    
                                    Table 2                                
                             EBITDA Reconciliation                         
                      (in millions, except per claim data)                 
    The following is a reconciliation of net income from continuing operations
    to EBITDA(1) from continuing operations.  The Company believes net income 
    is the most directly comparable measure calculated under Generally 
    Accepted Accounting Principles. 
    
                                                               
                                             Three Months             
                                                Ended         Year Ended    
                                             December 31,     December 31,    
                                             ------------     ------------  
                                             2009   2008     2009      2008
                                             ----   ----     ----      ----
    Net income from continuing operations,                                 
     as reported                           $222.9 $206.4   $826.5    $779.6
       Provision for income taxes           131.0  112.8    482.8     434.0
       Depreciation and amortization         36.4   24.7    109.9      97.7
       Interest expense, net                 50.5   19.3    189.1      64.6
       Undistributed loss from joint
        venture                                 -      -        -       0.3
       Non-operating charges, net               -      -        -       2.0
                                              ---    ---      ---       ---
    EBITDA from continuing operations,                                     
     as reported                            440.8  363.2  1,608.3   1,378.2
    Non-recurring transaction                                              
     related costs (2)                       47.3      -     68.6         -
    Non-recurring legal settlement (3)          -      -     35.0         -
    Non-recurring benefit related to                                       
     insurance recovery (4)                     -      -    (15.0)        -
                                              ---    ---    -----       ---
    Adjusted EBITDA from continuing                                        
     operations                            $488.1 $363.2 $1,696.9  $1,378.2
                                                                           
    Total adjusted claims                   154.6  125.2    530.6     506.3
                                                                           
    Adjusted EBITDA per adjusted claim      $3.16  $2.90    $3.20     $2.72
                                                                           
    The Company is providing EBITDA excluding the impact of non-recurring 
    charges in order to compare the underlying financial performance to prior 
    periods.  
    
    (1)EBITDA is earnings before taxes, depreciation and amortization, net 
    interest and other income (expense); or alternatively calculated as 
    operating income plus depreciation and amortization.  EBITDA is presented 
    because it is a widely accepted indicator of a company's ability to 
    service indebtedness and is frequently used to evaluate a company's 
    performance.  EBITDA, however, should not be considered as an alternative 
    to net income, as a measure of operating performance, as an alternative to
    cash flow, as a measure of liquidity or as a substitute for any other 
    measure computed in accordance with accounting principles generally 
    accepted in the United States. In addition, our definition and calculation
    of EBITDA may not be comparable to that used by other companies. 
    
    (2) Transaction and integration related costs include those costs directly
    related to our acquisition of NextRx, primarily comprised of professional 
    fees of $11.7 million ($7.4 million net of tax) incurred in Q2 2009, $9.6 
    million ($6.1 million net of tax) incurred in Q3 2009, and $39.8 million 
    ($25.1 million net of tax) incurred in Q4 2009 included in selling, 
    general and administrative expense.  Additionally, $7.5 million ($4.7
    million net of tax) of integration costs were incurred in Q4 2009 and are
    included in cost of revenues.   
    
    (3) Non-recurring charge related to a legal settlement of $35.0 million 
    ($22.1 million, net of tax) in Q3 2009, included in selling, general and 
    administrative expense.  
    
    (4) Non-recurring benefit related to insurance recovery of $15.0 million 
    ($9.5 million, net of tax) in Q2 2009, included as a reduction to selling,
    general and administrative expense.  
    
    
    
    
    
                                      Table 3                                 
              Calculation of Adjusted EPS from Continuing Operations          
          
                                               Three Months                   
                                                  Ended           Year Ended  
                                               December 31,       December 31,
                                               ------------       ------------
                                                2009  2008         2009   2008
                                                ----  ----         ----   ----
                                                     (per diluted share)      
    EPS, as reported                           $0.80 $0.83        $3.11  $3.10
                                                                              
    Non-recurring items:                                                      
    Transaction and integration related                                       
     costs (1)                                  0.11     -         0.17      -
                                                                              
    Termination of bridge financing(2)          0.02     -         0.16      -
                                                                              
    Charge related to legal settlement (3)         -     -         0.08      -
                                                                              
    Benefit related to insurance recovery (4)      -     -        (0.04)     -
                                                                              
    Amortization of:                                                          
    Legacy intangible assets (5)                0.02  0.02         0.08   0.08
                                                                              
    NextRx-related intangible assets (6)        0.02     -         0.02      -
                                                ----   ---         ----    ---
                                                                              
    Adjusted EPS                               $0.97 $0.85        $3.58  $3.18
                                                                              
    Other items included in reported results:                                 
    Pre-close financing (7)                                                   
         Interest expense, net                 $0.06    $-        $0.17     $-
         Shares                                 0.06     -         0.18      -
                                                ----   ---         ----    ---
    Total pre-close financing impact           $0.12    $-        $0.35     $-
                                                                              
    The Company is providing diluted earnings per share excluding the impact 
    of non-recurring charges and intangibles amortization in order to compare
    the underlying financial performance to prior periods.                  
    
    (1) Transaction and integration related costs include those costs directly
    related to our acquisition of NextRx, primarily comprised of professional 
    fees of $11.7 million ($7.4 million net of tax) incurred in Q2 2009, $9.6 
    million ($6.1 million net of tax) incurred in Q3 2009, and $39.8 million 
    ($25.1 million net of tax) incurred in Q4 2009 included in selling, 
    general and administrative expense.  Additionally, $7.5 million ($4.7 
    million net of tax) of integration costs were incurred in Q4 2009 and are 
    included in cost of revenues.   
                                                                              
    (2) Financing costs include bridge loan fees of $58.4 million ($36.9 
    million net of tax) in Q2 2009 and $10.0 million ($6.3 million net of tax)
    in Q4 2009 included in interest expense.  These fees were incurred to 
    terminate the temporary bridge financing once permanent financing was 
    secured.  
                                                                              
    (3) Non-recurring charge related to legal settlement of $35.0 million 
    ($22.1 million, net of tax) in Q3 2009, included in selling, general and 
    administrative expense.  
                                                                              
    (4) Non-recurring benefit related to insurance recovery of $15.0 million 
    ($9.5 million, net of tax) in Q2 2009, included as a reduction to selling,
    general and administrative expense.  
                                                                              
    (5) This adjustment represents the per share effect of Express Scripts' 
    legacy intangible amortization, prior to the acquisition of NextRx.  
    Intangible amortization of $8.6 million ($5.4 million net of tax) and 
    $34.7 million ($21.9 million net of tax) is included in selling, general 
    and administrative expense for Q4 2009 and FY 2009, respectively.  
    Intangible amortization of $8.6 million ($5.6 million net of tax) and 
    $33.7 million ($21.6 million net of tax) is included in selling, general 
    and administrative expense for Q4 2008 and FY 2008, respectively.  
                                                                              
    (6) This adjustment represents the per share effect of the NextRx related 
    intangible amortization.  Intangible amortization of $9.5 million ($6.0 
    million net of tax) is included as a reduction to revenue in Q4 2009.  
    Intangible amortization of $0.5 million ($0.3 million net of tax) is 
    included in selling, general and administrative expense in Q4 2009.   
                                                                              
    (7) Impact from financing of NextRx transaction completed in June 2009 
    (26.45 million shares and $2.5 billion of public debt). FY 2009 includes 
    $71.9 million ($45.4 million net of tax) of net interest expense incurred 
    from the date of financing through December 1, 2009.   
    
    
    
    
    
                                     Table 4                                 
                            2010 Guidance Information                        
                    
                                                                Estimated    
                                                               Year Ended    
                                                               December 31,  
                                                                   2010      
                                                               ------------  
                                                               (per diluted  
                                                                  share)     
    Adjusted EPS guidance                                   $4.80  to   $5.00
                                                                             
    GAAP items not included in guidance:(4)                                  
                                                                             
    Non-recurring charges related to the NextRx 
     transaction (1)                                         0.27  to    0.34
                                                                             
    Amortization of legacy intangible assets (2)             0.08        0.08
                                                                             
    Amortization of NextRx-related intangible assets (3)     0.27        0.27
                                                                             
    (1) The Company estimates further costs related to the NextRx transaction 
    of $120.0 million - $150.0 million ($75.2 - $94.1 million net of tax) will
    be incurred in 2010 for expenses related to transition services, integration, site closures and severance.     
    
    (2) This adjustment represents the per share effect of Express Scripts' 
    legacy intangible amortization, prior to the acquisition of NextRx.  
    Intangibles amortization of approximately $34.3 million ($21.5 million 
    after tax) will be included in selling, general and administrative expense
    in 2010.  
    
    (3) This adjustment represents the per share effect of the NextRx-related 
    intangible amortization.  Intangibles amortization of approximately $114.0
    million ($71.5 million net of tax) will be included as a reduction to 
    revenue in 2010.  Intangibles amortization of $6.5 million ($4.1 million 
    net of tax) will be included in selling, general and administrative 
    expense in 2010. 
    
    (4) 2010 EPS guidance excludes any impact of potential impairment charges 
    related to the Emerging Markets segment.  See Note 14 of the consolidated 
    financial statements filed on Form 10-K for further detail.  
    
    
    

SOURCE Express Scripts, Inc.

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(Date:12/5/2016)... 2016  Breckenridge Pharmaceutical, Inc. announced today that ... with development and manufacturing partner Gland Pharma Limited ... of this agreement, Breckenridge will market and distribute ... the United States . The deal includes ... products cover a wide range of indications.  This ...
(Date:12/5/2016)... Oregon and PUNE, India , ... new report by Allied Market Research, titled, "Global Cancer Biomarkers ... global revenue of cancer biomarkers market is projected to reach ... a CAGR of 13.3% from 2016 to 2022. Omic technologies ... in 2015 and is expected to maintain its dominance during ...
(Date:12/5/2016)... Dec. 5, 2016  Recently Zymo Research announced ... predictor, known as Horvath,s Clock. Based on this ... analysis service to academic and biopharma scientific researchers ... sample, other than sperm. The service ... biological age versus chronological age following drug treatments ...
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