Highlights Include Patient Care Innovations and New Facilities
INDIANOLA, Pa., March 4 /PRNewswire/ -- MEDRAD, INC.'s sales revenues grew to $525 million in 2007, an increase of 10 percent over the previous year. A worldwide leading provider of medical devices and services that enable and enhance imaging procedures of the human body, MEDRAD has achieved a double-digit annual revenue growth for over 10 years.
2007 business highlights include product innovations designed to improve patient care and the opening of new Global Center and syringe manufacturing facilities in the Western Pennsylvania region.
"We continue to focus on the goal of improving patient care through better diagnostic and treatment technologies," said John P. Friel, president and CEO. "MEDRAD's growth is grounded in our commitment to genuinely understand the needs of our customers and improve patient outcomes with more innovative, cost-efficient products."
Computed Tomography (CT) product innovations were led by new extravasation detector technology that, when properly employed, directly senses extravasation pooling of contrast agent under the skin during a CT scanning procedure. If left undetected, extravasation can cause significant patient discomfort. Personalized Patient Protocol Technology (P3T) was also launched in CT, making it possible to further customize an injection based on patient- specific parameters. The benefit is even more consistent, high-quality diagnostic cardiac images, and greater safety and efficiency in terms of reducing the volume of contrast agent needed for each procedure.
The company's Magnetic Resonance (MR) endorectal coil was upgraded to be compatible with the new versions of scanners recently launched by the major scanner manufacturers. The coil continues to conform to the size and shape of the prostate to provide clearer pictures needed to diagnose and stage cancer and plan targeted treatment. MEDRAD also partnered with the National Prostate Cancer Coalition (NPCC) to provide information about prostate MR imaging to thousands of men who participate in its free mobile screening program.
MEDRAD opened a new 125,000-square-foot Global Center office facility in Warrendale, Pennsylvania, which now houses 260 sales, service, customer support and general administrative employees. A new 120,000-square-foot disposables manufacturing facility was also built in Saxonburg, Pennsylvania, and went from ground breaking to start up in just 10 months. At the heart of the facility is an extensive clean room environment in which workers manufacture disposable components used to inject contrast dyes during medical imaging procedures.
MEDRAD's Heilman Center electro-mechanical manufacturing plant, located in O'Hara Township, Pennsylvania was selected as a 2007 IndustryWeek magazine "Best Plant" award winner. This award is issued annually to plants that are on the leading edge of efforts to increase competitiveness, enhance customer satisfaction and create stimulating and rewarding work environments.
MEDRAD's employee base grew almost five percent in 2007, with a net of 70 full-time employees added. The company employed over 1,700 at year-end, of which 1,200 are located in the Pittsburgh region. The company recently announced it has signed a merger agreement with Possis Medical, Inc., a Minneapolis, Minnesota-based company with approximately 280 employees, pursuant to the terms of which the company launched a public tender offer to acquire all of the shares of Possis for a price of $19.50 per share. Possis is a leading provider of mechanical thrombectomy devices used to treat narrowed or blocked arteries and veins. If the tender offer receives the required regulatory approvals, the required number of shareholders tender their shares, and the other conditions of the deal are satisfied, the merger will be consummated, and Possis will become the cornerstone of MEDRAD's cardiovascular strategy.
MEDRAD, INC. is a worldwide leading provider of medical devices and services that enable and enhance imaging procedures of the human body. Used in diagnostic imaging, MEDRAD's product offerings include a comprehensive line of vascular injection systems, magnetic resonance (MR) surface coils and patient care products, and equipment services. Total 2007 revenues were $525 million. MEDRAD is a 2003 recipient of the Malcolm Baldrige National Quality Award, the top honor a U.S. company can receive for quality and business excellence. The company's world headquarters is near Pittsburgh, Pennsylvania, in the United States. MEDRAD is an affiliate of Bayer AG. More company information is available at http://www.medrad.com.
Bayer AG is one of the world's leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany. The company combines the global activities of the Animal Health, Consumer Care, Diabetes Care, and Pharmaceuticals divisions. The Pharmaceuticals division comprises the following business units: Women's Healthcare, Diagnostic Imaging, Specialized Therapeutics, Hematology/Cardiology, Primary Care, and Oncology. The company's aim is to discover and manufacture products that will improve human and animal health worldwide. The products enhance well being and quality of life by diagnosing, preventing and treating diseases.
Cautionary statement regarding forward-looking statements. Certain statements in this press release that are neither reported financial results nor other historical information are forward-looking statements, including but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and MEDRAD's plans and objectives to differ materially from those expressed or implied in the forward-looking statements. MEDRAD, INC. undertakes no obligation to update publicly or revise any of these forward-looking statements, whether to reflect new information or future events or circumstances or otherwise.
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