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MedCath Corporation Reports Third Quarter Earnings
Date:8/6/2008

- EPS from continuing operations totaled $0.27; EPS of $0.33, excluding

certain items

- Adjusted EBITDA of $24.0 million, excluding certain items - Same facility adjusted admissions up 1.0% in third quarter of fiscal 2008

compared to the third quarter of fiscal 2007 - Cash flow from continuing operations of $20.6 million in third quarter of fiscal 2008 compared to $15.0 million in the second quarter of fiscal 2008

CHARLOTTE, N.C., Aug. 6 /PRNewswire-FirstCall/ -- MedCath Corporation (Nasdaq: MDTH), a healthcare provider focused on high acuity healthcare services, predominately the diagnosis and treatment of cardiovascular disease, today announced its operating results for its third fiscal quarter, which ended June 30, 2008.

Third Quarter 2008 Results

During its fourth quarter of fiscal 2007, MedCath completed the recapitalization of Harlingen Medical Center ("HMC"). As part of the recapitalization, MedCath's ownership in HMC was reduced from a majority ownership to a minority ownership. Due to this change in ownership, MedCath began accounting for HMC as an equity investment in the quarter ended September 30, 2007. Any reference to same facility results in this press release accounts for the operations of HMC as an equity investment in the third quarter of 2007.

On a same facility basis, MedCath's net revenue decreased 1.7% to $157.1 million in the third quarter of fiscal 2008 from $159.8 million in the third quarter of fiscal 2007. Same facility income from operations decreased 33.8% to $14.1 million from $21.3 million in the third quarter of fiscal 2007 and Adjusted EBITDA, excluding certain items, decreased 18.4% to $24.0 million from $29.4 million ssued and 19,581,445

outstanding at June 30, 2008;

21,271,144 issued and 21,202,244

outstanding at September 30, 2007 215 213

Paid-in capital 457,513 447,688

Accumulated deficit (41,607) (61,821)

Accumulated other comprehensive loss (161) (62)

Treasury stock, at cost;

68,900 shares at September 30, 2007

1,954,361 shares at June 30, 2008 (44,797) (394)

Total stockholders' equity 371,163 385,624

Total liabilities and

stockholders' equity $649,272 $678,567

MEDCATH CORPORATION

SELECTED OPERATING DATA

(In thousands, except per share data and selected operating data)

(Unaudited)

Three Months Ended June 30, Nine Months Ended June 30,

2008 2007 % Change 2008 2007 % Change

Statement of

Operations Data:

Net revenue $157,086 $178,492 (12.0)% $463,034 $515,518 (10.2)%

Adjusted

EBITDA(1) $23,632 $29,071 (18.7)% $69,092 $74,931 (7.8)%

Income from

operations $14,051 $20,031 (29.9)% $39,593 $45,083 (12.2)%

Income from

continuing

operations $5,348 $8,428 (36.5)% $13,943 $12,795 9.0 %

Earnings per share

from continuing

operations, basic $0.27 $0.40 (32.5)% $0.68 $0.62 9.7%

Earnings per share

from continuing

operations,

diluted $0.27 $0.38 (28.9)% $0.68 $0.60 13.3%

(1) See Supplemental Financial Disclosure--Reconciliation of GAAP

Financial Measures to Non-GAAP Financial Measures.

Three Months Ended June 30, Nine Months Ended June 30,

2008 2007 % Change 2008 2007 % Change

Selected

Operating

Data(a):

Number of

hospitals 7 8 7 8

Licensed beds(c) 509 533 509 533

Staffed and

available

beds(d) 449 516 449 516

Admissions(e) 7,384 9,455 (21.9)% 22,380 28,265 (20.8)%

Adjusted

admissions(f) 10,341 12,997 (20.4)% 30,979 38,708 (20.0)%

Patient days(g) 27,132 31,153 (12.9)% 81,853 95,920 (14.7)%

Adjusted patient

days(h) 38,105 42,564 (10.5)% 113,790 130,585 (12.9)%

Average length

of stay (days)(i) 3.67 3.29 11.6% 3.66 3.39 8.0%

Occupancy(j) 66.4% 66.3% 66.5% 68.1%

Inpatient

catheterization

procedures(k) 3,961 4,738 (16.4)% 12,244 14,022 (12.7)%

Inpatient

surgical

procedures(l) 2,260 2,608 (13.3)% 6,332 7,518 (15.8)%

Hospital net

revenue $144,676 $166,349 (13.0)% $426,300 $474,336 (10.1)%

Selected

Operating Data -

Same Facility(a):

Number of

hospitals 7 7 7 7

Licensed beds(c) 509 421 509 421

Staffed and

available beds(d) 449 404 449 404

Admissions(e) 7,384 7,759 (4.8)% 22,380 22,779 (1.8)%

Adjusted

admissions(f) 10,341 10,238 1.0% 30,979 29,767 4.1%

Patient days(g) 27,132 26,397 2.8% 81,853 80,304 1.9%

Adjusted patient

days(h) 38,105 34,827 9.4% 113,790 105,133 8.2%

Average length

of stay

(days)(i) 3.67 3.40 7.9% 3.66 3.53 3.7%

Occupancy(j) 66.4% 71.8% 66.5% 72.8%

Inpatient

catheterization

procedures(k) 3,961 4,530 (12.6)% 12,244 13,396 (8.6)%

Inpatient

surgical

procedures(l) 2,260 2,126 6.3% 6,332 6,076 4.2%

Hospital net

revenue $144,676 $147,670 (2.0)% $426,300 $413,324 3.1%

Combined

Operating

Data (b):

Number of

hospitals 9 9 9 9

Licensed beds(c) 676 588 676 588

Staffed and

available beds(d) 612 571 612 571

Admissions(e) 9,879 10,381 (4.8)% 30,179 31,095 (2.9)%

Adjusted

admissions(f) 14,512 14,063 3.2% 43,838 41,914 4.6%

Patient days(g) 34,819 34,530 0.8% 106,614 106,492 0.1%

Adjusted patient

days(h) 50,722 46,453 9.2% 153,697 142,561 7.8%

Average length of

stay (days)(i) 3.52 3.33 5.7% 3.53 3.42 3.2%

Occupancy(j) 62.5% 66.5% 63.6% 68.3%

Inpatient

catheterization

procedures(k) 4,814 5,312 (9.4)% 14,624 15,839 (7.7)%

Inpatient

surgical

procedures(l) 2,842 2,865 (0.8)% 8,287 8,292 (0.1)%

Hospital net

revenue $183,446 $181,979 0.8% $545,892 $524,456 4.1%

(a) Selected operating data includes consolidated hospitals in operation

as of the end of the period reported in continuing operations but

does not include hospitals which are accounted for using the equity

method or as discontinued operations in our consolidated financial

statements. Same facility for all periods presented excludes

Harlingen Medical Center.

(b) Combined operating data includes hospitals in operation as of the end

of the period reported in continuing operations including hospitals

which are accounted for using the equity method in our consolidated

financial statements.

(c) Licensed beds represent the number of beds for which the appropriate

state agency licenses a facility regardless of whether the beds are

actually available for patient use.

(d) Staffed and available beds represent the number of beds that are

readily available for patient use at the end of the period.

(e) Admissions represent the number of patients admitted for inpatient

treatment.

(f) Adjusted admissions is a general measure of combined inpatient and

outpatient volume. We computed adjusted admissions by dividing gross

patient revenue by gross inpatient revenue and then multiplying the

quotient by admissions.

(g) Patient days represent the total number of days of care provided to

inpatients.

(h) Adjusted patient days is a general measure of combined inpatient and

outpatient volume. We computed adjusted patient days by dividing

gross patient revenue by gross inpatient revenue and then multiplying

the quotient by patient days.

(i) Average length of stay (days) represents the average number of days

inpatients stay in our hospitals.

(j) We computed occupancy by dividing patient days by the number of days

in the period and then dividing the quotient by the number of staffed

and available beds.

(k) Inpatients with a catheterization procedure represent the number of

inpatients with a procedure performed in one of the hospitals'

catheterization labs during the period.

(l) Inpatient surgical procedures represent the number of surgical

procedures performed on inpatients during the period.

MEDCATH CORPORATION

SUPPLEMENTAL FINANCIAL DISCLOSURE - RECONCILIATION OF GAAP FINANCIAL

MEASURES

TO NON-GAAP FINANCIAL MEASURES

(Unaudited)

The following table reconciles Adjusted EBITDA with MedCath's income from continuing operations as derived directly from MedCath's consolidated financial statements for the three and nine months ended June 30, 2008 and 2007.

Three Months Ended Nine Months Ended

June 30, June 30,

2008 2007 2008 2007

(in thousands) (in thousands)

Income from

continuing

operations $5,348 $8,428 $13,943 $12,795

Add:

Income tax expense 3,469 5,396 8,917 9,882

Minority interest

share of earnings of

consolidated

subsidiaries 4,293 4,006 13,859 9,481

Equity in net

earnings of

unconsolidated

affiliates (2,636) (1,175) (6,842) (4,095)

Interest and other

income,

net (285) (1,749) (1,942) (6,274)

Loss on early

extinguishment

of debt - - - 5,142

Interest expense 3,862 5,125 11,658 18,152

Loss on disposal

of property,

equipment and

other assets 225 175 391 1,028

Amortization 149 126 411 505

Depreciation 7,517 8,038 22,591 24,488

Pre-opening

expenses 149 - 643 -

Share-based

compensation

expense 1,541 701 5,463 3,827

Adjusted EBITDA $23,632 $29,071 $69,092 $74,931

The following table presents MedCath's condensed statement of operations data for the three and nine months ended June 30, 2007 on a proforma basis to reflect the reclassification of Harlingen Medical Center from a consolidated subsidiary to an equity investment.

Three Months Ended June 30,

Adjustments to

2007 Deconsolidate 2007

(Actual) HMC (Pro Forma) 2008

(in thousands)

Net Revenue $178,492 $(18,679) $159,813 $157,086

Income from operations 20,031 1,223 21,254 14,051

Income from continuing operations

before minority interest

and income taxes 17,830 1,680 19,510 13,110

Income from continuing operations

before income taxes 13,824 1,680 15,504 8,817

Income from continuing operations 8,428 1,680 10,108 5,348

Net income (loss) $9,265 $1,680 $10,945 $11,772

Earnings (loss) per share, basic $0.44 $0.08 $0.52 $0.60

Earnings (loss) per share, diluted $0.42 $0.08 $0.50 $0.60

Weighted average number of shares,

basic 21,144 - 21,144 19,524

Dilutive effect of stock options

and restricted stock 682 - 682 107

Weighted average number of shares,

diluted $21,826 - $21,826 $19,631

Nine Months Ended June 30,

Adjustments to

2007 Deconsolidate 2007

(Actual) HMC (Pro Forma) 2008

(in thousands)

Net Revenue $515,518 $(61,012) $454,506 $463,034

Income from operations 45,083 (2,321) 42,762 39,593

Income from continuing operations

before minority interest

and income taxes 32,158 1,191 33,349 36,719

Income from continuing operations

before income taxes 22,677 1,191 23,868 22,860

Income from continuing operations 12,795 1,191 13,986 13,943

Net income (loss) $10,619 $1,191 $11,810 $20,521

Earnings (loss) per share, basic $0.51 $0.06 $0.57 $1.00

Earnings (loss) per share, diluted $0.50 $0.06 $0.56 $1.00

Weighted average number of shares,

basic 20,760 - 20,760 20,415

Dilutive effect of stock options

and restricted stock 650 - 650 89

Weighted average number of shares,

diluted 21,410 - 21,410 20,504

in the same period of the prior year. MedCath's same facility income from continuing operations was $5.3 million, or $0.27 per diluted share, in the third quarter of fiscal 2008 compared to $10.1 million, or $0.46 per diluted share, in the third quarter of fiscal 2007.

Sequentially, net revenue and Adjusted EBITDA, excluding certain items, for the third quarter of fiscal 2008 were the same as net revenue and Adjusted EBITDA, excluding certain items, for the second quarter of fiscal 2008. Income from continuing operations before income taxes, excluding share-based compensation expense, increased 11.5% sequentially.

MedCath's operating results for the quarter ended June 30, 2008 include $0.3 million, or $0.01 per diluted share, in legal expense associated with a non-patient care claim. In comparison, MedCath's operating results for the quarter ended June 30, 2007 include a charge of $0.4 million, or $0.01 per diluted share, related to the settlement of third-party cost reports. Share- based compensation expense totaled $1.5 million in the third quarter of fiscal 2008, or $0.05 per diluted share, compared to $0.7 million, or $0.02 per diluted share, in the third quarter of fiscal 2007. Pre-opening expenses totaled $0.2 million in the third quarter of fiscal 2008. MedCath did not incur pre-opening expenses in the third quarter of fiscal 2007. Adjusted EBITDA, excluding certain items, in this release does not include any of the above named items, but these items are included as a component of income from continuing operations.

MedCath's hospitals provide care to certain patients who meet specific financial poverty guidelines at discounted rates, which we refer to as charity care discounts. As such, the amount of these discounts for services does not appear in our net revenue. For the quarter, charity care discounts reduced our net revenue $4.3 million in comparison to $1.2 million in the prior year. Total bad debt expense plus charity care discounts showed sequential improvement to 9.3% of same facility hospital net revenue excluding charity care discounts, compared to 10.5% in the second quarter of fiscal 2008 and 7.8% in the third quarter of fiscal 2007. On a same facility basis, gross self pay revenue was $13.1 million in the third quarter of fiscal 2008 as compared to $11.4 million in the third quarter of fiscal 2007 and $10.7 million in the second quarter of fiscal 2008.

"Despite the challenges we experienced this quarter related to lower than planned volumes due to medical group disruptions in two markets and the continued migration of certain stent procedures from an inpatient service setting to outpatient, we remain confident in our growth potential due to our strategy to diversify our operations to other high acuity services through expansion of our small hospitals," said O. Edwin French, MedCath's President and Chief Executive Officer. "In that regard, we recently announced a significant expansion of our Bakersfield Heart Hospital and we have now completed the 60 bed expansion and licensing of our TexSAn Heart Hospital ahead of schedule."

Operating Statistics, Cash Flow and Capital Expenditures

Same facility hospital adjusted admissions for the third quarter of fiscal 2008 increased 1.0% from the third quarter of the prior fiscal year. Same facility hospital net revenue decreased $3.0 million, or 2.0%. Net cash provided by operating activities of continuing operations for the third quarter of fiscal 2008 was $20.6 million, down from $21.3 million for the third quarter of fiscal 2007, and up 37.3% sequentially.

"Despite a challenging operating quarter, we achieved sequential improvement in cash flow from continuing operations due to the strength of our collection activity," said Jeff Hinton, MedCath's Chief Financial Officer. "Our DSO was 54 days at June 30th, down 4 days sequentially and in line with the prior year."

Hinton continued, "We have a strong balance sheet that provides us with significant flexibility and we're actively engaged in pursuing alternatives to use this in our shareholders' best interest."

Cash capital expenditures, including $9.5 million in expenditures related to MedCath's growth initiatives, totaled $11.1 million in the third quarter of fiscal 2008 in comparison to $8.8 million in the third quarter of fiscal 2007.

Use of Non-GAAP Financial Measures

This release contains measures of MedCath's historical financial performance that are not calculated and presented in conformity with generally accepted accounting principles ("GAAP"), including Adjusted EBITDA. Adjusted EBITDA represents MedCath's income from continuing operations before interest expense; interest and other income, net; income tax expense; depreciation; amortization; share-based compensation expense; pre-opening expenses; loss on disposal of property, equipment and other assets; loss on early extinguishment of debt; equity in net earnings of unconsolidated affiliates; and minority interest share of earnings of consolidated subsidiaries. MedCath's management uses Adjusted EBITDA to measure the performance of the company's various operating entities, to compare actual results to historical and budgeted results, and to make capital allocation decisions. Management provides Adjusted EBITDA to investors to assist them in performing their analyses of MedCath's historical operating results. Further, management believes that many investors in MedCath also invest in, or have knowledge of, other healthcare companies that use Adjusted EBITDA as a financial performance measure. Because Adjusted EBITDA is a non-GAAP measure, Adjusted EBITDA, as defined above, may not be comparable to other similarly titled measures of other companies. MedCath has included a supplemental schedule with the financial statements that accompanies this press release that reconciles historical Adjusted EBITDA to MedCath's income from continuing operations.

Management will discuss and answer questions regarding MedCath's quarterly results Thursday, August 7, 2008, during a 10 a.m. ET conference call. In the United States, you may participate by dialing (877) 697-5351. International callers should dial (706) 634-0602. The conference ID for both domestic and international callers is 57162590. A live web cast will also be available on the company's web site, http://www.medcath.com . This information will be available on the web site on or immediately following the conference call for 30 days. A recorded replay of the call will be available until 11:59 p.m. ET, August 14, 2008. To access the replay, domestic callers should dial (800) 642-1687 and international callers should dial (706) 645-9291. The archived conference ID is 57162590. This press release and the financial information included therewith will be accessible on the web, by going to http://www.medcath.com , "Investor Relations" then clicking on "News."

MedCath Corporation, headquartered in Charlotte, N.C., is a healthcare provider focused on high acuity services with the diagnosis and treatment of cardiovascular disease being a primary service offering. MedCath owns an interest in and operates nine hospitals with a total of 676 licensed beds, located in Arizona, Arkansas, California, Louisiana, New Mexico, South Dakota, and Texas. MedCath is in the process of developing its tenth hospital, which is anticipated to open in fall 2009, in Kingman, Ariz. In addition, MedCath and its subsidiary MedCath Partners provide services in diagnostic and therapeutic facilities in various states.

Parts of this announcement contain forward-looking statements that involve risks and uncertainties. Although management believes that these forward-looking statements are based on reasonable assumptions, these assumptions are inherently subject to significant economic, regulatory and competitive uncertainties and contingencies that are difficult or impossible to predict accurately and are beyond our control including, but not limited to, enactment of changes in federal law that would limit physician hospital ownership. Actual results could differ materially from those projected in these forward-looking statements. We do not assume any obligation to update these statements in a news release or otherwise should material facts or circumstances change in ways that would affect their accuracy.

These various risks and uncertainties are described in detail in "Risk Factors" in MedCath's Annual Report or Form 10-K for the year ended September 30, 2007 filed with the Securities and Exchange Commission on December 14, 2007. Copies of this form including exhibits are available on the internet site of the Securities and Exchange Commission at http://www.sec.gov.

MEDCATH CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended Nine Months Ended

June 30, June 30,

2008 2007 2008 2007

Net revenue $157,086 $178,492 $463,034 $515,518

Operating expenses:

Personnel expense 51,019 54,383 151,522 162,301

Medical supplies expense 44,065 46,593 126,791 137,847

Bad debt expense 10,235 14,585 31,852 42,347

Other operating expenses 29,676 34,561 89,240 101,919

Pre-opening expenses 149 - 643 -

Depreciation 7,517 8,038 22,591 24,488

Amortization 149 126 411 505

Loss on disposal of property,

equipment and other assets 225 175 391 1,028

Total operating expenses 143,035 158,461 423,441 470,435

Income from operations 14,051 20,031 39,593 45,083

Other income (expenses):

Interest expense (3,862) (5,125) (11,658) (18,152)

Loss on early extinguishment

of debt - - - (5,142)

Interest and other income, net 285 1,749 1,942 6,274

Equity in net earnings of

unconsolidated affiliates 2,636 1,175 6,842 4,095

Total other expenses, net (941) (2,201) (2,874) (12,925)

Income from continuing

operations before minority

interest and income taxes 13,110 17,830 36,719 32,158

Minority interest share of

earnings of consolidated

subsidiaries (4,293) (4,006) (13,859) (9,481)

Income from continuing

operations before income taxes 8,817 13,824 22,860 22,677

Income tax expense 3,469 5,396 8,917 9,882

Income from continuing

operations 5,348 8,428 13,943 12,795

Income (loss) from discontinued

operations, net of taxes 6,424 837 6,578 (2,176)

Net income $11,772 $9,265 $20,521 $10,619

Earnings (loss) per share, basic

Continuing operations $0.27 $0.40 $0.68 $0.62

Discontinued operations 0.33 0.04 0.32 (0.11)

Earnings (loss) per share, basic $0.60 $0.44 $1.00 $0.51

Earnings (loss) per share, diluted

Continuing operations $0.27 $0.38 $0.68 $0.60

Discontinued operations 0.33 0.04 0.32 (0.10)

Earnings (loss) per share,

diluted $0.60 $0.42 $1.00 $0.50

Weighted average number of

shares, basic 19,524 21,144 20,415 20,760

Dilutive effect of stock options

and restricted stock 107 682 89 650

Weighted average number of

shares, diluted 19,631 21,826 20,504 21,410

MEDCATH CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

June 30, September 30,

2008 2007

(Unaudited)

Current assets:

Cash and cash equivalents $120,810 $140,276

Accounts receivable, net 92,823 85,943

Income tax receivable 953 -

Medical supplies 15,763 13,928

Deferred income tax assets 14,236 12,389

Prepaid expenses and other

current assets 5,294 6,197

Current assets of

discontinued operations 22,402 22,832

Total current assets 272,281 281,565

Property and equipment, net 290,929 270,663

Investments in affiliates 15,618 5,718

Goodwill 58,098 62,740

Other intangible assets, net 6,213 6,448

Other assets 6,133 6,531

Long-term assets of

discontinued operations - 44,902

Total assets $649,272 $678,567

Current liabilities:

Accounts payable $34,227 $30,933

Income tax payable - 10,552

Accrued compensation and benefits 17,115 18,567

Other accrued liabilities 16,676 13,421

Current portion of long-term debt and

obligations under capital leases 106,822 4,089

Current liabilities of

discontinued operations 18,732 24,962

Total current liabilities 193,572 102,524

Long-term debt 41,546 146,398

Obligations under capital leases 2,295 1,793

Deferred income tax liabilities 11,952 12,018

Other long-term obligations 412 460

Long-term liabilities of discontinued

components - 13

Total liabilities 249,777 263,206

Minority interest in equity of

consolidated subsidiaries 28,332 29,737

Stockholders' equity:

Preferred stock, $0.01 par value,

10,000,000 shares authorized;

none issued - -

Common stock, $0.01 par value,

50,000,000 shares authorized;

21,535,806 i
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SOURCE MedCath Corporation
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