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PAREXEL International Reports Fourth Quarter and Fiscal Year 2009 Results
Date:8/10/2009

BOSTON, Aug. 10 /PRNewswire-FirstCall/ -- PAREXEL International Corporation (Nasdaq: PRXL) today reported financial results for the fourth quarter and Fiscal Year ended June 30, 2009. The Company has determined the need to correct certain accounting errors in the recently acquired ClinPhone business, as described in greater detail below. These changes relate to (1) the ClinPhone Interactive Voice Response (IVR) component of the Perceptive Informatics business segment, and (2) purchase accounting for ClinPhone, which the Company acquired in August 2008. The changes do not have an impact on the Company's fundamental business or on its economics in terms of cash or cash flow.

The accounting changes for ClinPhone IVR relate to Staff Accounting Bulletin (SAB) No. 104 "Revenue Recognition" and Emerging Issues Task Force (EITF) Issue 00-21 "Revenue Arrangements With Multiple Deliverables," and has resulted in the need to defer certain previously recognized revenue and direct cost amounts into future periods. In the course of finalizing financial results for the fiscal year, the Company determined that revenue and direct costs for ClinPhone IVR contracts should have been recognized ratably over the estimated "hosting" period of each study once an application went live. The Company had been recognizing these revenue and direct cost amounts during the "start-up" periods (i.e., design, development, and validation) of the contracts. Consequently, certain IVR-related start-up revenue and costs originally recorded during the first three quarters of Fiscal Year 2009, and amounts originally expected to be recorded in the fourth quarter, needed to be deferred into future periods. The adverse impact of this change was magnified because purchase accounting rules prohibit recognition of any start-up revenue from projects on-going in an acquired entity if the start-up work was completed prior to the acquisition. The full year and fourth quarter impact of this change resulted in a reduction to consolidated service revenue of $16.9 million, reduced costs by $4.9 million, and decreased operating income by $12.0 million.

The purchase accounting change for ClinPhone related to guidance included in Emerging Issues Task Force (EITF) Issue 01-3 "Accounting in a Business Combination for Deferred Revenue of an Acquiree," which states that deferred revenue can only be included in the opening balance sheet of an acquired entity, and subsequently recognized into revenue, if the acquiring company will be required to do additional work in future periods to earn that deferred revenue. It also requires certain adjustments to ensure that an appropriate margin is recognized on that revenue. A misapplication of this guidance caused PAREXEL to recognize revenue for which it was either not required to provide additional services, or for which margin-related adjustments required under purchase accounting were not appropriately taken into account. The transition from International Financial Reporting Standards (IFRS), under which ClinPhone previously reported, to reporting under U.S. Generally Accepted Accounting Principles (GAAP) added complexity to the situation. Under U.S. GAAP purchase accounting, certain deferred revenue at the time of an acquisition is not recognized in the income statement by either the acquired or the acquiring Company for financial statement reporting purposes. To correct these entries, full year and fourth quarter service revenue was reduced by $4.1 million, expenses were reduced by $0.2 million, and operating income decreased by $3.9 million. The total adjustments described above were recorded in the fourth quarter because the impact on prior quarters was not material to the consolidated financial results of the Company.

On a GAAP basis, taking all of these adjustments into account, PAREXEL's consolidated service revenue for the three months ended June 30, 2009 was $247.4 million compared with $272.2 million in the prior year period. The Company reported operating income of $19.5 million, or 7.9% of consolidated service revenue, in the fourth quarter of Fiscal Year 2009, versus operating income of $26.9 million, or 9.9% of consolidated service revenue, in the comparable quarter of the prior year. Net income for the quarter totaled $6.3 million, or $0.11 per diluted share, compared with net income of $25.0 million, or $0.43 per diluted share, for the quarter ended June 30, 2008. The prior year quarter included tax adjustments totaling $8.7 million, which represented a favorable $11.1 million reversal of U.S. tax valuation reserves, partly offset by a $2.4 million adjustment to The Netherlands tax reserves.

Excluding the aforementioned adjustments, on a non-GAAP basis for the three months ended June 30, 2009, PAREXEL's consolidated service revenue would have been $268.4 million, operating income would have been $35.5 million, taxes would have been $10.9 million, net income would have been approximately $15.6 million, and earnings per diluted share would have been approximately $0.27.

On a GAAP basis, consolidated service revenue for the fourth quarter of Fiscal Year 2009 was $200.8 million in Clinical Research Services (CRS), $30.6 million in PAREXEL Consulting and Medical Communications Services (PCMS), and $16.0 million in Perceptive Informatics, Inc.

On a GAAP basis for the full fiscal year ended June 30, 2009, consolidated service revenue was $1,050.7 million versus $964.3 million in the prior year, a year-over-year increase of 9.0%. For Fiscal Year 2009, operating income was $75.6 million, or 7.2% of consolidated service revenue, compared with Fiscal Year 2008 operating income of $86.7 million, or 9.0% of consolidated service revenue. Net income for Fiscal Year 2009 was $39.3 million, or $0.68 per diluted share, compared with net income of $64.6 million or $1.12 per diluted share, in Fiscal Year 2008. The current fiscal year was impacted by the recording of a $15.0 million reserve in the second quarter for wind-down costs and bad debt expense related to a client's default on a contract, and a $7.1 million tax adjustment. The twelve month results ended June 30, 2008 included a non-U.S. tax benefit of $4.0 million in the first quarter, a favorable pre-tax restructuring benefit of $860,000 in the third quarter, and favorable net tax adjustments of $8.7 million in the fourth quarter mainly related to the reversal of U.S. tax valuation reserves.

Excluding the previously mentioned adjustments that were recorded during the fourth quarter, on a non-GAAP basis, PAREXEL's Fiscal Year 2009 consolidated service revenue would have been $1,071.7 million, operating income would have been $91.6 million, taxes would have been $30.6 million, net income would have been approximately $80.6 million, and earnings per diluted share would have been approximately $0.85.

On a GAAP basis, consolidated service revenue for Fiscal Year 2009 was $804.2 million in CRS, $121.8 million in PCMS, and $124.7 million in Perceptive Informatics, Inc.

The Company reported a Fiscal Year 2009 ending backlog of $2,176.4 billion, an increase of 5.7% over the ending backlog reported for Fiscal Year 2008. The reported backlog included gross new business wins of $316.6 million, $48.5 million in cancellations, a positive impact from foreign exchange rates of $123.9 million, and a negative impact of $4.6 million related to an adjustment to ClinPhone's backlog at the time of the acquisition. The net book-to-bill ratio was 1.08 for the quarter, and was 1.14 for Fiscal Year 2009 overall.

Mr. Josef H. von Rickenbach, PAREXEL's Chairman and Chief Executive Officer stated, "In addition to the difficult accounting adjustments that we had to make in the fourth quarter in connection with the ClinPhone acquisition, service revenue was negatively impacted by headwinds emanating from the broader economic environment, including the year-over-year negative impact of foreign exchange. However, cost controls and efficiency improvements enabled us to meet our earnings per share expectations, excluding the accounting changes previously explained. On the new business front, we were encouraged by a sequential increase in demand during the June quarter."

He continued, "Throughout the course of Fiscal 2009, we were diligent in managing our cost structure to match a slower growth pattern. We are proud of the efforts of our employees which have enabled us to achieve these results, especially during these challenging economic times. During the Fiscal Year we also made important strategic investments to further expand our portfolio of products and services. Of note, the acquisition of ClinPhone has strengthened our technology offering and has made us one of the leading clinical information technology providers in our sector."

Commenting on the outlook for the new Fiscal Year, Mr. von Rickenbach stated, "The duration of the global recession is clearly still undetermined at this point in time, and while we have developed plans to manage in the current environment, we enter Fiscal 2010 with caution. Nevertheless, over the past few months, we have experienced an increase in the value and volume of opportunities that are in the proposal pipeline, which leads us to expect a gradual improvement in new business activity over the second half of calendar year 2009. We believe that our strong and established global footprint, which is increasingly embraced by clients, will continue to enable us to increase market share, and will deepen penetration with our customer base. This estimate, combined with our internal financial projections for the run-off of the existing backlog, and the assumptions that we have made regarding our future new business wins, is reflected in the financial guidance that we have provided today for Fiscal Year 2010."

On a GAAP basis, the accounting changes previously discussed in this press release are expected to negatively impact Fiscal Year 2010 consolidated revenue by $16 to $18 million, and earnings per diluted share by $0.13 to $0.14. These impacts have been included in the Company's forward-looking guidance for Fiscal Year 2010 and for the first quarter (ending September 30, 2009), which is based upon recent exchange rates. For Fiscal Year 2010, consolidated service revenue is expected to be in the range of $1.120 to $1.150 billion, and earnings per diluted share are projected to be in the range of $0.85 to $0.95. The Company expects to report consolidated service revenue for the first quarter in the range of $263 to $268 million, and earnings per diluted share in the range of $0.16 to $0.18.

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), the Company includes certain non-GAAP financial measures in this press release that adjust for the accounting change described above. The Company believes that these non-GAAP financial measures assist investors and others in comparing the Company's results to previous periods and forecasted guidance. Management uses non-GAAP financial measures, in addition to the measures prepared in accordance with GAAP, as the basis for measuring the Company's core operating performance and comparing such performance to that of prior periods and to the performance of its competitors for the same reasons stated above. Such measures are also used by management in its financial and operating decision-making. Non-GAAP financial measures are not meant to be considered superior to or a substitute for the Company's results of operations prepared in accordance with GAAP.

A conference call to discuss PAREXEL's financial results, and business and financial outlook will begin at 10:00 a.m. EDT on Tuesday, August 11, 2009 and will be broadcast live over the internet via webcast. The webcast may be accessed in the "Webcasts" portion of the Investors section of the Company's website at www.PAREXEL.com. Users should follow the instructions provided to assure that the necessary audio applications are downloaded and installed. A replay of this webcast will be archived on the website approximately two hours after the call and will continue to be accessible for approximately one year following the live event. To participate via telephone, dial +1-706-758-4950 and ask to join PAREXEL's Conference Call.

About the Company

PAREXEL International Corporation is a leading global bio/pharmaceutical services organization, providing a broad range of knowledge-based contract research, medical communications and consulting services to the worldwide pharmaceutical, biotechnology and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, PAREXEL has developed significant expertise across the development and commercialization continuum, from drug development and regulatory consulting to clinical pharmacology, clinical trials management, medical education and reimbursement. Perceptive Informatics, Inc., a subsidiary of PAREXEL, provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 70 locations throughout 52 countries around the world, and has over 9,275 employees. For more information about PAREXEL International visit www.parexel.com.

This release contains "forward-looking" statements regarding future results and events, including, without limitation, statements regarding expected financial results, future growth and customer demand, such as the guidance provided by the Company with respect to the first quarter of Fiscal Year 2010, and Fiscal Year 2010. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," "appears," "estimates," "projects," "targets," and similar expressions are also intended to identify forward-looking statements. The forward-looking statements in this release involve a number of risks and uncertainties. The Company's actual future results may differ significantly from the results discussed in the forward-looking statements contained in this release. Important factors that might cause such a difference include, but are not limited to, risks associated with: actual operating performance; actual expense savings and other operating improvements resulting from recent restructurings; the loss, modification, or delay of contracts which would, among other things, adversely impact the Company's recognition of revenue included in backlog; the Company's dependence on certain industries and clients; the Company's ability to win new business, manage growth and costs, and attract and retain employees; the Company's ability to complete additional acquisitions and to integrate newly acquired businesses or enter into new lines of business, including, but not limited to, the successful business integration and anticipated synergy achievements in connection with the ClinPhone acquisition; the impact on the Company's business of government regulation of the drug, medical device and biotechnology industry; consolidation within the pharmaceutical industry and competition within the biopharmaceutical services industry; the potential for significant liability to clients and third parties; the potential adverse impact of health care reform; and the effects of exchange rate fluctuations and other international economic, political, and other risks. Such factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2009 as filed with the SEC on May 8, 2009 which "Risk Factors" discussion is incorporated by reference in this press release. The forward-looking statements included in this press release represent the Company's estimates as of the date of this release. The Company specifically disclaims any obligation to update these forward-looking statements in the future. These forward-looking statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this press release.

PAREXEL is a registered trademark of PAREXEL International Corporation, and Perceptive Informatics is a trademark of Perceptive Informatics, Inc. All other names or marks may be registered trademarks or trademarks of their respective business and are hereby acknowledged.

    CONTACTS: James Winschel, Senior Vice President and Chief Financial
              Officer
              Jill Baker, Vice President of Investor Relations
              +1-781-434-4118


                          PAREXEL International Corporation
                     Consolidated Condensed Statement of Income
                        (In thousands, except per share data)

                                             Unaudited
                                        Three Months Ended
                     -------------------------------------------------------
                     June 30, 2009                June 30, 2008
                     -------------------------------------------------------
                      As Reported    As Reported   Adjustments      Non-GAAP
                      -----------    -----------   -----------      --------

    Service revenue      $247,406       $272,169                   $272,169
    Reimbursement
     revenue               44,961         59,758                     59,758
                           ------         ------                     ------
      Total revenue       292,367        331,927                    331,927

    Costs and expenses:
      Direct costs        160,623        175,083                    175,083
      Reimbursable
       out-of-pocket
       expenses            44,961         59,758                     59,758
      Selling,
       general and
       administrative      53,368         60,027                     60,027
      Depreciation         11,608          8,955                      8,955
      Amortization          2,318          1,169                      1,169
      Restructuring
       benefit                (33)             -                          -
                              ---              -            -             -
    Total costs
     and expenses         272,845        304,992            -       304,992

    Income from
     operations            19,522         26,935            -        26,935

    Interest and
     other expenses        (9,176)          (726)                      (726)
                           ------           ----                       ----
    Income before
     income taxes          10,346         26,209            -        26,209

    Provision for
     income taxes           4,291            877        8,706  (a)    9,583
    Effective tax rate      41.5%           3.3%                      36.6%

    Minority interest
     (benefit) expense       (221)           294                        294
                             ----            ---                        ---

    Net income             $6,276        $25,038      $(8,706)      $16,332
                           ======        =======      =======       =======

    Earnings per
     common share:
    --------------
      Basic                 $0.11          $0.44                      $0.29
      Diluted               $0.11          $0.43                      $0.28

    Shares used
     in computing
     earnings per
     common share:
    --------------
      Basic                57,662         56,602                     56,602
      Diluted              57,662         57,711                     57,711


    (a) Represents an $11.1 million reversal of certain U.S. tax valuation
        reserves, which were offset by $2.4 million in adjustments to the
        Netherlands tax reserves.


                         Preliminary
                           June 30,      March 31,      June 30,
                            2009           2009         2008
                            ----           ----         ----
    Billed accounts
     receivable, net     $251,174       $214,664     $253,256
    Unbilled accounts
     receivable, net      230,146        215,729      222,560
    Deferred revenue     (266,453)      (244,262)    (213,126)
                         --------       --------     --------
    Net receivables      $214,867       $186,131     $262,690
                         ========       ========     ========

    Cash and marketable
     securities           $96,352        $99,512      $51,918
    Working capital      $196,331       $141,331     $146,535
    Total assets       $1,191,282     $1,117,796     $948,071
    Short-term
     borrowings           $32,090        $57,100      $66,474
    Long-term debt       $247,083       $229,360       $3,465
    Stockholders'
     equity              $414,745       $360,210     $428,091



                  PAREXEL International Corporation
              Consolidated Condensed Statement of Income
                (In thousands, except per share data)

                                             Unaudited
                                        Twelve Months Ended
                                        -------------------
                                           June 30, 2009
                                           -------------
                              As Reported     Adjustments     Non-GAAP
                              -----------     -----------     --------

    Service revenue             $1,050,755                   $1,050,755
    Reimbursement revenue          196,126                      196,126
                                   -------                      -------
      Total revenue              1,246,881                    1,246,881

    Costs and expenses:
        Direct costs               675,063                      675,063
        Reimbursable out-of-
         pocket expenses           196,126                      196,126
        Selling, general and
         administrative            232,153                      232,153
        Depreciation                43,373                       43,373
        Amortization                 9,555                        9,555
        Special charge              15,000      (15,000) (a)          -
        Restructuring benefit          (33)                         (33)
                                       ---      -------             ---
      Total costs
       and expenses              1,171,237      (15,000)      1,156,237

    Income from operations          75,644       15,000          90,644

    Interest and
     other expenses                (10,927)                     (10,927)
                                   -------                      -------
    Income before income
     taxes                          64,717       15,000          79,717

    Provision for income
     taxes                          24,531        7,080  (a)     31,611
    Effective tax rate               37.9%                        39.7%

    Minority interest
     expense                           879                          879
                                       ---                          ---

    Net income                     $39,307       $7,920         $47,227
                                   =======       ======         =======

    Earnings per common share:
    --------------------------
      Basic                          $0.68                        $0.82
      Diluted                        $0.68                        $0.82

    Shares used in
     computing earnings
     per common share:
    -------------------
      Basic                         57,538                       57,538
      Diluted                       57,847                       57,847


                                            June 30, 2008
                                            -------------
                              As Reported     Adjustments     Non-GAAP
                              -----------     -----------     --------

    Service revenue               $964,283                     $964,283
    Reimbursement revenue          198,687                      198,687
                                   -------                      -------
      Total revenue              1,162,970                    1,162,970

    Costs and expenses:
        Direct costs               629,399                      629,399
        Reimbursable out-of-
         pocket expenses           198,687                      198,687
        Selling, general and
         administrative            211,392                      211,392
        Depreciation                33,005                       33,005
        Amortization                 4,681                        4,681
        Special charge                   -                            -
        Restructuring benefit         (860)         860  (b)          -
                                      ----          ---               -
      Total costs
       and expenses              1,076,304          860       1,077,164

    Income from operations          86,666         (860)         85,806

    Interest and
     other expenses                 (1,129)                      (1,129)
                                    ------                       ------
    Income before income
     taxes                          85,537         (860)         84,677

    Provision for income
     taxes                          20,026       12,383  (c)     32,409
    Effective tax rate               23.4%                        38.3%

    Minority interest
     expense                           871                          871
                                       ---                          ---

    Net income                     $64,640     $(13,243)        $51,397
                                   =======     ========         =======

    Earnings per common share:
    --------------------------
      Basic                          $1.16                        $0.92
      Diluted                        $1.12                        $0.89

    Shares used in
     computing earnings
     per common share:
    -------------------
      Basic                         55,896                       55,896
      Diluted                       57,461                       57,461


    (a) Represents $15 million in reserves for wind-down costs and bad debt
        expense related to a client's default on a contract and a related
        $7.1 million tax benefit.

    (b) Represents a change in assumptions in restructuring reserves, mainly
        related to facilities in the U.K.

    (c) Represents a non-U.S. net tax benefit of $4 million, related in
        part to a reduction in German tax rates, and an $11.1 million
        reversal of certain U.S. tax valuation reserves, which were offset
        by $2.4 million in adjustments to the  Netherlands tax reserves,
        and a $0.3 million tax adjustment related to the restructuring
        benefit.



                          PAREXEL International Corporation
                                 Segment Information
                                   ($ in thousands)

                                                      Unaudited
                                                  Three Months Ended
                                                  ------------------
                                           June 30, 2009  June 30, 2008
                                           -------------  -------------
    Clinical Research Services (CRS)

    Service revenue                             $200,818       $212,035
    % of total service revenue                     81.2%          77.9%
    Gross profit                                 $74,059        $71,530
    Gross margin % of service revenue              36.9%          33.7%

    PAREXEL Consulting & Medical Communications
      Services (PCMS)

    Service revenue                              $30,567        $33,263
    % of total service revenue                     12.4%          12.2%
    Gross profit                                 $11,114        $11,823
    Gross margin % of service revenue              36.4%          35.5%


    Perceptive Informatics, Inc. (PII)

    Service revenue                              $16,021        $26,871
    % of total service revenue                      6.4%           9.9%
    Gross profit                                  $1,610        $13,733
    Gross margin % of service revenue              10.0%          51.1%


    Total service revenue                       $247,406       $272,169
    Total gross profit                           $86,783        $97,086
    Gross margin % of service revenue              35.1%          35.7%


    Revenue by Geography
    --------------------

    The Americas                                 $88,842       $105,198
    Europe, Middle East & Africa                 130,328        145,453
    Asia/Pacific                                  28,236         21,518
                                                  ------         ------
    Total service revenue                       $247,406       $272,169
                                                ========       ========


    Quarterly Supplemental Financial Data
    -------------------------------------

    Total revenue                               $292,367       $331,927
    Investigator fees                             50,536         48,180
                                                  ------         ------
    Gross revenue                               $342,903       $380,107
                                                ========       ========

    Days Sales Outstanding                            57             63

    Capital expenditures                         $17,979        $21,955



                          PAREXEL International Corporation
                                 Segment Information
                                   ($ in thousands)

                                                        Unaudited
                                                   Twelve Months Ended
                                                   -------------------
                                            June 30, 2009   June 30, 2008
                                            -------------   -------------
    Clinical Research Services (CRS)

    Service revenue                               $804,237       $745,641
    % of total service revenue                       76.5%          77.3%
    Gross profit                                  $286,987       $251,762
    Gross margin % of service revenue                35.7%          33.8%

    PAREXEL Consulting & Medical Communications
      Services (PCMS)

    Service revenue                               $121,785       $129,804
    % of total service revenue                       11.6%          13.5%
    Gross profit                                   $43,562        $43,874
    Gross margin % of service revenue                35.8%          33.8%


    Perceptive Informatics, Inc. (PII)

    Service revenue                               $124,733        $88,838
    % of total service revenue                       11.9%           9.2%
    Gross profit                                   $45,143        $39,248
    Gross margin % of service revenue                36.2%          44.2%


    Total service revenue                       $1,050,755       $964,283
    Total gross profit                            $375,692       $334,884
    Gross margin % of service revenue                35.8%          34.7%


    Revenue by Geography
    --------------------

    The Americas                                  $426,284       $377,857
    Europe, Middle East & Africa                   528,914        515,445
    Asia/Pacific                                    95,557         70,981
                                                    ------         ------
    Total service revenue                       $1,050,755       $964,283
                                                ==========       ========



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SOURCE PAREXEL International Corporation
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