Company Continues National Expansion with Plans to Triple Overall Lab Capacity; Builds Foundation to Enter Hematology/Oncology Market
LAKEWOOD, N.J., April 23 /PRNewswire/ -- PLUS Diagnostics, a leading anatomic pathology company, announced today that it is continuing its national expansion with the opening of a West Coast laboratory in Orange County, California. The company also announced plans to move into a new laboratory in Union, New Jersey to triple its overall lab capacity. It will offer specialized diagnostic testing and consultative services for the gastroenterology and urology markets from its new facilities, with plans to expand into the hematology/oncology specialties later this year.
The new laboratories are PLUS Diagnostics' latest investments to support rising demand for its anatomic pathology services. Since partnering with Water Street Healthcare Partners, a leading private equity firm focused exclusively on health care, PLUS Diagnostics has achieved record sales, earnings and year-over-year revenue growth of more than 100 percent. Over the past year, it has made multi-million dollar investments to enhance its operations, expand its team of pathologists and introduce customized services for its growing base of customers.
"Our new laboratories are the next important step in our strategic plan to become the nation's leading multi-specialty anatomic pathology laboratory," said Doug Berg, chief executive officer, PLUS Diagnostics. "We have designed state-of-the-art, bi-coastal laboratories that will provide our customers with the highest levels of quality, information technology, science and market-leading service for a full range of important and rapidly growing areas of specialties."
Together, PLUS Diagnostics' new laboratories will provide services from more than 25 pathologists, as well as lab technicians and support staff who will process and analyze specimens on behalf of doctors, specialists and hospitals across the country. The company's laboratory in Orange County, CA is open for service immediately. It plans to move into its new laboratory in Union, NJ in August 2009.
"There is a tremendous need for customized anatomic pathology and additional diagnostic services in the specialty medical community," said Berg. "We are excited about the opportunity to expand our lab capabilities into the West Coast and establish our foundation for offering personalized hematology/oncology services. Our goal is to be the nation's premier multi-specialty anatomic pathology lab that offers superior diagnostic services uniquely tailored to the needs of doctors and hospitals across an array of specialties."
About PLUS Diagnostics
PLUS Diagnostics is a leading national pathology company that provides a full range of multi-specialty services, including extensive diagnostic procedures and specialist consultations. Accredited by the College of American Pathologists, PLUS Diagnostics has long been recognized for exceptional service and quality. The company currently focuses on a broad base of specialty pathology services, including urology, gastroenterology and hematopathology. For more information, visit, www.plusdx.com.
About Water Street Healthcare Partners
Water Street Healthcare Partners is a leading private equity firm focused exclusively on health care. With more than $1 billion of capital under management, Water Street is one of the most active investors in the health care industry. The firm has a strong record of building market-leadership companies across key growth sectors in health care. It has partnered with some of the world's leading health care companies on its investments including: Johnson & Johnson, Medtronic and Smith & Nephew. Water Street's team is comprised of industry executives and private equity professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit www.wshp.com.
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