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Triple-S Management Corporation Reports 2008 Results at High End of Guidance Range
Date:2/19/2009

SAN JUAN, Puerto Rico, Feb. 19 /PRNewswire-FirstCall/ -- Triple-S Management Corporation (NYSE: GTS), the largest managed care company in Puerto Rico, today announced consolidated revenues of $1.8 billion for the 12 months ended December 31, 2008. Net income of $24.8 million, or $0.77 per diluted share, includes an after tax net loss of $33.9 million, or $1.06 per diluted share, in net realized and unrealized losses on investments and derivatives.

    2008 Highlights

    -- Total consolidated operating revenues increased 14.6 percent
       year-over-year to $1,770.9 million
    -- Operating income was $84.1 million
    -- Excluding net realized and unrealized losses and a loss from
       derivatives included within other income (expenses), net income was
       $58.7 million, or $1.83 per diluted share
    -- Consolidated Loss Ratio was 84.6 percent and Medical Loss Ratio (MLR)
       was 88.9 percent
    -- Consolidated operating expense ratio improved 120 basis points to 14.7
       percent
    -- Continued expansion of Medicare Advantage business: over 310,000
       additional member months enrollment during the year ended December 31,
       2008, a 74.6 percent year-over-year increase

"Our full-year results came in at the high end of Company guidance," said Ramon M. Ruiz-Comas, President and Chief Executive Officer. "We were pleased with the performance of our managed care segment across all product lines and extremely gratified with the 75 percent growth in Medicare Advantage enrollment." Ruiz-Comas concluded, "As we close another successful year, our first as a publicly traded company, and prepare to celebrate our 50th anniversary, I want to personally thank all of our employees for their hard work and continued dedication to providing the highest quality of care to our members."

Consolidated operating revenues for the 12 months ended December 31, 2008 were $1,770.9 million, 14.6 percent above the same period of the previous year. The increase was largely due to growth in Medicare Advantage membership enrollment; however, the Company also experienced higher Commercial and Reform premiums due to rate increases.

The consolidated net realized investment loss for the 12 months ended December 31, 2008 was $13.9 million. The loss resulted from the recognition of a non-cash charge to earnings of $16.5 million due to other-than-temporary impairments in the three equity mutual funds that replicate the Russell 1000, Standard & Poor's 500 and EAFE indexes as well as for certain perpetual preferred securities. Ruiz-Comas remarked, "While frustrating, we are not alone in reporting other-than-temporary impairment adjustments. The good news is that this development did not alter our financial plan for creating shareholder value."

Consolidated claims incurred and operating expenses for the year were $1,686.8 million, an increase of 15.4 percent from a year ago. Consolidated claims incurred were up $211.1 million, or 17.2 percent, principally due to increased claims in the managed care segment driven by higher enrollment and utilization trends, particularly in the Medicare Advantage business. The consolidated loss ratio rose 210 basis points to 84.6 percent. Twelve-month consolidated operating expenses were $251.9 million and the operating expense ratio improved 120 basis points to 14.7 percent. Pro forma net income for the 12 months ended December 31, 2008 was $58.7 million, or $1.83 per diluted share, based on weighted average shares outstanding of 32.2 million, compared with $56.0 million, or $2.06 per diluted share, based on weighted average shares outstanding of 27.2 million at the same time last year.

For the 12-month period ended December 31, 2008, net cash used in operating activities amounted to $3.0 million. This is mainly due to the fact that in December 2007 the Company collected $22.8 million in managed care premiums related to revenues for January 2008. In addition, premiums receivable for the managed care segment as of December 31, 2008 increased by approximately $41.1 million, mostly from the Government of Puerto Rico and its instrumentalities. Excluding both situations, cash flow from operations would have been $60.9 million.

As of December 31, 2008, Triple-S Management had $58.5 million in parent company cash, cash equivalents, and investments.

Fourth-Quarter Highlights

For the three months ended December 31, 2008, consolidated operating revenues rose 15.4 percent to $460.2 million, principally due to growth in the managed care segment. Consolidated claims incurred and operating expenses for the quarter were $431.2 million, an increase of 15.8 percent from a year ago. Consolidated claims incurred were up $55.9 million, or 18.1 percent, principally due to increased claims in the managed care segment driven by higher enrollment and utilization trends, particularly in the Medicare Advantage business and to a lesser degree in the Commercial business. The consolidated loss ratio rose 240 basis points from the year-ago period, to 83.1 percent, primarily reflecting higher utilization trends in the managed care segment. "While the loss ratio was up from the prior year, this metric did, as anticipated, improve 130 basis points sequentially, largely due to seasonality," noted Ruiz-Comas. The consolidated operating expense ratio improved 170 basis points to 15.0 percent in 2008 mainly due to a scalable infrastructure that enabled the Company to manage the aforementioned volume increase.

The consolidated net realized investment loss during the three months ended December 31, 2008 was $11.7 million. The loss resulted from the recognition of a non-cash charge to earnings of $12.6 million due to other- than-temporary impairments in the three equity mutual funds that replicate the Russell 1000, Standard & Poor's 500 and EAFE indexes as well as for certain perpetual preferred securities.

Net income for the three months ended December 31, 2008 was $2.0 million, or $0.06 per diluted share, based on weighted average shares outstanding of 32.1 million. This compares with net income for the three months ended December 31, 2007 of $17.7 million, or $0.62 per diluted share, based on weighted average shares of 28.6 million. Excluding the effect of net realized and unrealized gains (losses) on investments and derivatives for the three months ended December 31 in both 2008 and 2007, net of taxes, pro forma net income was $21.3 million, or $0.66 per diluted share, in the quarter ended December 31, 2008, compared with $21.2 million, or $0.74 per diluted share, in the comparable 2007 quarter.



                               Pro Forma Net Income
    (Unaudited)
    (dollar amounts in millions)
                     Three months ended Dec. 31,  Twelve months ended Dec. 31,
                              2008         2007         2008         2007
    Pro forma net income
      Net income              $2.0         17.7        $24.8         58.5
      Net realized
       investment (gains)
       loss net of tax        10.0          0.2         11.8         (4.8)
      Net unrealized
       investment (gains)
       losses on trading
       securities net of tax   8.7          2.8         17.9          3.5
      Derivative (gain) loss
       net of tax              0.6          0.5          4.2           --
      Retroactive Reform
       premium adjustment
       net of tax               --           --           --         (1.2)
        Pro forma net
         income              $21.3         21.2        $58.7         56.0
      Diluted pro forma
       net income per share  $0.66         0.74        $1.83         2.06

Segment Performance

Triple-S Management operates in three segments: 1) Managed Care, 2) Life Insurance, and 3) Property and Casualty Insurance. Management evaluates performance based primarily on the operating revenues and operating income of each segment. Operating revenues include premiums earned, net administrative service fees and net investment income. Operating costs include claims incurred and operating expenses. The Company calculates operating income or loss as operating revenues minus operating expenses. Operating margin is defined as operating gain or loss divided by operating revenues.



    (Unaudited)
    (dollar amounts in millions)
                     Three months ended Dec. 31,  Twelve months ended Dec. 31,
                                     Percentage                    Percentage
                        2008      2007  Change       2008      2007    Change
    Operating revenues:
      Managed Care    $404.5     342.7   18.0%   $1,558.6   1,338.7   16.4%
      Life Insurance    28.6      25.7   11.3%      109.3     103.9    5.2%
      Property and
       Casualty         28.1      31.8  (11.6%)     106.3     108.7   (2.2%)
      Other             (1.0)     (1.4) (28.6%)      (3.3)     (6.5) (49.2%)
        Total
         operating
         revenues     $460.2     398.8   15.4%   $1,770.9   1,544.8   14.6%

    Operating income:
      Managed Care     $18.2      18.0    1.1%      $52.6      57.4   (8.4%)
      Life Insurance     3.8       2.4   58.3%       12.5      10.7   16.8%
      Property and
       Casualty          5.8       4.3   34.9%       13.1      10.7   22.4%
      Other              1.2       1.6  (25.0%)       5.9       4.7   25.5%
        Total operating
         income        $29.0      26.3   10.3%      $84.1      83.5    0.7%

    Operating margin:
      Managed Care      4.5%      5.3%                3.4%      4.3%
      Life Insurance   13.3%      9.3%               11.4%     10.3%
      Property and
       Casualty        20.6%     13.5%               12.3%      9.8%
      Consolidated      6.3%      6.6%                4.7%      5.4%

Managed Care Results Summary

Total medical premiums earned in 2008 were $1,513.0 million, up 16.2 percent versus 2007, primarily due to an increase in Medicare Advantage member months enrollment and a change in the product mix within this sector, coupled with rate increases across all businesses.

Medical premiums earned in the Medicare business rose $183.1 million, or 71.6 percent, to $438.7 million, reflecting an increase in member months enrollment of 300,892, or 54.3 percent, and a change in the product mix. The rise in member months is the net result of an increase of 310,762, or 74.6 percent, in Medicare Advantage membership and a decrease of 9,870, or 7.2 percent, in PDP membership.

Medical premiums earned in the Commercial business increased by $15.5 million, or 2.2 percent, to $734.2 million during 2008. This fluctuation is primarily the net result of an average four percent premium rate hike and a decrease in the fully-insured member months enrollment of 36,126, or 0.7 percent.

Medical premiums earned in the Reform business increased $12.6 million, or 3.8 percent, to $340.1 million during 2008. This fluctuation is largely due to the effect in the 2008 period of the nearly 10 percent premium rate increase that became effective on July 1, 2008 and a decrease in the fully- insured member months enrollment of 160,343, or 3.8 percent, when compared to the same period last year.

Administrative service fees climbed $5.2 million, or 30.5 percent, in 2008 due to increases in commercial groups and the Reform business of $2.5 million and $2.7 million, respectively. Total member months increased by 495,265, or 25.7 percent.

Medical claims incurred during 2008 were up $212.2 million, or 18.7 percent, to $1,345.4 million. The overall MLR rose 180 basis points to 88.9 percent. This increase is mostly due to a higher MLR in the Medicare Advantage business and to a lesser degree the Reform business, offset in part by a decrease in the Commercial MLR. The MLR increases in the Medicare and Reform businesses are mostly due to higher utilization trends.

Operating expenses in 2008 rose $12.5 million, or 8.4 percent, to $160.6 million, compared with last year. The increase is principally due to the higher volume, particularly within the Medicare business. The segment's operating expense ratio decreased 70 basis points, to 10.5 percent.



    Managed Care            Three months ended       Twelve months ended
                               December 31,              December 31,
    Additional Data         2008         2007         2008         2007

    Member months enrollment
      Commercial:
        Fully-insured    1,249,569    1,240,630    4,947,854    4,983,980
        Self-funded        526,616      483,563    2,049,140    1,930,850
          Total
           Commercial    1,776,185    1,724,193    6,996,994    6,914,830

      Reform:
        Fully-insured    1,012,521    1,062,702    4,101,905    4,262,248
        Self-funded        376,975            -      376,975            -
          Total Reform   1,389,496    1,062,702    4,478,880    4,262,248

      Medicare:
        Medicare Advantage 196,879      112,733      727,274      416,512
        PDP                 30,284       33,632      127,658      137,528
          Total Medicare   227,163      146,365      854,932      554,040
          Total member
           months        3,392,844    2,933,260   12,330,806   11,731,118

      Medical loss ratio     87.6%        85.2%        88.9%        87.1%
        Commercial           89.3%        82.6%        87.6%        88.8%
        Reform               87.7%        89.0%        90.6%        89.0%
        Medicare             84.8%        87.4%        89.7%        79.7%
      Operating expense
       ratio                 10.9%        12.0%        10.5%        11.2%



    Managed Care                                        As of December 31,
    Membership by Segment                              2008           2007

    Members
      Commercial:
        Fully-insured                                417,685        412,663
        Self-funded                                  175,038        161,588
          Total Commercial                           592,723        574,251

      Reform
        Fully-insured                                337,960        353,694
        Self-funded                                  189,487              -
          Total Reform                               527,447        353,694
      Medicare
        Medicare Advantage                            65,243         38,070
        PDP                                           10,037         11,175
          Total Medicare                              75,280         49,245
          Total members                            1,195,450        977,190

    Managed Care                                           As of
    Days claims payable                        Dec. 31, 2008  Dec. 31, 2007
                                                   57.3 days      64.9 days

Share Repurchase and Share Conversion Update

In October 2008, the Company's Board of Directors authorized the repurchase of $40 million of its common shares. Triple-S repurchased approximately 1.2 million Class B shares at an average price of $11.75 in December utilizing cash on hand. The repurchase was conducted in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. From January 1 to February 13, 2009, the Company repurchased an additional 634,150 shares at an average price of $12.62. Triple-S continues to have approximately $18 million earmarked for share repurchases under its current Board authorization. Approximately seven million Class A shares were also converted into Class B shares during the fourth quarter. It should be noted that approximately nine million Class A shares remain outstanding and will not be converted to Class B shares until the earlier of the date that all potential claims specified in our certificate of incorporation are resolved or five years from the date of our initial public offering (December 6, 2012). In either case, the Board of Directors must approve the conversion of the remaining Class A shares. As a reminder, Class A shares do not trade on a public market.



    2009 Guidance

    The Company is providing the following outlook for 2009:

                                           2009 Range              2008

    Medical enrollment fully-insured
     (member months)                  9,530,000    9,950,000    9,904,691

    Medical enrollment self-insured
     (member months)                  4,450,000    4,545,000    2,426,115

    Consolidated operating revenues
     (in millions)                     $1,855.0     $1,930.0     $1,770.9

    Consolidated loss ratio               83.7%        84.7%        84.6%

    Medical loss ratio                    88.0%        89.0%        88.9%

    Consolidated operating expense ratio  15.0%        15.4%        14.7%

    Consolidated operating income
     (in millions)                        $88.5        $97.0        $84.1

    Consolidated effective tax rate       26.0%        27.0%        22.0%

    Earnings per share (includes
     $0.07 net of tax in new IT                                   (Pro forma)
     system expenses)                     $1.88         $1.98        $1.83

    Weighted average of diluted
     shares outstanding (in millions)      30.5          30.5         32.2

Conference Call and Webcast

Management will host a conference call and webcast Thursday, February 19 at 10:00 a.m. Eastern Time to discuss its financial results for the fourth quarter and year ended December 31, 2008, as well as expectations for future earnings. To participate, callers within the U.S. and Canada should dial 1-800-366-7640, and international callers should dial 1-303-205-0066 about five minutes before the presentation.

To listen to the webcast, participants should visit the Investor Relations section of the Company's Web site at http://www.triplesmanagement.com several minutes before the event is broadcast and follow the instructions provided to ensure they have the necessary audio application downloaded and installed. This program is provided at no charge to the user. An archived version of the call, also located on the Investor Relations section of Triple-S Management's Web site, will be available about two hours after the call ends and for at least the following two weeks. This news release, along with other information relating to the call, will be available on the Investor Relations section of the Web site.

About Triple-S Management Corporation

Triple-S Management Corporation is an independent licensee of the Blue Cross Blue Shield Association. It is the largest managed care company in Puerto Rico, serving approximately 1.2 million members, or about 30% of the population, and has the exclusive right to use the Blue Shield name and mark throughout the country. With more than 50 years of experience in the industry, Triple-S Management offers a broad portfolio of managed care and related products in the commercial, Medicare, and Reform markets under the Blue Shield brand. In addition to its managed care business, Triple-S Management provides non-Blue Shield branded life and property and casualty insurance in Puerto Rico. The Company is the largest provider of life, accident, and health insurance and the fourth largest provider of property and casualty insurance in its market.

For more information about Triple-S Management, visit http://www.triplesmanagement.com or contact waller_kathleen@yahoo.com.

Forward-Looking Statements

This document contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information about possible or assumed future sales, results of operations, developments, regulatory approvals or other circumstances. Sentences that include "believe", "expect", "plan", "intend", "estimate", "anticipate", "project", "may", "will", "shall", "should" and similar expressions, whether in the positive or negative, are intended to identify forward-looking statements.

All forward-looking statements in this news release reflect management's current views about future events and are based on assumptions and subject to risks and uncertainties. Consequently, actual results may differ materially from those expressed here as a result of various factors, including all the risks discussed and identified in public filings with the U.S. Securities and Exchange Commission (SEC).

In addition, the Company operates in a highly competitive, constantly changing environment, influenced by very large organizations that have resulted from business combinations, aggressive marketing and pricing practices of competitors, and regulatory oversight. The following factors, if markedly different from the Company's planning assumptions (either individually or in combination), could cause Triple-S Management's results to differ materially from those expressed in any forward-looking statements shared here:

    -- Trends in health care costs and utilization rates
    -- Ability to secure sufficient premium rate increases
    -- Competitor pricing below market trends of increasing costs
    -- Re-estimates of policy and contract liabilities
    -- Changes in government laws and regulations of managed care, life
       insurance or property and casualty insurance
    -- Significant acquisitions or divestitures by major competitors
    -- Introduction and use of new prescription drugs and technologies
    -- A downgrade in the Company's financial strength ratings
    -- Litigation or legislation targeted at managed care, life insurance or
       property and casualty insurance companies
    -- Ability to contract with providers consistent with past practice
    -- Ability to successfully implement the Company's disease management and
       utilization management programs
    -- Volatility in the securities markets and investment losses and defaults
    -- General economic downturns, major disasters, and epidemics

This list is not exhaustive. Management believes the forward-looking statements in this release are reasonable. However, there is no assurance that the actions, events or results anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on the Company's results of operations or financial condition. In view of these uncertainties, investors should not place undue reliance on any forward- looking statements, which are based on current expectations. In addition, forward-looking statements are based on information available the day they are made, and (other than as required by applicable law, including the securities laws of the United States) the Company does not intend to update or revise any of them in light of new information or future events.

Readers are advised to carefully review and consider the various disclosures in the Company's SEC reports.

                         -FINANCIAL TABLES ATTACHED-



                      Condensed Consolidated Balance Sheets
              (Dollar amounts in thousands, except per share data)

                                               Unaudited
                                              December 31,       December 31,
                                                  2008               2007
                 Assets

    Investments                                $1,015,701         $1,011,009
    Cash and cash equivalents                      46,095            240,153
    Premium and other receivables, net            237,158            202,268
    Deferred policy acquisition costs and
     value of business acquired                   126,347            117,239
    Property and equipment, net                    58,448             43,415
    Other assets                                   64,710             45,458

      Total assets                             $1,548,459         $1,659,542

         Liabilities and Stockholders' Equity

    Policy liabilities and accruals              $690,080           $726,519
    Accounts payable and accrued liabilities      203,973            279,539
    Borrowings                                    169,307            170,946

      Total liabilities                         1,063,360          1,177,004

    Stockholders' equity:
     Common stock                                  31,148             32,309
     Other stockholders' equity                   453,951            450,229

      Total stockholders' equity                  485,099            482,538

      Total liabilities and stockholders'
       equity                                  $1,548,459         $1,659,542



                  Condensed Consolidated Statements of Earnings
              (Dollar amounts in thousands, except per share data)

                                                      For the Year Ended
                                                         December 31,
                                                Unaudited          Historical
                                                  2008                2007
    Revenues:
      Premiums earned, net                     $1,695,457          $1,483,548
      Administrative service fees                  19,187              14,018
      Net investment income                        56,253              47,194

        Total operating revenues                1,770,897           1,544,760

      Net realized investment gains (losses)      (13,940)              5,931
      Net unrealized investment loss on
       trading securities                         (21,063)             (4,116)
      Other income (loss), net                     (2,468)              3,217

        Total revenues                          1,733,426           1,549,792

    Benefits and expenses:
      Claims incurred                           1,434,914           1,223,775
      Operating expenses                          251,887             237,533

        Total operating costs                   1,686,801           1,461,308

      Interest expense                             14,681              15,839

        Total benefits and expenses             1,701,482           1,477,147

        Income before taxes                        31,944              72,645

    Income tax expense                              7,154              14,127

        Net income                                $24,790             $58,518

    Basic net income per share                      $0.77               $2.15

    Diluted earnings per share                      $0.77               $2.15



                  Condensed Consolidated Statements of Earnings
               (Dollar amounts in thousands, except per share data)


                                                  For the Three Months Ended
                                                         December 31,
                                                  Unaudited         Historical
                                                     2008              2007
    Revenues:
      Premiums earned, net                         $438,682          $381,934
      Administrative service fees                     7,106             2,984
      Net investment income                          14,447            13,797

        Total operating revenues                    460,235           398,715

      Net realized investment gains (losses)        (11,707)             (232)
      Net unrealized investment loss on trading
       securities                                   (10,257)           (3,352)
      Other income (loss), net                       (1,160)            1,375

        Total revenues                              437,111           396,506


    Benefits and expenses:
      Claims incurred                               364,342           308,401
      Operating expenses                             66,885            64,094

        Total operating costs                       431,227           372,495

      Interest expense                                3,333             3,891

        Total benefits and expenses                 434,560           376,386

        Income before taxes                           2,551            20,120

    Income tax expense                                  571             2,402

        Net income                                   $1,980           $17,718

    Basic net income per share                        $0.06             $0.62

    Diluted earnings per share                        $0.06             $0.62



                 Condensed Consolidated Statements of Cash Flows
               (Dollar amounts in thousands, except per share data)

                                                     For the Year Ended
                                                        December 31,
                                                 Unaudited         Historical
                                                   2008                2007

    Net cash (used in) provided by operating
     activities                                   $(2,982)           $115,894

    Cash flows from investing activities:
     Proceeds from investments sold or matured:
      Securities available for sale:
       Fixed maturities sold                      228,436             299,561
       Fixed maturities matured                    91,732              41,248
       Equity securities                            4,450               1,000
      Securities held to maturity:
       Fixed maturities matured                    22,875              13,246
     Acquisition of investments:
      Securities available for sale:
       Fixed maturities                          (505,896)           (327,409)
       Equity securities                          (19,636)            (18,379)
      Securities held to maturity:
       Fixed maturities                              (554)             (8,244)
     Net proceeds (disbursements) for policy loans     30                (287)
     Net capital expenditures                     (22,411)             (9,390)

        Net cash used in investing activities    (200,974)             (8,654)

    Cash flows from financing activities:
     Net proceeds from initial public offering          -              70,279
     Change in outstanding checks in
      excess of bank balances                      18,353              (3,076)
     Repayments of long-term borrowings            (1,639)            (12,141)
     Dividends                                          -              (2,448)
     Proceeds from policyholder deposits            8,018               6,150
     Surrenders of policyholder deposits           (7,195)             (7,416)
     Amount paid for repurchases of common stocks  (7,645)                  -
     Other                                              6                   1

        Net cash provided by financing activities   9,898              51,349

        Net increase (decrease) in cash and
         cash equivalents                        (194,058)            158,589

    Cash and cash equivalents, beginning
     of period                                    240,153              81,564

    Cash and cash equivalents, end of period      $46,095            $240,153

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SOURCE Triple-S Management Corporation
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