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ADAC struggles continue in Q3
An 8% increase in quarterly revenues wasn’t enough to restore ADAC Laboratories to profitability. The nuclear medicine and healthcare information systems vendor reported revenues of $75.6 million for the quarter (end-July 4), compared with revenues
An 8% increase in quarterly revenues wasnt enough to restore ADAC Laboratories to profitability. The nuclear medicine and healthcare information systems vendor reported revenues of $75.6 million for the quarter (end-July 4), compared with revenues of $69.8 million for the third quarter of 1998. Net loss for the quarter, however, was $5.4 million, compared with net income of $3.4 million in the same period a year ago. The unsatisfactory earnings report was the latest in a series of disappointments for the Milpitas, CA-based firm, which has been beset by a decline in nuclear medicine market share and an earnings restatement that took place in late 1998 (SCAN 8/4/99).
These financial results put ADAC out of compliance with its $75 million revolving credit facility, and the company is negotiating an amendment to the facility that will include a waiver of its third-quarter default as well as modified financial covenants that better reflect the companys current financial performance. As of Aug. 24, ADAC stock was trading at $6.31; slightly above its 52-week low of $5.75 but well below its high of $22.75. Revenues are expected to rise again in the fourth quarter, according to Andrew Eckert, ADAC chairman and CEO.
New Study Examines Agreement Between Radiologists and Referring Clinicians on Follow-Up Imaging
November 18th 2024Agreement on follow-up imaging was 41 percent more likely with recommendations by thoracic radiologists and 36 percent less likely on recommendations for follow-up nuclear imaging, according to new research.
The Reading Room: Racial and Ethnic Minorities, Cancer Screenings, and COVID-19
November 3rd 2020In this podcast episode, Dr. Shalom Kalnicki, from Montefiore and Albert Einstein College of Medicine, discusses the disparities minority patients face with cancer screenings and what can be done to increase access during the pandemic.
