| IPO Company Profile |
| SEC Filings | Peer IPO Companies |
| HealthDrive Corporation |
| 25 Needham Street, Newton, MA 02161 * (617) 964-6681 |
| The company through four exclusively affiliated professional corporations and one exclusively affiliated taxable not-for-profit corporation, is a leading provider of on-site geriatric health care services primarily to residents of nursing homes. |
| Manager | Tier | Phone |
| H.C. Wainwright & Co. Inc. | Lead Manager | (617) 589-9482 |
| NASSCM: | HDMD | Service: | SIC 8741 | |
| Type of Shares: | Common Shares | Filing Date: | 4/9/98 | |
| U.S. Shares Filed: | 1,600,000 | Filing Range: | $7.00 - $8.00 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $12,000,000 | |
| Primary Shares: | 1,600,000 | Expenses: | - | |
| Secondary Shares: | 0 | Post-IPO Shares: | 4,363,246 | |
| Employees: | 144 |
| Issuer's Law Firm: | Bingham, Dana & Gould |
| Bank's Law Firm: | Goodwin Procter & Hoar |
| Registrar/Transfer Agent: | American Stock Transfer & Trust Co |
| Auditor: | Arthur Andersen |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/97 | 12/31/97 | ||||
| Revenue: | $12.93 | Assets: | $2.71 | ||
| Net Income: | $0.06 | Curr Assets: | $1.97 | ||
| EPS: | $0.03 | Liabilities: | $3.26 | ||
| Prior EPS: | -$0.37 | Curr Liab: | $1.26 | ||
| Cash Flow/Oper: | $0.23 | Equity: | -$0.55 | ||
| Cash Flow/Fin: | -$0.16 | Cash: | $0.01 | ||
| Cash Flow/Inv: | -$0.06 | Working Cap: | $0.71 | ||
| Competition |
| No single entity or health care service provider competes with the Company in all states and in all specialties. However, Solo Providers and regional entities offering single-specialty health care services or multiple specialty health care services compete with the Company in specific states. SunAlliance, a division of Sun Healthcare Group, a LTCF operator, has recently begun to provide a number of health care services to LTCFs on-site in Connecticut and Massachusetts. The Company believes that in connection with SunAlliance's entrance into this market in 1997, 20 LTCFs operated by Sun Healthcare Group failed to renew one or more Service Agreements that represented $437,000 of the Company's revenue during 1996. The Company believes that SunAlliance is its primary competitor in Massachusetts, where 46.2% of the Company's revenue was generated during 1997. |
| Business Plan |
| The Company intends to grow by selectively expanding into new markets and adding additional services either through the establishment of new operations or the acquisition of existing LTCF practices by the Medical and Dental Practices. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay the amounts outstanding under an existing credit facility, finance acquisitions, enhance management information systems, expand sales and marketing initiatives and for working capital and for general corporate purposes. |
| Additional Underwriter Compensation |
| Warrant to purchase 160,000 shares/units at a nominal price. |