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| MEDE AMERICA Corporation |
| 90 Merrick Avenue, Suite 501, East Meadow, NY 11554 * (516) 542-4500 |
| Business Description | The company is a leading provider of electronic data interchange products and services to a broad range of providers and payors in the healthcare industry. |
| Offering Information Company has | |||
| Trading As | MEDE (NASNTL) | Industry | High-Tech (SIC 7374) |
| Type of Stock Offered | Common Shares | Filing Date | 06/03/1998 |
| Domestic Shares Offered | 4,166,667 | Offer Date | 02/01/1999 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 4,166,667 | Offer Price | $13.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.910 |
| Gross Proceeds | $54,166,671 | Selling | $0.550 |
| Expenses | $950,000 | Reallowance | $0.100 |
| Post-IPO Shares | 11,567,304 | Employees | 356 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Salomon Smith Barney | Lead Manager | (212) 723-7300 |
| Volpe Brown Whelan & Company | Co-manager | (415) 274-4463 |
| William Blair & Company | Co-manager | (312) 364-8990 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 06/30/1997 | 03/31/1997 | 03/31/1998 | ||||
| Revenues | - | - | - | - | 35.279 | 24.964 | 30.189 |
| Income from Oper. | - | - | - | - | -10.796 | -7.924 | -1.104 |
| Net Income | - | - | - | - | -13.864 | -9.661 | -5.424 |
| E.P.S | - | - | -3.170 | -4.140 | -2.560 | -1.810 | -0.960 |
| Revenue Growth (%) | - | - | - | - | 20.93 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -4.02 | -2.99 | -3.86 | ||||
| Cash Flow - Inv. | -12.22 | -11.63 | -11.61 | ||||
| Cash Flow - Fin. | 15.52 | 15.82 | 15.01 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1998 | Financial Ratios | ||||
| Total Assets | 54.18 | Current Assets | 11.15 | Current Ratio | 1.42 |
| Total Liab. | 48.89 | Current Liab. | 7.87 | Debt Ratio | 90.24% |
| Total Equity | 5.29 | Working Cap. | 3.28 | Debt to Equity Ratio | 9.25 |
| Cash | 1.46 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to retire all outstanding bank and subordinated indebtedness and accrued interest and for general corporate purposes including working capital. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Reboul MacMurray Hewitt Maynard & Kristol |
| Bank's Law Firm | Dewey Ballantine |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | Deloitte & Touche |
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| Industry Competition |
The Company faces significant competition from healthcare and non-healthcare EDI processing companies. The Company also faces potential competition from other companies, such as vendors of provider information management systems, which have added or may add their own proprietary EDI processing systems to existing or future products and services. Competition may be experienced in the form of pressure to reduce per transaction prices or eliminate per transaction pricing altogether. If EDI processing becomes the standard for claims and information processing, a number of larger and better capitalized entities may elect to enter the industry and further increase competitive pricing pressures. Many of the Company's existing and potential competitors are larger and have significantly greater financial, marketing, technological and other resources than the Company. There can be no assurance that increased competition will not have a material adverse effect on the Company's business, financial condition and results of operations. |
| Business Plan |
The Company's mission is to be the leading provider of integrated healthcare transaction processing technology, networks and databases, enabling its clients to improve the quality and efficiency of their services. To achieve this objective, the Company is pursuing a growth strategy comprised of the following elements: (I) Provide comprehensive suite of EDI solutions, (ii) Further penetrate existing client base, (iii) Develop new EDI products and services, (iv) Utilize strategic partnerships to expand client base and (v) Pursue strategic acquisitions. |