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| Accredo Health, Incorporated |
| 1640 Century Center Parkway, Suite 101, Memphis, TN 38134 * (901) 385-3668 |
| Business Description | The company provides specialized contract pharmacy and related services beneficial to patients with certain costly, chronic diseases. |
| Offering Information Company has | |||
| Trading As | ACDO (NASNTL) | Industry | Service (SIC 8099) |
| Type of Stock Offered | Common Shares | Filing Date | 09/01/1998 |
| Domestic Shares Offered | 3,000,000 | Offer Date | 04/16/1999 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $17.00 |
| Company Shares | 3,000,000 | Offer Price | $16.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | - - |
| Gross Proceeds | $48,000,000 | Selling | - - |
| Expenses | $1,000,000 | Reallowance | - - |
| Post-IPO Shares | 8,627,087 | Employees | 242 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Hambrecht & Quist Incorporated | Lead Manager | (415) 439-3626 |
| Nationsbanc Montgomery Securities, Inc. | Co-manager | (415) 627-2100 |
| Suntrust Equitable Securities | Co-manager | (615) 780-9300 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 06/30/1995 | 06/30/1996 | 06/30/1997 | 06/30/1998 | |||
| Revenues | - | 78.869 | 75.232 | 106.143 | 180.958 | - | - |
| Income from Oper. | - | 4.584 | -0.159 | 3.613 | 8.868 | - | - |
| Net Income | - | 2.254 | -0.430 | 1.122 | 2.281 | - | - |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | -4.61 | 41.09 | 70.485 | - | ||
| Net Income Growth (%) | - | - | - | 103.30 | - | ||
| Oper. Profit Margin (%) | - | 5.81 | - | 3.40 | 4.90 | - | - |
| Net Profit Margin (%) | - | 2.86 | - | 1.06 | 1.26 | - | - |
| Cash Flow - Oper. | 1.88 | - | - | ||||
| Cash Flow - Inv. | -0.97 | - | - | ||||
| Cash Flow - Fin. | 0.50 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 06/30/1998 | Financial Ratios | ||||
| Total Assets | 118.99 | Current Assets | 57.88 | Current Ratio | 1.68 |
| Total Liab. | 71.53 | Current Liab. | 34.50 | Debt Ratio | 60.11% |
| Total Equity | 47.46 | Working Cap. | 23.38 | Debt to Equity Ratio | 1.51 |
| Cash | 5.09 | Return on Assets | 1.92% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay indebtedness, redeem the company's outstanding Series A Cumulative Preferred stock and for working capital and other general corporate purposes, including possible acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Alston & Bird |
| Bank's Law Firm | Goodwin Procter & Hoar |
| Auditor | Ernst & Young |
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| Industry Competition |
The specialty pharmacy services industry is highly competitive and is experiencing both horizontal and vertical consolidation. The industry is fragmented, with many public and private companies focusing on different product or customer niches. Some of the Company's current and potential competitors include specialty pharmacy divisions of national wholesale drug distributors; specialty pharmacy distributors, such as Caremark Therapeutic Services (a subsidiary of MedPartners, Inc.) and Olsten Corporation; pharmacy benefit management companies; hospital-based pharmacies; retail pharmacies; home infusion therapy companies; certain manufacturers that sell their products both to distributors and directly to users, including clinics and physician offices; and hospital-based comprehensive hemophilia care centers and other alternate site health care providers. Some of the Company's competitors have greater financial, technical, marketing and managerial resources than the Company. |