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Alliance Imaging (AIQ) |
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WIKI ANALYSIS
Alliance Imaging Inc. (AIQ), based in Anaheim CA, is a leading national provider of outsourced diagnostic imaging and more recently therapeutic services to primarily small-to-mid-sized hospitals and other health service providers on a shared-user, full-time, interim, or rental basis. AIQ was founded in 1983 as a shared mobile computed tomography (CT) provider and listed through an initial public offering in 2001. The company has grown primarily by acquisition and today provides outsourced solutions for MRI, PET, PET/CT, CT and Radiation Oncology through Fixed Site Imaging Centers, and Shared Mobile Services, typically under long-term contract. In 2005 AIQ entered the radiation therapy market through the formation of Alliance Oncology, a joint venture with the University of Pittsburgh Medical Center. Alliance Oncology was formed to partner with hospitals to build and operate radiation oncology centers with an emphasis on intensity modulated radiation therapy (IMRT) and image guided radiation therapy (IGRT). Alliance currently owns 80% of Alliance Oncology.
AIQ's core service offering includes: the use of their imaging/therapeutic systems, technologists to operate the systems, equipment maintenance and upgrades and management of day-to-day operations. The initial terms of these contracts average approximately three years in length for mobile services and approximately seven to ten years in length for fixed-site arrangements. Revenues generated from individual contracts vary according to the type of system used, the scan volume, and the number of ancillary services being provided.
In 1Q07 approximately 88% of AIQ's total revenues were generated by services provided to hospitals and other healthcare providers under long-term contracts. At a divisional level, MRI services and PET and PET/CT services account for approximately 68% and 23% respectively of total revenue. The remaining revenue is comprised of other modality diagnostic imaging services revenue, primarily computed tomography (CT), and management contract revenue. The company currently has 484 diagnostic imaging systems including 318 MRI systems and 75 PET or PET/CT systems. Of AIQ s 484 diagnostic imaging systems, 74 were located in fixed-sites, which include systems installed in hospitals or other buildings on or near hospital campuses, medical groups' offices, or medical buildings and retail sites.
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