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WIKI ANALYSIS
Matria Healthcare, Inc. (MATR), based in Marietta, Georgia, was formed in 1996 through the merger of two former competitors, Healthdyne Maternity Management and Tokos Medical Corporation, to become a dominant force in the maternity management market. Since 1998, the company has expanded primarily through acquisitions and broadened its operational focus to include management of chronic disease states. The company has since evolved into a leading provider of disease management services to self-insured employers, private and government sponsored health plans, pharmaceutical companies and patients. The company's employer clients are primarily Fortune 1000 companies that self-insure the medical benefits provided to their employees, dependants and retirees.
Matria currently operates two distinct business segments: Health Enhancement and Women's and Children's Health (WHC). The Health Enhancement segment comprises the company's disease management programs and the diabetes product design, development, and assembly operation. Matria's disease management offerings include comprehensive programs for diabetes, cancer, respiratory disorders, cardiac disease, depression and chronic pain. These programs utilize the company's proprietary web-based patient management and clinical record system, TRAX , to identify at-risk members using claims data, past medical history, laboratory, diagnostic and monitoring data, and prior health risk assessments. Through Matria's network of call centers, with the help of TRAX , Matria's clinicians and case managers educate, coach, and proactively initiate interventions designed to improve patients' health states.
On April 1, 2005, MATR completed the acquisition of the business and assets of Miavita LLC, a leading provider of on-line health and wellness programs. On October 1, 2005, MATR completed the acquisition of WinningHabits, Inc., a premier provider of corporate wellness programs. On December 15, 2005, Matria announced the signing of a definitive merger agreement to acquire CorSolutions Medical, Inc., a leading provider of disease management and related services to employers, health plans and government-sponsored healthcare programs. Total purchase price for CorSolutions was $445M.
The Health Enhancement division until recently housed two non-core healthcare businesses: a diabetic treatment supply business based in Germany and Facet Technologies, LLC, a medical devices developer and distributor. Matria's entry to the German market was via the acquisition of Gainor Medical in 1999, and includes mostly diabetes disease management services for a portion of Germany's diabetes population. Facet products include blood glucose test kits and accessories, including lancets and lancing devices. Its customers include original equipment manufacturers (OEMs) and distributors of blood glucose and other point-of-care test kits.
In January 2006, Matria made the strategic decision to divest Facet Technologies, and the company's foreign diabetes service operations in Germany. Subsequently on July 26,2006 MATR announced it had signed a definitive agreement to sell Facet Technologies to a new company formed by Water Street Capital Partners, LLC approximately $122M.
Matria's Women's and Children's Health segment offers a range of services designed to assist physicians in the cost-effective management of maternity patients. These services include: risk management patient education, hypertension management, infusion therapy for the management of hyperemesis, anticoagulation disorders and pre-term labor, gestational diabetes management, fetal surveillance, and home uterine activity monitoring. More recently, it has become involved in neonatal intensive care unit case management. Matria operates 41 service sites across the country.
Matria plans to consolidate its strong position in disease management and has articulated a three-pronged growth strategy: 1) capitalize on the company's strong industry position in the area of disease management, 2) leverage TRAX technology, and 3) further penetrate all key segments of the growing disease management market (employers, regional and national health plans, Medicare, Medicaid, and pharmaceutical companies).
Competition in the sector is increasing. Key players consist of American Healthways (AMHC), Health Dialog, and United Healthcare (UNH). Nonetheless, Matria is well differentiated primarily through its targeting of large, self-insured employer groups.
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