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ExamWorks Group (EXAM) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
ExamWorks Group (NASDAQ:EXAM) provides its clients with independent medical examinations as well as peer and bill reviews. They provide these services to insurance carriers, law firms, and government agencies that rely on such assessments to estimate the validity and extent of health claims of sick individuals. The company geographically diversely located which allows clients across the nation to use the services consistently.[1]
ExamWorks expects that it will be able to take advantage of growing industry trends. In particular, it expects that demand for its services will continue to rise as companies push to mitigate risk and cut costs by understanding the extent to which it is exposed to medical costs. Furthermore, the company believes that the high rate and cost of malpractice suits will cause physicians to increasingly move towards sources of revenue which are low risk. Since ExamWorks employs physicians to provide reviews, this sort of revenue may be a low-risk source that physicians increasingly desire.[2]
The company's initial public offering of stock on the NASDAQ occurred on October 27, 2010. The company offered 10.3M shares each for $16. This was at teh bottom of the initial price range of $16-$18. The IPO raised a total of $165M. The lead underwriters of the deal were Goldman Sachs Group (GS), Credit Suisse Group (CS), Barclays (BCS).[3]
ExamWorks was able to substantially increase its revenue between 2008 to 2009. In 2008, it announced $14M, while in 2009 it announced $50M. Despite these growths, the company suffered an increase in net loss during the time period. The company announced profits of -$2.2M in 2008 and -$4.4M in 2009. This drop in profits was largely due to a substantial rise in the cost of revenue associated with the substantial rise in revenue.[4]
References
- ↑ EXAM S-1/A 2010 Prospectus Summary "Our Business" pg 1
- ↑ EXAM S-1/A 2010 Prospectus Summary "IME Industry Growth Drivers" pg 3
- ↑ Renaissance Capital - IPO Home "ExamWorks Group prices IPO at $16.00, at low end of the range" 27 Oct 2010
- ↑ EXAM S-1/A 2010 Prospectus Summary "Summary Predecessor, Successor and Pro Forma Consolidated Financial Data" pg 7
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