June/July 2002

Industry Watch

US PHYSICAL THERAPY REPORTS QUARTERLY RESULTS

US Physical Therapy Inc, Houston, has reported results for the fourth quarter 2001, ended December 31, 2001, and the first quarter 2002, ended March 31. For the fourth quarter 2001, the company reported that revenues rose 31% to $21, 570,000, while net income rose 84% to $1,947,000. For the first quarter 2002, revenues rose 17.5% to $22,250,000, while net income rose 37.3% to $2,076,000.

AINS ANNOUNCES ACQUISITION

AINS Inc, Phoenix, an informational technology company specializing in software products and full life-cycle deployment services, has acquired Karch International (KI), McLean, Va, a provider of integrated software solutions for the health and fitness industry. Karch International will continue to develop and update its existing suite of modular facility management solutions, while AINS will utilize in-house programmers to further develop KI's off the shelf products.

REHABILICARE REPORTS OPERATING RESULTS

Rehabilicare Inc, New Brighton, Minn, has reported operating results for the third quarter of fiscal 2002, which ended March 31. Net revenue for the quarter was $17.8 million, an increase of 17% over net revenue of $15.2 million in the third quarter 2001. US operations generated net revenue of $11.8 million, while international operations generated net revenue of $6 million.

PRECYSE ANNOUNCES NEW HIRE

Precyse Solutions, King of Prussia, Pa, announces the appointment of Sue Wilson as director of operations for its coding services division. Wilson, a registered health information technician, will be responsible for supervising day-to-day operations for the company's on-site and remote coding businesses across the United States. Prior to joining Precyse, Wilson was director of St Claire Medical Center's health information management department, Morehead, Ky.

LANGER ANNOUNCES NEW ACQUISITIONS

Langer Inc, Deer Park, NY, has acquired the assets of Benefoot Inc and Benefoot Professional Products Inc, both of Long Island, NY. The acquisitions will consolidate the two orthotic companies into one company focused on rehabilitation and prevention of foot and ankle disorders. Langer provides orthotics and gait-related products to practitioners treating musculoskeletal disorders.

DJ ORTHOPEDICS SIGNS CANADIAN DISTRIBUTION DEAL

dj Orthopedics Inc, San Diego, a designer, manufacturer, and marketer of products and services for the orthopedic sports medicine market, announced that it has formed a wholly owned subsidiary to provide direct distribution throughout Canada. Earlier in the year, the company formed subsidiaries in Germany and the United Kingdom. The distribution of the company's products in Canada was previously handled by Smith and Nephew Inc.

ABILITY ONE ACQUIRES BRITISH REHABILITATION BUSINESS

AbilityOne, the portfolio company of One Equity Partners, Bolingbrook, Ill, has acquired the rehabilitation business of Smith and Nephew, London, for $101 million. AbilityOne is a distributor of rehabilitative and assistive device products used to speed recovery, aid independence, and improve mobility for injured, aging, and physically challenged adults and children. Smith and Nephew develops, manufactures, and markets tissue repair products.

PTPN ANNOUNCES PARTNERSHIP

PTPN, Calabasas, Calif, has announced a partnership with BMS Reimbursement Management, a reimbursement management and claims processing center for independently practicing rehabilitation professionals. Through the partnership, PTPN providers who outsource their billing and accounts receivable management to BMS will receive special benefits. According to the company, the contract will allow PTPN members to lower costs for reimbursement processes.

BENCHMARK ACQUIRES REHABILITATION PRACTICE

Benchmark Medical, Malvern, Pa, has acquired Therapy Associates of Martinsville Inc (TAMI), an outpatient rehabilitation practice with four locations in southern Virginia. TAMI specializes in physical, occupational, and speech therapy services. The acquisition adds to the network of 12 centers that Benchmark already operates throughout Maryland and Virginia.

UPLIFT WINS SEATING AWARD

Uplift Technologies Inc, Dartmouth, Nova Scotia, Canada, announces that its StumpRest product was the winner of the 2001 Canadian Adaptive Seating and Mobility Association (CASMA) Award. StumpRest is a two-in-one wheelchair drop base with slide-out supports for the stumps of below-the-knee amputees.

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