Hospitals Gain Access to Agreement for MedGraphics Cardiorespiratory Diagnostic Systems
ST. PAUL, Minn.--(BUSINESS WIRE)-- Angeion Corporation (NASDAQ: ANGN) announced that it has been awarded a three-year contract with Novation, the healthcare industry’s leading supply contracting company for more than 25,000 members of VHA Inc. and UHC, two national health care alliances, and 5,500 members of Provista, LLC, representing more than 30,000 sites. The agreement is for Angeion’s complete line of MedGraphics® cardiorespiratory diagnostic systems, including related supplies and services. Effective October 1, 2011, the members Novation serves will have direct access to specially negotiated pricing and terms for MedGraphics systems that diagnose heart and lung disorders while in their earliest stages and monitor therapy across the spectrum of care for such conditions as heart failure or asthma and other forms of chronic obstructive pulmonary disease (COPD).
“We are delighted to have been selected to supply the members served by Novation for the next three years with our full line of cardiorespiratory diagnostic systems and services,” said Gregg O. Lehman, Ph.D., Angeion’s President and Chief Executive Officer. “This agreement will provide Novation’s broad base of not-for-profit health care organizations and academic medical centers easier access to our innovative technologies and world-class services to achieve successful outcomes and effective care management for their patients.”
MedGraphics provides essential clinical information to healthcare professionals through non-invasive cardiorespiratory assessment to improve care of patients in leading hospitals, clinics, and physician offices throughout the U.S. and in more than 75 countries around the world.
MedGraphics’ portfolio includes:
- Pulmonary function from simple spirometry tests (breath flow and volume) to advanced diagnostic assessments (breathing mechanics and effectiveness of gas transport from the lungs into the circulation system);
- Exercise assessment in rehabilitation and therapeutic monitoring centers for assessing respiratory and cardiac capacity to perform activities of daily living; and
- Respiratory measurements combined with caloric assessment to determine essential nutritional requirements for patients in critical care/cardiac units.
MedGraphics products incorporate information management and connectivity solutions for electronic medical record systems to improve workflow and enhance data access.
Founded in 1998, Novation is the leading health care supply contracting company for more than 25,000 members of VHA Inc. and the University HealthSystem Consortium (UHC), two national health care alliances, and 5,500 members of Provista, LLC, representing more than 30,000 sites. Novation provides alliance members sourcing and information and data services. Based in Irving, Texas, Novation develops and manages competitive contracts with more than 600 suppliers. VHA, UHC and Provista members used Novation contracts to purchase approximately $40 billion in 2010.
About Angeion Corporation
Founded in 1986, Angeion Corporation acquired Medical Graphics Corporation in December 1999. Medical Graphics develops, manufactures and markets non-invasive cardiorespiratory diagnostic systems that are sold under the MedGraphics (www.medgraphics.com) and New Leaf (www.newleaffitness.com) brand names. These cardiorespiratory product lines provide solutions for disease detection, integrated care, and wellness across the entire spectrum of health – whether managing chronic illness, promoting fitness, or training for the Olympics. The Company’s products are sold internationally through distributors and in the United States through a direct sales force that targets heart and lung specialists located in hospitals, university-based medical centers, medical clinics and physicians’ offices, pharmaceutical companies, medical device manufacturers, clinical research organizations, health and fitness clubs, personal training studios, and other exercise facilities. For more information about Angeion, visit www.angeion.com.
Press releases and other statements by Angeion may contain forward-looking statements about Angeion’s future financial results and business prospects that by their nature involve substantial risks and uncertainties. You can identify these statements by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “project,” “intend,” “plan,” “will,” “target,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans or prospects. Our actual results may differ materially depending on a variety of factors including: (1) national and worldwide economic and capital market conditions; (2) continuing cost-containment efforts in our hospital, clinics, and office market; (3) any changes in the patterns of medical reimbursement that may result from national healthcare reform; (4) our ability to successfully operate our business, including successfully converting our increasing research and development expenditures into new and improved cardiorespiratory diagnostic products and services and selling these products and services under the MedGraphics and New Leaf brand names into existing and new markets; (5) our ability to complete our software development initiatives and migrate our MedGraphics and New Leaf platforms to a next generation technology; (6) our ability to maintain our cost structure at a level that is appropriate to our near to mid-term revenue expectations and that will enable us to increase revenues and profitability as opportunities develop; (7) our ability to achieve constant margins for our products and consistent and predictable operating expenses in light of variable revenues from our clinical research customers; (8) our ability to expand our international revenue through our distribution partners and our Milan, Italy representative branch office; (9) our ability to successfully defend ourselves from product liability claims related to our cardiorespiratory diagnostic products and claims associated with our prior cardiac stimulation products; (10) our ability to defend our existing intellectual property and obtain protection for intellectual property we develop in the future; (11) our ability to develop and maintain an effective system of internal controls and procedures and disclosure controls and procedures; (12) our dependence on third-party vendors and (13) the ability of new members of our senior management to make a successful transition into their new roles and for all members of senior management to ultimately develop and implement a strategic plan. Additional information with respect to the risks and uncertainties faced by the Company may be found in, and the above discussion is qualified in its entirety by, the other risk factors that are described from time to time in the Company’s Securities and Exchange Commission reports, including the Annual Report on Form 10-K for the year ended October 31, 2010.
Robert M. Wolf, 651-766-4874
Chief Financial Officer
KEYWORDS: United States North America Minnesota
INDUSTRY KEYWORDS: Practice Management Health Biotechnology Cardiology Hospitals Medical Devices Medical Supplies