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4-Traders Homepage  >  Equities  >  Nasdaq  >  Express Scripts Holding Co    ESRX

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Express Scripts Holding Co : Liberty Medical Supply Files for Chapter 11

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02/15/2013 | 06:50pm CEST

--Express Scripts announced plans to divest interest in Liberty Medical in August

--Management purchased the company from Express in December

--Announced layoffs were postponed Thursday, according to reports

(Adds details throughout)

 
   By Stephanie Gleason 
 

Liberty Medical Supply Inc., the diabetes-supply provider known for its often-parodied commercials, filed for Chapter 11 bankruptcy protection on Friday.

The Port St. Lucie, Fla., company listed assets and debts of between $100 million and $500 million each, according to documents filed with the U.S. Bankruptcy Court in Wilmington, Del. It didn't cite a reason for seeking Chapter 11 protection in the filing.

Liberty Medical's parent company, Polymedica Corp., which also filed for Chapter 11 Friday, was acquired in 2007 by Medco Health Solutions Inc. for $1.5 billion. Last April, Express Scripts Holding Co. (ESRX) purchased MedCo for $29.1 billion but announced plans in August to divest itself from that business.

Express Scripts sold the business to Liberty's Management in December, according to the pharmaceutical company.

Shortly after taking back the company, management filed federal layoff notices for more than 200 workers, according to several local media reports. The company, however, announced Thursday, with the layoffs expected to go into effect Friday, that the employees would be kept at work for at least two more weeks, according to local news station WPTV.

In addition to diabetes supplies, the company sells sleep apnea, ostomy and urology medical supplies, and it provides home delivery of medications.

Liberty Medical's commercials featured Wilford Brimley, who has had a long acting career but is probably most famous recently for his appearances as Liberty Medical's spokesman that have been spoofed by both "Saturday Night Live" and "Family Guy."

In some commercials, Mr. Brimley encourages customers to find out if their supplies are covered by Medicare, the federally funded insurance program for the elderly.

As a result of cuts to government spending, reimbursement rates for Medicare and other federally funded insurance programs are expected to be reduced. The company didn't cite this specifically in its filing.

Liberty Medical owes $137 million to its largest unsecured creditors, Medicare claims processor CGS Administrators, according to court papers. Former owner Medco is also listed as an unsecured creditor owed $14.2 million. The company said both claims are disputed.

Neither Liberty Medical nor its bankruptcy attorney responded to requests for comment Friday.

--Jon Kamp in Boston contributed to this article.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)

Write to Stephanie Gleason at stephanie.gleason@dowjones.com.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ($)
Sales 2017 101 498 M
EBIT 2017 6 796 M
Net income 2017 3 116 M
Debt 2017 11 459 M
Yield 2017 -
P/E ratio 2017 11,32
P/E ratio 2018 10,29
EV / Sales 2017 0,46x
EV / Sales 2018 0,43x
Capitalization 34 976 M
Chart EXPRESS SCRIPTS HOLDING CO
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Express Scripts Holding Co Technical Analysis Chart | ESRX | US30219G1085 | 4-Traders
Technical analysis trends EXPRESS SCRIPTS HOLDING CO
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Average target price 67,9 $
Spread / Average Target 12%
EPS Revisions
Managers
NameTitle
Timothy C. Wentworth President, Chief Executive Officer & Director
George Paz Chairman
Christine Houston Chief Operating Officer & Executive Vice President
Eric R. Slusser Chief Financial Officer & Executive Vice President
Steven B. Miller Chief Medical Officer & Senior Vice President
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