Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
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 [email protected]

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on EXPRESS SCRIPTS HOLDING CO
10/22 Amazon threatens to disrupt the prescription drug delivery business, analysts..
10/21 Rep. Cummings Requests Documents From Top Insurers and Pharmacy Benefit Manag..
10/19 EXPRESS SCRIPTS : Anthem will turn to CVS for prescriptions
10/19EXPRESS SCRIPTS HOLDING CO : quaterly earnings release
10/19 EXPRESS SCRIPTS : Anthem to turn to CVS after troubled deal
10/19DJAnthem To Launch Pharmacy Benefit Manager -- WSJ
10/18DJAnthem to Launch Its Own Pharmacy-Benefit Manager--3rd Update
10/18DJAnthem to Launch Its Own Pharmacy-Benefit Manager--2nd Update
10/18 NASDAQ 100 MOVERS : Ea, mu
10/18 Anthem will turn to CVS after troubled Express Scripts deal
More news
News from SeekingAlpha
10/22 More Wizardry For 2017 -- Magic Formula Large Cap Strategy Update, 2017 YTD
10/12 Express Scripts - Tough Times Continue, Is eviCore The Solution?
10/10 Express Scripts takes out eviCore healthcare for $3.6B; shares ahead 2% prema..
10/09 Amazon Looks To Enter The Pharmaceutical Space
10/09 Has Walgreens Fallen Enough Yet On Amazon Fears?
Financials ($)
Sales 2017 101 B
EBIT 2017 6 890 M
Net income 2017 3 117 M
Debt 2017 11 378 M
Yield 2017 -
P/E ratio 2017 11,12
P/E ratio 2018 10,09
EV / Sales 2017 0,45x
EV / Sales 2018 0,43x
Capitalization 34 370 M
Chart EXPRESS SCRIPTS HOLDING CO
Duration : Period :
Express Scripts Holding Co Technical Analysis Chart | ESRX | US30219G1085 | 4-Traders
Technical analysis trends EXPRESS SCRIPTS HOLDING CO
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Average target price 67,4 $
Spread / Average Target 13%
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
Sector and Competitors
1st jan.Capitalization (M$)
EXPRESS SCRIPTS HOLDING CO-13.49%34 370
CVS HEALTH-3.07%77 757
WALGREENS BOOTS ALLIANCE-17.76%72 831
MCKESSON CORPORATION7.35%31 703
CARDINAL HEALTH INC-7.31%21 028
AMERISOURCEBERGEN CORP.6.42%18 232