UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 3, 2003
CURATIVE HEALTH SERVICES, INC.
(Exact name of registrant as specified in its charter)
Minnesota 000-19370 41-1503914
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
150 Motor Parkway
Hauppauge, New York 11788-5145
(Address of principal executive offices)
(631) 232-7000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Item 5. Other Events and Regulation FD Disclosure
On February 3, 2003, Curative Health Services, Inc. issued a press release
announcing it has acquired MedCare, Inc. ("MedCare) for approximately $6.6
million in cash. Financial terms of the transaction will be discussed in detail
on the Company's fourth quarter and full-year 2002 results conference call on
Wednesday, February 12, 2003. MedCare is a specialty pharmacy with locations in
Alabama, Mississippi, West Virginia and Florida. MedCare's primary product line
is Synagis(R) for the prevention of RSV (Respiratory Syncytial Virus). Other
product lines include Growth Hormone and Hemophilia clotting factor. A copy of
the press release is attached as Exhibit 99.1, which is incorporated herein by
reference under this Item 5.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired
Not required.
(b) Pro Forma Financial Information
Not required.
(c) Exhibit
Exhibit Description of Exhibit
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99.1 Press Release dated February 3, 2003 relating to the
Company's acquisition of MedCare, Inc. (subject to
Item 5).
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
CURATIVE HEALTH SERVICES, INC.
Date: February 5, 2003 By: /s/ Thomas Axmacher
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Thomas Axmacher
Chief Financial Officer
Exhibit 99.1
FOR IMMEDIATE RELEASE
Scott Eckstein
Investor Relations
Curative Health Services
631-232-7044
seckstein@curativehealth.com
CURATIVE HEALTH SERVICES ANNOUNCES ACQUISITION OF MEDCARE
Anticipates $0.03 Per Share Accretion for 2003
Hauppauge, New York - February 3, 2003 - Curative Health Services, Inc.,
(Nasdaq: CURE), announced today it has acquired MedCare, Inc. ("MedCare") for
approximately $6.6 million in cash.
The Company expects the acquisition to add $0.03 to earnings per share in
2003. As a result, Curative has revised its guidance for 2003 and now
anticipates earnings per diluted share to be in the range of $1.50 - $1.56.
Financial terms of the transaction will be discussed in greater detail on
Curative's fourth quarter and full-year 2002 results conference call on
Wednesday, February 12, 2003 at 11:00 a.m. Eastern Time. The Company will
discuss its financial results, recent developments, business strategy and
outlook. To participate in the conference call, dial 1-800-915-4836
approximately 10 minutes prior to the scheduled start time.
MedCare is a specialty pharmacy with locations in Alabama, Mississippi,
West Virginia and Florida. MedCare's primary product line is Synagis(R) for the
prevention of RSV (Respiratory Syncytial Virus). Other product lines include
Growth Hormone and Hemophilia clotting factor.
"This acquisition strengthens our growing Synagis(R) operations and expands
our geographic footprint into the Southeastern United States as we continue our
strategy to aggressively grow the specialty pharmacy business both organically
and through strategic acquisitions," said Joseph Feshbach, Curative's Chairman
and Chief Executive Officer. "In addition, adding MedCare to the Curative family
offers a unique opportunity to broaden our existing product portfolio by
entering additional therapy lines where Curative's high-touch approach can add
real value to the patients affected by these disease states."
(more)
o About Curative Health Services
Curative Health Services delivers superior clinical outcomes and unmatched
patient satisfaction for patients experiencing serious medical conditions
through two unique business units.
Curative's Specialty Pharmacy Services business unit provides services to
help patients manage the health care process, and offers related pharmacy
products to patients for chronic and critical disease states including
Hemophilia, Immune System Disorders, Respiratory Syncytial Virus (RSV), Multiple
Sclerosis and Rheumatoid Arthritis.
Curative's Specialty Healthcare Services ("SHS") business unit is an
industry leader in chronic wound care management, consistently achieving an
outcome success rate of more than 80 percent. SHS provides a broad continuum of
services to health care providers through a nationwide network. This national
network of hospital-based Wound Care Center(R) programs has offered
comprehensive treatment to over 375,000 patients, achieving more than a 94
percent patient satisfaction rate.
For more information, visit www.curative.com
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This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements of the Company,
or industry results, to be materially different from any future results,
performance, or achievements expressed or implied by such forward-looking
statements. Factors that might cause such differences include, but are not
limited to, the termination or non-renewal of a material number of contracts, an
inability to obtain new contracts, changes in the government regulations
relating to the Company's Specialty Healthcare Services or Specialty Pharmacy
Services business units, changes in the regulations governing third party
reimbursements for the Company's services, manufacturing shortages of products
sold by Curative's Specialty Pharmacy Services business unit, and the other
risks and uncertainties detailed in the Company's filings with the Securities
and Exchange Commission. Readers of this release are referred to the Company's
Quarterly Report on Form 10Q for the quarter ended September 30, 2002, for
further discussion of these and other factors that could affect future results.
Editors Note: This release is also available on the Internet over the World
Wide Web at: http://www.curative.com
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