Company news
Another physician is leaving Indiana University Health Morgan Hospital in Martinsville to join Franciscan St. Francis Health. Dr. Thomas Lahr told the Reporter-Times of Martinsville he will make the move after Nov. 15. “I have turned in my resignation and unless the court says otherwise, I plan to leave,” he said last week. A court could become involved because earlier this month IU Health sued Lahr’s colleague, Dr. Dianna Boyer, saying she was violating a non-compete clause in her contract by moving over to Franciscan St. Francis. IU Health was denied a preliminary injunction last week seeking to stop Boyer from leaving until the case is settled. Both Boyer and Lahr would work at a new medical office near State Road 37 in Martinsville, which is opening Sept. 1. The 9,000-square-foot facility will house Indiana Heart Physicians, which is a part of the St. Francis Medical Group, as well as primary care physicians and nurse practitioners.
Arcadia Resources Inc. plans to let its stock be delisted from the NYSE Amex Equities Exchange as the company focuses instead on selling its home health care business to raise cash. Arcadia, which had been planning a huge expansion in Indianapolis, is running low on cash in part because the ramp-up of its DailyMed pharmacy service has been slower than expected. DailyMed is a service that packages patients’ medications into packets marked by the time of day or the meal at which they are to be taken. The service has major contracts with Indiana Medicaid and Indianapolis-based WellPoint Inc. DailyMed sales drove up Arcadia’s pharmacy division revenue by 7 percent, to $4.3 million, in the three months ended June 30. Arcadia’s home health care services unit posted $20.4 million in revenue, flat from the same quarter a year ago. Overall, Arcadia lost $3 million in the quarter, or 2 cents per share, compared with a loss of $4.7 million, or 3 cents per share, a year ago. In June, Arcadia announced that its auditor issued a going-concern warning about the company, because it faces a pile of debt that comes due in April 2012. After the delisting later this year, Arcadia’s shares will trade over the counter, which makes them harder to buy and sell.
Warsaw-based Zimmer Holdings Inc. is closing a plant in Statesville, N.C., and eliminating 124 jobs, according to Charlotte Business Journal. Employees will start losing their jobs in mid-October until the plant, which makes tourniquets and slings, closes by the end of the first quarter. A Zimmer spokesman said the company is streamlining its operations and will produce goods made in Statesville at other locations.
Profit and revenue rose at West Lafayette-based Bioanalytical Systems Inc. during its third quarter, as the pharmaceutical research company benefited from outsourcing by large drug companies and was also hired by small biotech firms. The company earned $418,000 in the three months ended June 30, up 45 percent from the same quarter a year earlier. Revenue rose 5 percent to nearly $8.5 million during the quarter. Bioanalytical also raised $5.5 million during the quarter in a public offering of convertible preferred shares. The new preferred shares resulted in special dividend payments of nearly $4.3 million, which are not included in the company’s profit calculation for the quarter.