PLANTATION, Fla., April 1, 2021 /CNW/ - Akumin Inc. (NASDAQ:
AKU) (TSX: AKU) ("Akumin" or the "Corporation") announced today it
has entered into definitive agreements to acquire six freestanding,
fixed-site outpatient diagnostic imaging clinics located in
Florida. The acquisitions have an aggregate purchase price of
$39 million and is based on an EBITDA multiple of 5.15x,
without consideration of any post-acquisition synergies.
$3.9 million, or 10%, of the
aggregate purchase price is to be paid in common shares of Akumin
based on the volume-weighted average price for the shares on the
NASDAQ for the 20 trading days preceding the closing, subject to a
$4.00 per share floor. Closing
of the transaction is expected to occur in Q2 2021 and remains
subject to customary conditions, including any required approvals
by the NASDAQ and the Toronto Stock Exchange. The Corporation will
provide further updates in respect of this transaction in due
course.
"We are very excited to continue our growth and consolidation
strategy," said Riadh Zine,
President and Chief Executive Officer of Akumin. "These
acquisitions would expand our geographic density in Florida, taking us to a total of 78 operating
clinics in the state from our original 13 clinics in late 2014, and
over 130 clinics across our network in seven states in just over 6
years."
About Akumin
Akumin is a leading provider of freestanding, fixed-site
outpatient diagnostic imaging services in the United States with a network of owned
and/or operated imaging centers located in Florida, Texas, Pennsylvania, Delaware, Illinois, Kansas and Georgia. By combining our clinical
expertise with the latest advances in technology and information
systems, our centers provide physicians with imaging capabilities
to facilitate the diagnosis and treatment of diseases and disorders
and may reduce unnecessary invasive procedures, minimizing the cost
and amount of care for patients. Our imaging procedures include
MRI, CT, positron emission tomography (PET), ultrasound, diagnostic
radiology (X-ray), mammography, and other interventional
procedures.
Forward-Looking Information
Certain information in this press release constitutes
forward-looking information. In some cases, but not
necessarily in all cases, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "targets", "expects" or "does not expect", "is expected",
"an opportunity exists", "is positioned", "estimates", "intends",
"assumes", "anticipates" or "does not anticipate" or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might", "will" or "will
be taken", "occur" or "be achieved". In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances contain forward-looking
information. Statements containing forward-looking
information are not historical facts but instead represent
management's expectations, estimates and projections regarding
future events.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by Akumin as of the date of this press release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to the factors described in greater detail in the
"Risk Factors" section of our Annual Information Form dated
March 31, 2021, which is available at
www.sedar.com and www.sec.gov. These factors are not intended to
represent a complete list of the factors that could affect Akumin;
however, these factors should be considered carefully. There
can be no assurance that such estimates and assumptions will prove
to be correct. The forward-looking statements contained in
this press release are made as of the date of this press release,
and Akumin expressly disclaims any obligation to update or alter
statements containing any forward-looking information, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
law.
Non-GAAP Measures
This press release refers to certain non-GAAP measures. These
non-GAAP measures are not recognized measures under United States generally accepted accounting
principles ("GAAP") and do not have a standardized meaning
prescribed by GAAP. There is unlikely to be comparable or
similar measures presented by other companies. Rather, these
non-GAAP measures are provided as additional information to
complement those GAAP measures by providing further understanding
of our results of operations from management's perspective.
Accordingly, these non-GAAP measures should not be considered in
isolation nor as a substitute for analysis of our financial
information reported under GAAP. These non-GAAP measures are used
to provide investors with supplemental measures of our operating
performance and thus highlight trends in our core business that may
not otherwise be apparent when relying solely on GAAP measures. We
believe the use of these non-GAAP measures, along with GAAP
financial measures, enhances the reader's understanding of our
operating results and is useful to us and to investors in comparing
performance with competitors, estimating enterprise value, and
making investment decisions. We also believe that securities
analysts, investors, and other interested parties frequently use
non-GAAP measures in the evaluation of issuers. Our management uses
non-GAAP measures to facilitate operating performance comparisons
from period to period, to prepare annual operating budgets and
forecasts and to determine components of management
compensation.
SOURCE Akumin Inc.