Tue, 27 Jun 2017 | DIVISION SALE
A medical firm based in County Durham is hoping that a division sale will lead to "a higher quality of earnings".
Quantum Pharma sold its Biodose Services division to HealthNet Homecare in a restructuring move that will eliminate a £1.75m debt.
Biodose was once considered a service that could save the NHS millions of pounds by reducing prescription waste, but bosses admitted that the company would require significant investment to reach the homecare sector and with some saying it was no longer a fundamental area.
By offloading their medical adherence division, Quantum will be able to put a greater focus on their core niche and special operations.
Chris Rigg, chief executive, who said Biodose Services was expected to make only a “modest” profit this year, said: “The sale positions Quantum as a simplified and focussed pharma business with a higher quality of earnings. “It is particularly pleasing that we have been able to demonstrate a quick path to profitability for Biodose Services and exit it to a buyer who can bring greater emphasis to that business.
“The effect (of the sale) on the group’s balance sheet is positive through a reduction in net debt and it also improves gross and adjusted margin by eliminating low margin turnover.”
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