|Over a week ago|
SP Plus enters into regional enhanced purchased pact with Yankee Alliance » 16:4106/1806/18/20
SP Plus Corporation (SP)…
SP Plus Corporation (SP) announced the award of an enhanced group purchasing agreement with Yankee Alliance Supply Chain Solutions, LLC and Yankee Alliance, LLC, a member-driven healthcare group purchasing organization with more than 16,800 members. Effective June 1, 2020, the new agreement designates SP+ as Yankee Alliance's preferred contracted supplier for parking and transportation operations, including parking management and planning, valet, shuttle, concierge, enforcement, facility maintenance, and patient, wheelchair and vehicle transport services. Under the agreement, participating members who enlist SP+ to provide parking and transportation services are also eligible to receive enhancements to drive additional value and savings through their aggregation philosophy. SP+ is already actively engaged in discussions related to contract activations and conversions to promote utilization of the agreement. Under this new agreement, SP+ is able to include unique value and services which are specific to the needs of Yankee Alliance members. As an affiliate of Premier, Inc. (PINC), Yankee Alliance members are also eligible to benefit from a national agreement between SP+ and Premier, which was initially executed in September 2019 as part of the SP+'s expansion of its healthcare services.
Premier announces oncology-focused purchasing alliance for branded cancer drugs » 13:0306/1806/18/20
Premier announced the…
Premier announced the debut of Intersectta, a new oncology-focused group purchasing organization, or GPO, to source cancer and other specialty drugs. "Through this program, Premier plans to strike innovative new partnerships with pharmaceutical companies, putting branded products on negotiated contracts at competitive prices. In addition, Premier will provide participants access to robust market data to better understand real-world prescribing, utilization and off-label trends. Guided by an Advisory Committee composed of 20 of the nation's largest and most prestigious health system providers representing more than 385 individual hospitals providing care to nearly 8 million patients living with cancer, Intersectta will initially focus on a targeted pipeline of nearly 70 oncology drugs that are most commonly used in cancer care," the company stated.
|Over a month ago|
Premier ProvideGx program partners with Hikma to secure supply of drugs » 09:5805/2805/28/20
Premier, through its…
Premier, through its ProvideGx program, has partnered with Hikma Pharmaceuticals to supply amiodarone and sterile water to healthcare providers, helping to stabilize the long-term supply of two medications vital for COVID-19 patient care. Amiodarone is used to manage late onset cardiac arrest and ventrical arrhythmia, two common complications associated with hospitalized COVID-19 patients. Although this drug is not currently on the U.S. Food and Drug Administration's drug shortage list, Premier's purchasing data shows that amiodarone is heavily backordered, with just 55 percent of orders being fulfilled due to the dramatic spike in demand during the first quarter of 2020. Sterile water is currently on the American Society of Health-System Pharmacists shortage list and has historically rolled on and off the FDA's shortage list due to production delays and increased demand. Sterile water is used to reconstitute many medications for injection, including remdesivir, which has been shown to speed COVID-19 recovery times. The financial terms of Premier's agreement with Hikma were not disclosed. Revenues from this agreement are not expected to materially impact Premier FY 2020 results.
Premier, 15 health systems acquire minority stake in Prestige Ameritech » 07:0505/2605/26/20
Premier and 15 health…
Premier and 15 health systems acquired a minority stake in Prestige Ameritech,a domestic manufacturer of face masks, including N95 respirators and surgical masks. Under the agreement, Premier members commit to purchase a portion of all face masks they use annually from Prestige Ameritech for up to six years, inclusive of a three-year renewal option. The arrangement with Prestige Ameritech is part of Premier's newly announced strategy to work with members to invest in domestic and geographically diverse suppliers of PPE and other medical equipment currently in shortage due to the COVID-19 pandemic. PPE products critical for the daily operations of health systems are mostly sourced overseas, with approximately 80% coming from China and Southeast Asia. The company said, "Risks of this overreliance on Asia came into sharp focus as COVID-19 swept across the globe and these nations closed borders and prevented U.S. access to supplies, triggering widespread shortages of PPE needed to protect healthcare workers and patients." In contrast, Prestige Ameritech represents a domestic supply chain, with production completed in the United States. Prestige also sells 100% of its products to U.S. customers. Financial terms of the agreement were not disclosed.
Fly Intel: Top five analyst initiations » 10:1305/1205/12/20
ARVN, CLLS, CRNC, PINC, TCP, TRP
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Arvinas (ARVN) initiated with a Perform at Oppenheimer. 2. Cellectis (CLLS) initiated with an Outperform at Baird. 3. Cerence (CRNC) initiated with an Outperform at Cowen. 4. Premier (PINC) initiated with an Overweight at Cantor Fitzgerald. 5. TC PipeLines (TCP) was initiated with a Buy at Jefferies while TC Energy (TRP) was initiated with a Hold. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Premier initiated with an Overweight at Cantor Fitzgerald » 08:0505/1205/12/20
Cantor Fitzgerald analyst…
Cantor Fitzgerald analyst Steven Halper initiated coverage of Premier with an Overweight rating and $42 price target. As the second largest group purchasing organization, the company has an "unmatched combination of scale and data" that creates a strong value proposition, Halper tells investors.
Premier backs FY20 adj. EBITDA guidance of $566M-$589M 07:2405/0505/05/20
Premier backs FY20 Performance Services revenue guidance of $340M-$354M 07:2405/0505/05/20
Premier backs FY20 Supply Chain Services revenue guidance of $895M-$930M 07:2305/0505/05/20
Premier backs FY20 adj. EPS view of $2.76-$2.89, consensus $2.84 » 07:2305/0505/05/20
Backs FY20 revenue…
Backs FY20 revenue guidance of $1.24B-$1.28B, consensus $1.26B. Based on results for the nine months ended March 31, 2020, management's expectations for the remainder of fiscal 2020, the realization in all material respects of the company's underlying guidance assumptions and the estimated financial impact of COVID-19 on the company, Premier currently expects to complete fiscal 2020 within its previously announced guidance ranges. However, due to uncertainty regarding the extent and duration of the unprecedented COVID-19 pandemic, it is possible that Supply Chain Services revenue might slightly exceed the top end of its current range, while non-GAAP adjusted EBITDA and fully distributed earnings per share could finish below their respective ranges.