A Medical Device Daily
Aurora Diagnostics (Palm Beach Gardens, Florida), a company that began operations in July 2006 as a national platform for the acquisition and integration of anatomic pathology laboratories, has completed a first year of strong growth.
According to James New, Aurora's CEO and chairman, the company has grown rapidly and profitably during the last 12 months. Aurora's current net revenue is $60 million on an annualized run rate basis, and is expected to approach $100 million by the end of the year.
Since its founding, the company has made eight separate acquisitions, developing a presence in Florida, Michigan, Alabama, Georgia, New York and the New England area. It currently has a full pipeline of acquisition candidates, including practices in Florida, Alabama, Texas, Oklahoma, California, New York, Maryland, Massachusetts, Georgia, North Carolina, South Carolina, and Ohio.
Aurora and its network of pathologists and laboratory personnel understand the importance of accurate and timely diagnostic information and the increasingly complex services demanded by physicians and patients, the company said. With expertise in providing superior diagnostics services and a continued focus on our physician-clients and their patients, Aurora says it delivers services and information that provide unparalleled value.
"We have partnered with a number of high-quality laboratories," New said in a company statement. "Aurora has developed outstanding services and products to support our field laboratories, and we are well on our way to building the premier diagnostic service business in the country. With only two major companies dominating the laboratory industry today, there clearly exists a need for an alternative provider of high quality diagnostic services. Aurora Diagnostics intends to become that alternative."
New added that Aurora has built a strong management team during its first year, and hired a number of seasoned professionals for all critical functional areas. The management team includes: Marty Stefanelli, COO; Fred Ferrara, VP of information and technology; Mike Null, VP of sales and marketing; Michael Grattendick, director of finance; Deanna Shackley, director of human resources; and Haverford Healthcare Advisors, business development and merger and acquisition advisors.
Aurora Diagnostics is a specialized laboratory company. The company was founded last year with an investment from Summit Partners, a private equity firm, as well as GSO Capital Partners, an investment advisor. Aurora says it serves as a platform for the acquisition and integration of anatomic pathology and other diagnostic laboratory businesses across the U.S.