Andover Medical, Inc. (ADOV.OB) provides orthopedic, podiatric and urological durable medical equipment, as well as incontinence treatment solutions. ADOV plans to offer the largest and most affordable brand name medical equipment and treatment products to practitioners. Their primary focus is on providing durable medical equipment (DME), which is designed for repeated medical use.
Andover plans to establish a nationwide subsidiary network. Their first acquisition was with Ortho-Medical Products, Inc. Ortho provides procedure specific, orthopedic durable-medical equipment, respiratory equipment, orthotic equipment, and prosthetic devices. Their services are utilized throughout New York, New Jersey and Connecticut. Andover’s business strategy involves acquiring existing DME companies with sales between $1 million and $10 million per annum in orthopedic and podiatry markets.
Orthopedics and podiatry are fast growing markets in the US. DME products receive significant use in the “baby boomer” demographic; people born between 1946 and 1964. This increase in need is expected to grow from approximately 35 million people in the year 2000 to approximately 40.2 million by the year 2010.
Andover Medical is seeking to take advantage of the projected growth and evolving economies of scale arising from consolidation in the procedure specific durable medical equipment (DME) and services segments of the orthopedic, podiatric, and urological physician care markets in the United States. By establishing a nationwide subsidiary network, AMI plans to offer physicians the largest selection of competitively priced brand-name DME, and urodynamic diagnostic and treatment products. These products include devices to aid the recovery from Anterior Cruciate Ligament (ACL) surgery, knee replacements, and hip replacements.
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