American Esoteric Laboratories Announces Significant Texas Acquisition
Also Enters Long-Term Agreement With Major Health System
NASHVILLE, Tenn., September 19, 2006 -- American Esoteric Laboratories, Inc. (AEL), a full-service provider of esoteric and clinical reference laboratory services, today announced it has acquired DRL Labs, Ltd. (DRL), an affiliate of East Texas Medical Center (ETMC) Regional Healthcare System, located in Tyler, Texas. Terms of the deal were not disclosed.
The acquisition of DRL allows AEL to expand its presence in Texas and bordering states. An AEL/DRL combination creates a powerful competitive force that combines logistical resources, comprehensive managed care coverage, multiple draw site locations and a deep locally performed esoteric testing menu.
With more than 1,800 physicians and hospital clients located in various states, DRL is believed to be the largest remaining Texas-based independent reference laboratory, offering the most extensive menu of tests in the region. DRL currently has more than 180 employees and operates a 25,000 sq. ft. facility 24 hours a day, seven days a week. In addition to AEL''s existing operations, DRL maintains an extensive network of patient service centers strategically located in Northern Louisiana, East Texas and the Dallas/Fort Worth metropolitan area.
"DRL represents our third major regional laboratory and enables us to continue delivering on our commitment of providing a wide range of regionalized laboratory services to community-based physicians and hospitals," said AEL chairman and chief executive Brian C. Carr. "With this quality addition to our family of laboratories AEL has achieved the scale needed to cost effectively provide the most advanced clinical solutions to our customers. We are truly excited about our prospects for continued growth."
The acquisition also has elevated AEL''s annual revenues to approximately $100 million, an important milestone for the company.
"Our alliance with AEL is excellent news for our clients and staff and we are delighted that AEL will be maintaining a local presence in the Tyler community, which allows us to enter into a long-term relationship that will ensure the quality of healthcare that our entire system has come to expect from DRL," said Paula Anthony, chief information officer for ETMC Regional Healthcare System, and vice president of DRL Labs. "East Texas Regional Healthcare System and DRL recognize that AEL shares our commitment and vision of providing customers a comprehensive offering of routine and esoteric testing. AEL is an outstanding organization with a track record of dedication to patient care, customer satisfaction and overall quality."
As part of the agreement, AEL acquired the entire operations and holdings of DRL Labs. DRL''s management and employee base will stay in place and continue to offer their clients the same reliable and convenient service they are receiving today. Separately, AEL, ETMC and its affiliates have entered into a long-term relationship for comprehensive reference laboratory testing services.
"AEL and its management team have done an outstanding job of growing their business in both local and regional settings, and this combination will only accelerate that growth," said Todd Hancock, chief operations officer for DRL. "Their success stems from a corporate culture of treating employees with respect and dignity, as well as a keen awareness and understanding of their clients'' needs."
Prior to AEL''s acquisition, DRL Labs was owned by ETMC Regional Healthcare System. Located at 3910 Brookside Drive in Tyler, TX, DRL is believed to be the largest remaining Texas-based independent reference laboratory, offering the most extensive menu of tests in the region to over 1,800 physician and hospital clients. Its 25,000 sq. ft. laboratory operates 24 hours a day, seven days a week, utilizing over 30 automated testing platforms. For more information, please visit www.drllabs.com.
About American Esoteric Laboratories, Inc.
American Esoteric Laboratories, Inc. (AEL) is a company established to provide industry-leading turn-around time, informatics and personalized customer service in clinical reference testing for healthcare professionals. The company supports its routine regional laboratory network by also offering a wide menu of esoteric tests that provide physicians with the clinical information required to complete a diagnosis, establish a prognosis, or to choose and monitor a therapeutic regimen. AEL''s team of over 700 staff and medical technologists perform 25,000 tests per day on more than 8,600 patients using advanced technology and information solutions. For more information please visit our website at www.ael.com.