Burton Hills-based AmSurg has signed a deal to acquire a majority stake in a surgery center on the north side of Chicago for almost $8 million. Illinois regulators still need to approve the acquisition, news of which is coming to light a month after AmSurg paid $6.2 million for a majority stake in an undisclosed center. (Search the company's recent 10-Q for "July 2012.")
The doctors have agreed not to work for a competing surgical center for five years after the transaction closes, or two years after they sell their remaining ownership interests, according to the letter of intent.
Claire Gulmi, CFO of surgery center chain AmSurg, has exercised more than 56,000 options that were set to expire in early 2014. Her gain on the transactions tops $340,000. Gulmi two months ago made a similar move that generated more than $800,000 in profits.
As of Wednesday, the board of surgery center chain Symbion has a new member. Dan Kilpatrick, a vice president of Symbion majority owner Crestview Partners and pictured here, has replaced Crestview co-founder Tom Murphy. In a filing with regulators, Symbion said Murphy's resignation was not due to any disagreements with the company.
A number of analysts tracking Healthways have reacted positively to the company's Q2 profits. At Stifel Nicolaus, Thomas Carroll has hiked his price target for the Franklin-based company, which he rates a 'buy,' to $13 from $10. Michael Petusky at Noble Financial has upgraded Healthways (Ticker: HWAY) to 'buy' from 'hold' and given it a $12 target.
Not so enthused is Art Henderson at Jefferies, who has downgraded shares of AmSurg to 'hold' after the surgery center chain's Q2 numbers. Nashville-based Henderson says he has "serious concerns" about AmSurg's valuation given various macroeconomic uncertainties. His new $27 target is about 10 percent below where AmSurg (Ticker: AMSG) is changing hands this morning.
Shares of AmSurg are up more than 2 percent in mid-day trading and earlier reached $31 for the first time, pushing the company's market cap ever so close to $1 billion. The surgery center operator has now climbed almost 20 percent so far this year — even though it's been very quiet on the corporate news front — and has outpaced the S&P 500 by 12 percent in the past 12 months.
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