HOUSTON, Dec. 28, 2000 (PRIMEZONE) -- SurgiCare, Inc. (OTCBB:SXCR), a Houston-based Ambulatory Surgical Center (ASC) provider, reported last month that it had more than doubled its surgical capacity through the acquisition of two local surgery centers. This news appears to have been met with a very positive response from the company's shareholders. SurgiCare, like many other premier healthcare companies, seems to be bucking the downward trend in the markets by showing impressive gains as of late.
"SurgiCare's performance is closely mirroring the top level of the facilities-based healthcare industry," says Charles Cohen, COO of SurgiCare. "SurgiCare and many of our competitors and similarly structured healthcare providers have seen their share prices peak recently, with many reaching their 52-week and all time highs within the last few weeks. We think this is a very good sign and shows the strength of the sector, especially when you consider the current overall market conditions."
"Some of the prime examples of growth in the sector include Ambulatory Surgery Center operators AmSurge Corp. (Nasdaq:AMSGA), whose stock hit an all time high this month of $22.875, and Healthsouth Corp. (NYSE:HRC), which reached a new 52-week high of $16.375 yesterday. HCA Healthcare (NYSE:HCA) saw its stock reach a 52-week high of $43.75 yesterday, which is just shy of its all time high, while Tenet Healthcare Corp. (NYSE:TCH) hit an all time high of $43.43 in late November. Even younger companies like Dynacq International (Nasdaq:DYII) are benefiting. That company's stock is also trading near its all time high," continues Cohen.
SurgiCare is pursuing a rapid growth model where the company seeks to acquire or merge with existing surgical centers and surgical center operating companies. The company believes that the highly fragmented industry of freestanding ambulatory surgery centers is prime for consolidation via acquisition by aggressive and professionally managed companies such as SurgiCare, Inc. Despite of its fragmentation, the industry is growing rapidly, due to the fact that out patient ambulatory surgery is usually much less expensive than hospital-based surgery. The nationwide trend towards reducing health care costs should continue to benefit well-run companies such as SurgiCare.
About SurgiCare, Inc.
SurgiCare, Inc., offers licensed, freestanding Ambulatory Surgery Centers for use by physicians and its physician partners and their patients. Freestanding refers to the fact that the facilities are physically and organizationally independent from a hospital. Ambulatory Surgery means surgical procedures which do not require overnight hospitalization after the surgery. The ASC's are run under the guidance of a committee of physician partners. The Company goal is to grow through mergers, acquisitions, and turnkey management contracts in conjunction with physician-involved supervision and potential equity participation within a public company model.
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