MMI Medical merges service firms
MMI Medical has settled on a newname for the integrated operations of subsidiary R Squared ScanSystems and Mediq Equipment and Maintenance Services (MEMS), whichMMI Medical acquired earlier this year. The merged independentservice organizations will be
MMI Medical has settled on a newname for the integrated operations of subsidiary R Squared ScanSystems and Mediq Equipment and Maintenance Services (MEMS), whichMMI Medical acquired earlier this year. The merged independentservice organizations will be known as InnoServ Technologies,MMI Medical reported last month.
MMI Medical of Corona, CA, bought MEMS from competitor Mediqearlier this year with the intention of creating an ISO with acommanding position in the third-party service industry (SCAN6/1/94 and 1/19/94). The increased range of services that thecombined entity can provide has aided InnoServ in its developmentof a multivendor asset management program to service all of ahospital's diagnostic imaging equipment.
MMI Medical last month also reported financial results forthe first quarter (end-July). Revenues were down sharply, withrevenues of $8.7 million in the first quarter of this year comparedto $11 million in the same period a year ago. Income was alsodown, with the firm recording a net $620,000 loss compared tonet income of $816,000 in 1993.
The company said a drop in revenue from equipment maintenanceand service contracts contributed to the lower results. MMI expectsits financial picture to improve as the integration of R Squaredand Mediq is completed.