Nuclear Medicine Professionals (NMPI) reported positive first quarter financial gains for the mobile cardiology company, which has lead the managing partners to consider selling the company.
“Revenues are up 29 percent over last quarter, while expenses actually decreased 0.3 percent. Compared to the first quarter of 2007, revenues are up 34 percent and expenses are up only 5 percent. Net revenues increased by 143 percent in the first quarter versus last quarter and are up 148 percent as compared to the same quarter last year,” said NMPI Chief Financial Officer Traci Millett, who credits the growth to the addition of new accounts, as well as strict financial management of expenses.
“It took us two years to build the business to the point where we needed to invest in a third mobile unit. Now, after just a few months of having the third unit in operation, we need a fourth,” said John Millett, president and CEO of NMPI.
The rapid growth has led the partners to consider future plans for NMPI. “Right now, we're at that point where a relatively small business has the momentum to become huge. Of course, that requires a great deal of time and investment,” said Mr. Millett.
“I think NMPI is perfectly positioned for sale. We have a very healthy profit margin, little corporate debt and an excellent team of professionals in place," continued Mr. Millett. “I think we're ready to hand over the reigns to someone who can take NMPI into the next stage of its development.”
Right now, the company said that NMPI only operates in North and Central Florida.
The partners intend to begin interviewing brokers in the next several weeks, according to the Gainesville, Fla.-based company.