Prior to IPO Pathology Company Aurora Diagnostics Gets New $335 Million Credit Line

Anatomic pathology firm hopes proposed sale of stock will bring in up to $150 million

Anatomic pathology company Aurora Diagnostics, Inc., of Palm Beach Gardens, Florida, just announced a new credit facility that will give it access to as much as $335 million should all conditions be met. Aurora Diagnostics hopes to raise $150 million from an initial public offering (IPO) of its stock, for which it filed registration documents in April.

Aurora Diagnostics was founded in June 2006, by former Ameripath, Inc., executives James New and Marty Stefanelli and was originally funded by Summit Partners and GSO Capital Partners. Over the past four years, Aurora Diagnostics says it has acquired 17 pathology practices. Its revenue for 2009 totaled $171 million, with EBIDTA (earnings before interest, depreciation, taxes, and amortization) of $28 million and net income of $9 million.


Canadian Lab Leaders Gather in Toronto to Tackle Tough Issues

Executive Edge conference tackles the good, the bad, and the ugly of lab testing

DATELINE: TORONTO, CANADA—Yesterday and today, an impressive cross section of leaders in clinical lab testing, histopathology, and other health specialties in Canada came together. Their goal was to discuss and debate the future of laboratory testing services in Canada at the 4th Executive Edge conference.

If the future state of lab testing in Canada was the theme, ever-present in the background is the current state of laboratory testing. That’s because, since 2005, a number of news stories about deficiencies and failures in cancer testing at different pathology laboratories in Canada have made headlines across the country.