Download as PDF, PPTX
More Related Content
![Nobilis health corporate presentation march 3.23.18 final[2]](https://cdn.slidesharecdn.com/ss_thumbnails/nobilishealthcorporatepresentationmarch3-180326145006-thumbnail.jpg?width=640&height=640&fit=bounds)
Similar to Nobilis health presentation june2018 final
Nobilis health presentation june2018 final
- 1. Private Lender PresentationNYSEAmerican: HLTH | NEO: HLTH June 2018 Corporate Presentation 1
- 2. This presentation containsforward-looking information (within the meaning of applicable securities laws) relating to the business of Nobilis Health Corp. (the "Company") and the environment in which it operates. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results, economic or market conditions, industry specific information, and the outlook of or involving the Company and its business. Such forward looking information or statements are typically identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. Forward-looking information, including any financial outlooks, is provided for the purpose of providing information about management's expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that the Company believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct and the forward-looking information, including the financial outlooks included in this Presentation, should not be unduly relied upon. Those assumptions and expectations are based on information currently available to the Company, including the historic performance of the Company's business. Such assumptions include anticipated financial performance, current business, industry and economic trends, and business prospects and are subject to the risks and uncertainties which are discussed in the Company's regulatory filings available on the Company's web site at www.NobilisHealth.com or at www.sec.gov. Any forward-looking statements that we make are based on assumptions as of today, and we undertake no obligation to update them. The Company’s management has approved the financial outlooks contained in this presentation. FORWARD-LOOKING INFORMATION 2
- 3. LOCATIONS • 11 marketsacross 5 states • 5 surgical hospitals • 12 ASCs • 16 multi-specialty clinics • 34 partner facilities STRATEGY • Optimized case mix and payor mix across the portfolio • Higher acuity procedures leading to higher levels of reimbursements • Focus on minimally invasive procedures • Compelling value proposition for physicians, patients, and payors • Low Cap-Ex requirements • Scalable platform enables nationwide growth COMPANY OVERVIEW DIRECT-TO-PATIENT MARKETING MODEL • Branded procedures drive additional surgical volume to nationwide network of facilities • Capitalizes on growing trend of consumerism in healthcare • Drives organic growth $300 million in Revenue & $41 million in Adjusted EBITDA, FY 2017 3
- 4. UNIQUE MARKETING MODEL •Multiple marketing channels drive organic volume growth • Proprietary technology platform targets prospective patients • Strong value proposition: Superior patient experience that expands physicians’ practices ATTRACTIVE FINANCIAL PROFILE PATIENT-CENTRIC VALUE PROPOSITION FAVORABLE PAYOR AND PROCEDURE MIX ATTRACTIVE INDUSTRY FUNDAMENTALS EXPERIENCED MANAGEMENT TEAM • Low leverage • Low capital expenditure requirements • Stable cash balance • Unique marketing model increases case volume and provides superior patient experience • Offers optimal surgical environments that result in better overall quality of care • Offers ancillary services that lead to better efficiency and outcomes • Marketing segment targets higher acuity cases resulting in a highly attractive case mix • Procedure diversification increases the stability of the revenue base • Minimal government payor claims reduces risk of Medicare/Medicaid rate changes • 66% of all surgeries are outpatient with >50% performed in ASCs vs. 32% in 2005 • Lower cost, high quality outpatient setting; trend toward increased consumerism in healthcare • Abundance of desirable acquisition opportunities due to fragmented market • Strong management team with healthcare and M&A experience • Seasoned Ops team leads to financial and operational efficiencies • Strong in-house and outside legal team to safely navigate complex healthcare space INVESTMENT HIGHLIGHTS 4
- 5. UNIQUE PATIENT ACQUISITIONMODEL • Acquires patients from physician partners • Physicians often form partnerships with inequitable percentages: • Productive doctors resent less productive doctors • Management Co. only manages and does not drive patients to centers • Must rely on physician partners to grow their practices to then bring more patients • No vertical integration Traditional Model The Nobilis Health Model • Nobilis Health owns and manages its facilities • Drive patient flow to our facilities • Control the patient experience through an expanding continuum of care: • Patient acquisition • Primary care • Ancillaries • Surgeries • Post-Op Nobilis Health Clinically Integrated Network Physician Partners Direct to Consumer Marketing Joint Marketing with Physicians Nobilis Health Employed Primary Care Physicians Physician Partners (Minority Ownership) 5 • Ownership is just one of several alignment opportunities between physicians and Nobilis Health • Acquire patients through: • Direct to Consumer Marketing • Employment of Primary Care Physicians • Clinically Integrated Network • Joint Marketing with Physicians • Physician Partners (Minority Ownership)
- 6. BUSINESS OVERVIEW 6 Bariatrics 19% GeneralSurgery 5% GI 1% Obstetrics & Gynecology 3% Orthopedic Surgery 11% Otolaryngology 5% Pain 26% Podiatry 3% Plastic & Reconstructive 10% Spine 12% Vascular 5% 2017 Case Mix 2017 Payor Mix BCBS TX 17% BCBS Other 12% Aetna 11% Cigna 8% UHC 18% Commercial 10% Self Pay 14% Workman Compensation 3% Medicare 6% Other 1% *Note: Measured as a percent of case volumes
- 7. BUSINESS OVERVIEW 7 Case VolumeRevenue Per Case 8,740 17,814 19,941 18,757 0 5,000 10,000 15,000 20,000 25,000 2014 2015 2016 2017 CaseVolume $9,611 $12,867 $14,329 $15,979 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 2014 2015 2016 2017 RevenueperCase * Note: Based on the Company’s average 2017 revenue per case figure of $15,979, the impact of Hurricane Harvey in the Houston market led to an estimated loss of volume within the range of 950—1,250 cases in 2017. *
- 8. ELITE TRANSACTION 8 E-ROSC Elite Sinus Spine& Ortho (HOPD of OakBend Health System) E-MSC Houston Metro Orthopedic & Spine Surgery Center (HOPD of OakBend Health System) E-TSC Elite Center For Minimally Invasive Surgery (HOPD of OakBend Health System) E-HSE Hospital For Surgical Excellence (HOPD of OakBend Health System) DEAL OVERVIEW KEY TAKEAWAYS • $34.5M Revenue* • $13.7M Adj. EBITDA* • 100% in-network • Closed November 16, 2017 • 50.1% ownership • $60mm purchase price • 4 facilities in Houston, Texas • 1 surgical hospital • 3 HOPD-ASCs NOTES -The revenue recorded by Nobilis is equal to approximately 70% of facility revenues, less certain operating expenses -Adj. EBITDA is shown as net of non-controlling interests, or net- to-Nobilis. * References FY2018 projected results. All figures shown are net-to-Nobilis. Revenue varies from 8-K filed on November 21, 2017 due to a change in the way certain operating expenses are treated for accounting purposes. Specifically, GAAP requires that certain operating expenses that are reimbursed to OakBend Health System by the management company be treated as a reduction in revenues and not as expense.
- 9. Private Lender Presentation INDUSTRYOVERVIEW 9
- 10. AMBULATORY SURGICAL CENTERS(ASCs) • Outpatient only • > 5,500 ASCs nation-wide • 75%+ owned by independent physician groups • Full-service hospital • Inpatient and outpatient • > 5,700 hospitals nation-wide • 60%+ not-for-profit SPECIALTY SURGICAL HOSPITALS (SSHs) • Typically outpatient focused • Inpatient and outpatient • ~300 SSHs nation-wide SURGICAL SETTING BACKGROUND TRADITIONAL HOSPITALS NOBILIS HEALTH 10
- 11. INDUSTRY GROWTH • Efficientcost structures • Increased government focus on healthcare • Aging population • Despite recent consolidation activity, the ASC industry remains highly fragmented • Industry revenues expected to grow 7.5% as the population ages and the newly insured access care, reaching $40 billion annually • The eight largest ASC owner/operators comprise ~22% of the overall market • > 50% of outpatient surgeries performed in ASC setting vs. 32% in 2005 GROWTH OF THE ASC INDUSTRY Projected ASC Industry Revenue Independent operators, hospitals, & small chains comprise 78% of ASCs in the U.S. ($ in billions) $16 $17 $19 $20 $21 $22 $23 $25 $27 $30 $32 $34 $36 $38 $40 $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E Source: CSM, Equity Research, IBIS healthcare expenditures estimates, Becker’s. 11
- 12. THE SPINE SHIFT •Spine procedures shifting from inpatient to outpatient • Key spine procedures have stronger tailwinds due to demographics and improvements in technology • ~31 million Americans suffer from chronic back pain • ~600,000 Americans undergo spine surgery every year INPATIENT SPINE DISCHARGES 2014 - 2019 SHIFT TO OUTPATIENT OUTPATIENT SPINE DISCHARGES 2014 - 2019 Note: Growth rate data reflects U.S. market. Source: Wall Street Research. Advanced Imaging 13% Arthrocentesis / Injections 5% Rehab & Chiropractic 14% Standard Imaging 13% E&MVisits 17% Fusion Surgery Spinal Decom. / Laminec. Vertebral Augmentation 23% 27% 25%17% -9% -5% -2% 2% -11% Nobilis Health Key Procedures Lumbar / Thoracic Fusion Cervical Fusion No Procedure and Diagnostics Spinal Decompression/ Laminectomy Vertebral Augmentation Procedures Revision Spinal Procedure 12
- 13. Private Lender Presentation GROWTHSTRATEGY 13
- 14. MARKETING EXPERTISE DRIVESORGANIC GROWTH • Multiple marketing channels drive volume growth at hospitals, ASCs, ancillary service lines, and clinics • Bundled payment capabilities • Strategically adding new marketing brands to portfolio • Branded referral program, 360 Concierge SERVICE LINES AND SPECIALTIES • Continue optimizing case mix to maximize revenue potential • Increase the volume of high acuity procedures that benefit from higher levels of reimbursement • Identify and develop additional service lines appropriate for outpatient environment GROWTH STRATEGY ACQUISITION OPPORTUNITIES • Highly fragmented market with many ideal acquisition targets • Focus on targets that allow Nobilis Health to cross-sell service lines and leverage marketing capabilities • Pursuing in-network targets that are amenable to Nobilis Health marketing platform and allow the Company to leverage existing infrastructure • Acquisition strategy includes facilities and clinical practices 1 3 2 4 OPERATIONAL LEVERAGE • Focus on driving cost reductions throughout system • Identify and achieve greater economies of scale as Nobilis Health continues acquiring new businesses and expanding its platform • Experienced leadership team with decades of healthcare experience • Clinically integrated network for contracting and care coordination 14
- 15. 15 Nobilis Brands Lead GenerationConcierge Service § Inside sales team and IT platform to maximize patient experience § 9 brands marketed directly to patients via omni-channel marketing strategy Patient Tracking Conversion to Surgical Patient § Patient education, medical review, insurance verification, and surgical scheduling § Patient follow-up, experience surveys, and referrals • Marketing and technology platform that targets prospective patients • Unique value proposition to physicians; superior patient experience • Generates higher acuity cases vs. traditional referral model • Scalable revenue driver • In-house marketing team works one-on-one with physicians to develop and distribute customized marketing plans • Helps to expand physicians’ practices, while also driving additional volume to facilities • High average ROI Direct-to-Consumer Marketing Physician Sales High-Touch Marketing Model UNIQUE PATIENT ACQUISITION STRATEGY
- 16. NEUROMONITORING • Specialties: spine,neuro, orthopedic, Cardiovascular, and ENT surgery • 5 states with 54 different facilities (Nobilis & Non- Nobilis) ANESTHESIA • Specialties: spine, bariatrics, ENT, orthopedic, plastic, and general surgery • All Nobilis Health facilities • Helps recruit partner physicians FIRST ASSIST • Specialties: spine, bariatrics, ENT, orthopedic, plastic, and general surgery • Higher trained providers with Nobilis Health PHYSICAL THERAPY • Launched April 2017 as a hospital outpatient department of Plano Surgical Hospital • Provides patients and physicians with a partner within Nobilis Health’s continuum of care ANCILLARY SERVICES 16 BENEFITS • Continuity of care for patients • Improves patient outcomes • Increases patient and physician satisfaction • Helps recruit top physicians • Maximizes revenue by capturing additional revenue streams per patient DEVELOPMENT • Nobilis Health actively seeks potential M&A targets in the ancillary services space • Focus on acquisitions with revenue potential system wide • Increased capabilities position Nobilis Health to execute alternative payment methodologies for payors PATIENT CENTRIC STRATEGY • Efficient use of capital and operating resources • Treat same level of demand with less capacity then stand alone facilities • Results in increased productivity, lower staffing requirements and reduced operating and unit costs
- 17. • Concertis isNobilis Health’s Clinically Integrated Network (CIN) of healthcare providers, ancillary providers, and facilities that improves the patient experience across the continuum of care • The CIN captures referrals from primary care physicians to coordinate patient care with Nobilis Health ancillary providers, surgeons and facilities • 360 Concierge and the physician portal, divisions of Concertis, allow providers the ability to monitor patient care as they move through the Nobilis Health continuum of care • Launched in May of 2017, the 360 Concierge platform has generated over 1,000 referrals and approximately of $2.3M in referral-driven procedure revenue in 2017 • The platform currently enrolls over 100 referring physicians across Nobilis’ three core markets • Align with physicians through employment, bundled payment products, 360 Concierge, and other financial and clinical products CONCERTIS STRATEGY PRIMARY CARE PRACTICES • Less expensive to acquire than specialists • Allows Nobilis Health to control patient experience across the continuum of care • Feeds volume into bundled payment and 360 Concierge • Achieves clinical integration • Brings physicians into our narrow network • Nobilis Health’s care navigators are trained health care professionals who serve as patient concierges, guiding patients through the entire episode of care from diagnosis to post-surgical care 17
- 18. Private Lender Presentation FINANCIALOVERVIEW 18
- 19. FINANCIAL PERFORMANCE 19 TOTAL REVENUE& ADJUSTED EBITDA *2018 Guidance provided on March 8, 2018 Revenue: $345M-$355M Adj. EBITDA: $57M-$62M TotalRevenue Adj.EBITDA $31 $84 $229 $286 $300 $345- $355 $3 $11 $40 $34 $41 $57-$62 $0 $10 $20 $30 $40 $50 $60 $70 $0 $50 $100 $150 $200 $250 $300 $350 $400 2013 2014 2015 2016 2017 2018E Total Revenue Total Adjusted EBITDA (Millions)
- 20. ORGANIC vs. ACQUISITIONGROWTH $0 $50 $100 $150 $200 $250 $300 $350 2013 2014 2015 2016 2017 TotalRevenue Total Organic Revenue Total Acquired Revenue Total Rev: $31mm YoY Growth: $10mm Total Rev: $84mm YoY Growth: $53mm Total Rev: $229mm YoY Growth: $145mm Total Rev: $286mm YoY Growth: $57mm 20 YEAR-OVER-YEAR ORGANIC GROWTH Total Rev: $300mm YoY Growth: $14mm (Millions)
- 21. 21 KEY METRICS Adjusted EBITDAfor Q1 of 2018 totaled $5.1 million, an increase of 152.7% over Q1 of 2017 Pro Forma Adjusted EBITDA for the TTM ended 3/31/2018 was $52.9 million (includes full year of Elite operations) STOCK SNAPSHOT (6/7/2018) FINANCIAL SNAPSHOT (3/31/2018) Symbol (NYSE American) HLTH Share Price $1.30 Market Cap $101.6M Shares Outstanding 78.2M Float 57M Insider Ownership 27% EV/Revenue (2018E) 0.58x EV/EBITDA (2018E) 3.42x Cash $23.2M Accounts Receivable $133.4M Net Income ($3.9M) Adjusted EBITDA $5.1M Fully Diluted EPS ($0.05) Total Debt $125.3M Net Debt $102.1M Leverage Ratio 2.8x
- 22. 22 FINANCIAL STATEMENT HIGHLIGHTS INCOMESTATEMENT STATEMENT OF CASH FLOWS BALANCE SHEET As of 3/31/2018 (Millions) Cash $23.2 Total Assets $417.8 Total Debt $125.3 Total Liabilities $209.9 Net Cash Provided by Operating Activities $2.7 Net Cash Used For Investing Activities $(0.6) Net Cash Provided by Financing Activities $(1.3) Total Revenue $64.5 Operating Expenses Salaries and Benefits Drugs and Supplies General and Administrative Bad Debt (recovery) Exp Depreciation and Amortization Total Operating Expenses Corporate Expenses Salaries and Benefits General and Administrative Legal Depreciation Total Corporate Expenses $16.2 $9.9 $28.3 $1 $4.6 $60.1 $2.6 $3.5 $0.8 $0.09 $7.1 Net Income $(3.9) Adjusted EBITDA $5.1
- 23.
- 24. HARRY FLEMING Chief ExecutiveOfficer & Chairman of the Board • Joined Nobilis Health in 2010 • Previously served as CFO, President and Executive Chairman of Nobilis • Earned an MBA from Boston College, a J.D. from the University of Houston, and a B.A. from the University of St. Thomas • Joined Nobilis Health in 2010 • Previously served as Chief Operating Officer & Chief Business Development Officer at Nobilis • Founder & CEO of Diagnostic and Interventional Spine Centers • Doctorate from Texas Chiropractic College • Joined Nobilis Health in 2017 • Previously served as Divisional CFO for St. Jude Medical’s America division • Licensed CPA • Earned an MBA from the University of Texas at Austin • Joined Nobilis Health in 2014 • 15 years of healthcare sales and business development • Previously held successful sales leadership positions at Intuitive Surgical, Medtronic, and Pfizer • Earned a B.A. from Rhodes College • Joined Nobilis Health in 2016 • Partner at Baker Donelson, specializing in health law and served as a Director of Legal Services at Houston Methodist Hospital System • Earned a J.D. from the University of Houston and B.A. cum laude from Rice University MANAGEMENT TEAM KENNETH EFIRD President DAVID YOUNG Chief Financial Officer PATRICK YODER Chief Revenue Officer MARISSA ARREOLA Chief Strategy Officer / President, Concertis 24
- 25. MARC CELIA Executive VicePresident of Operations • Joined Nobilis Health in 2017 • 20 years of operational and managerial experience in the healthcare industry • VP of Continuous Improvement for United Surgical Partners International/ Tenet Healthcare (“USPI”) and CEO of Memorial Hermann Surgical Hospital Kingwood, in Houston, Texas • M.S. in Healthcare Management-Emergency Services from University of Maryland • Joined Nobilis Health in 2015 • Previously served as CFO at Northstar Healthcare LLC and Nobilis Health • 20 years of financial and accounting reporting in the healthcare industry • Earned an M.B.A. from Texas Woman’s University and a B.S. from Sacred Heart University • Joined Nobilis Health in 2017 • Previously served as Director of Marketing for Travelocity and Director of Online Marketing at Hotels.com • Earned a J.D. from University of Tennessee College of Law and a B.S. from Vanderbilt University • Joined Nobilis Health in 2014 • 10 years of finance & accounting experience in the healthcare industry, including HCA & Tenet • Earned an M.B.A. from University of Texas – San Antonio and a B.S. from New York University MANAGEMENT TEAM KENNETH KLEIN Chief Financial Officer of Operations PHIL AYRES Chief Marketing Officer BRANDON MORENO Senior Vice President of Finance 25
- 26. TEXAS (DALLAS ANDHOUSTON) EQUITY First Surgical Hospital -------------------------------------------------------------------------- 51% Hermann Drive Surgical Hospital ---------------------------------------------------------- 55% Plano Surgical Hospital ----------------------------------------------------------------------- 100% Hospital for Surgical Excellence of Oak Bend-------------------------------------------- 50.1% ARIZONA (SCOTTSDALE) Scottsdale Liberty Hospital ------------------------------------------------------------------ 75% NOBILIS HEALTH FACILITIES Hospitals 26
- 27. TEXAS (DALLAS, HOUSTON,AND EL PASO) EQUITY First Street Surgical Center (HOPD) ------------------------------------------------------- 51% Kirby Surgical Center -------------------------------------------------------------------------- 25% Medical Park Drive Specialty Center (HOPD) -------------------------------------------- 51% Elite Center for Minimally Invasive Surgery (HOPD) ----------------------------------- 50.1% Houston Metro Orthopedic & Spine Surgery Center (HOPD) ----------------------- 50.1% Elite Sinus Spine & Ortho (HOPD) ---------------------------------------------------------- 50.1% Mountain West Surgery Center (HOPD) -------------------------------------------------- 100% Uptown Surgery Center (HOPD) ---------------------------------------------------------- 100% ARIZONA (PHOENIX, SCOTTSDALE, AND TUCSON) Northstar Healthcare Surgery Center – Scottsdale -------------------------------------- 100% Chandler Surgery Center ---------------------------------------------------------------------- 100% Oracle Surgery Center -------------------------------------------------------------------------- 100% Phoenix Surgery Center ------------------------------------------------------------------------ 100% NOBILIS HEALTH FACILITIES ASCs 27
- 28. TEXAS (DALLAS, HOUSTON,ROUND ROCK, SAN ANTONIO) EQUITY Hamilton Vein Sugar Land Clinic ------------------------------------------------------------- 100% Hamilton Vein Woodlands Clinic ------------------------------------------------------------ 100% Hamilton Vein Clear Lake Clinic -------------------------------------------------------------- 100% Hamilton Vein Katy Clinic ---------------------------------------------------------------------- 100% Hamilton Vein Stone Oak Clinic --------------------------------------------------------------- 100% Hamilton Vein Round Rock Clinic ------------------------------------------------------------- 100% Piney Point Women’s Center (HOPD) ------------------------------------------------------- 51% P5 Performance (HOPD) ------------------------------------------------------------------------ 100% Evolve Weight Loss Experts -------------------------------------------------------------------- 100% ARIZONA (CHANDLER, GLENDALE, PHOENIX, SCOTTSDALE, AND TUCSON) Arizona Vein & Vascular Chandler Clinic ---------------------------------------------------- 100% Arizona Vein & Vascular Oracle Clinic ------------------------------------------------------- 100% Arizona Vein & Vascular Phoenix Clinic ----------------------------------------------------- 100% Arizona Vein & Vascular Surprise Clinic ---------------------------------------------------- 100% DeRosa Medical Clinic – Glendale ----------------------------------------------------------- 100% DeRosa Medical Clinic – Chandler ----------------------------------------------------------- 100% DeRosa Medical Clinic – Scottsdale ---------------------------------------------------------- 100% NOBILIS HEALTH FACILITIES Clinics 28
- 29. NOBILIS HEALTH BRANDS NorthAmerican Spine The flagship brand, North American Spine offers innovative, minimally invasive back and neck surgeries and enjoys a solid track record of superior outcomes. The minimally invasive, laser spine procedures enjoy high recognition in their markets and the aging population encourages strong natural growth. Clarity Vein & Vascular Clarity Vein and Vascular provides minimally invasive surgical treatment of painful and/or unsightly vascular conditions ranging from the relatively benign, like varicose or spider veins, to the dangerous, like deep vein thrombosis or peripheral artery disease. Hamilton Vein Center Hamilton Vein and Vascular is a full-service clinical practice with multiple Texas locations and an impressive record of successful treatments. Adept at cosmetic procedures for conditions like spider and varicose veins, the practice also excels at diagnosing and treating potentially harmful underlying conditions. Migraine Treatment Centers of America Migraine Treatment Centers of America is the exclusive provider of the Omega™ Procedure, a non-pharmaceutical surgical implant for the relief of chronic migraine pain. Increasing awareness of neurostimulation techniques, vocal support from past patients, and favorable insurance policies position the brand as very high growth. Arizona Vein & Vascular Center Arizona Vein and Vascular is a mature practice in the Phoenix/Scottsdale area that, like Clarity Vein and Vascular, provides minimally invasive treatment of venous conditions and disorders from the unsightly to the dangerous. MIRI Women’s Health MIRI Women’s Health focuses on minimally invasive surgeries for gynecological conditions and offers second opinions for those seeking an alternative to traditional hysterectomies. Evolve Evolve, a bariatric surgery brand, benefits from increasing medical consensus on the health benefits of bariatric surgery over conventional diet and exercise for the significantly or morbidly obese. Nationally rising rates of obesity and more farsighted, preventive insurance policies poise the brand for strong growth. Onward Orthopedics Onward Orthopedics treats non-spine joint issues for patients of all ages and types. The brand benefits from partner physicians with solid histories of high-profile sports clients, and can provide referrals to the North American Spine and NueStep brands. NueStep NueStep focuses on the minimally invasive relief of foot and ankle pain due to nerve entrapment and a variety of other podiatric issues. The brand’s success is a result of educational marketing campaigns designed to correct a historical under-appreciation of foot pain and therapeutic modes used to address it. 29
- 30. Private Lender Presentation NYSEAmerican: HLTH|NEO:HLTH 30