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Oxford acquires Medical Imaging Resources for $24 million

by Gus Iversen, Editor in Chief | May 01, 2015
Business Affairs
Oxford enters mobile
medical sector
Through the just-announced acquisition of Medical Imaging Resources (MIR), Oxford Instruments (OI) Healthcare is diversifying its medical portfolio while taking a big stride into the mobile imaging market. Under the OI umbrella, MIR will represent a new segment of the company’s service sector.

This morning DOTmed News spoke with Jeff Fall, president of OI Healthcare, and John Vartanian, president and CEO of MIR, about the agreement. Both executives were upbeat about the deal, saying there is a lot of synergy between the two companies and very little overlap in their areas of specialty.

According to Vartanian, the selling price for MIR came out to roughly $20 million, with OI Healthcare also absorbing about $4 million in bank debt.

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Since 1990, Vartanian's company has specialized in the building and leasing of mobile medical imaging labs. The mobile labs – which are designed for MRI and CT systems from Siemens, GE, Philips, and Toshiba – are custom made in MIR’s factories. Hospitals lease the units as an alternative to costly permanent installations and his company services them.

“Medical Imaging Resources complements OI Healthcare by providing products and services we do not currently offer,” said Fall in a prepared statement. “When coupled with MIR’s long-term commitment to quality and value it is a perfect addition to the OI Healthcare portfolio.”

Vartanian issued the following comments, “With the addition of MIR, OI Healthcare will strengthen the existing service foundations of the business: Maintenance service contracts, spare parts sales, and refurbished system sales. The entry into the mobile imaging market will give OI Healthcare the most diversified product offerings of any independent medical imaging company in the U.S. market.”

MIR currently subcontracts a significant portion of the service work for its mobiles, but once trained, OI Healthcare staff in numerous states across the country could take over that workload and bring the cost margin in-house.

According to Fall and Vartanian, all MIR employees will be retained through the acquisition, and Vartanian will take on an executive role with OI Healthcare as their newly appointed director of business development.

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