FORT LAUDERDALE, Fla.,
Feb. 1, 2022 /PRNewswire/
-- Convey Health Solutions Holdings, Inc. (NYSE: CNVY)
(Convey), a leading healthcare technology and services company,
announced today that it completed the previously announced
acquisition of HealthSmart International
(www.livehealthsmart.com).
The acquisition enhances Convey's ability to provide
best-in-class services to the nation's top health plans, pairing
HealthSmart's diverse portfolio of health, wellness and diagnostic
products centered on home-based care with Convey's innovative
supplemental benefits offering to enable a better health experience
for their members. Convey intends to leverage HealthSmart's supply
chain and logistics expertise to distribute high-quality products
to members faster and more efficiently.
Stephen Farrell, CEO for Convey,
shared, "We are thrilled to welcome the HealthSmart team to the
Convey family. Our previously announced longitudinal study shows
that members with chronic conditions experience better health
outcomes when they have access to high quality products. This
platform increases access for members and expands our supplemental
benefit product offering, thereby allowing Medicare members to live
more healthy and independent lives at home."
The transaction was financed exclusively with debt due to
Convey's strong balance sheet and will be immediately accretive to
the company's shareholders.
About Convey Health Solutions | Convey Health
Solutions is a specialized healthcare technology and services
company that is committed to providing clients with
healthcare-specific, compliant member support solutions utilizing
technology, engagement, and analytics. Convey Health Solutions'
administrative solutions for government-sponsored health plans help
to optimize member interactions, ensure compliance, and support
end-to-end Medicare processes. By combining its best-in-class,
built-for-purpose technology platforms with dedicated and flexible
business process solutions, Convey Health Solutions creates better
business results and better healthcare consumer experiences on
behalf of business customers and partners. Convey Health Solutions'
clients include some of the nation's leading health insurance plans
and pharmacy benefit management firms. Their healthcare-focused
teams help several million Americans each year to navigate the
complex Medicare Advantage and Part D landscape. To learn more
about Convey Health Solutions, please visit
www.ConveyHealthSolutions.com.
Forward-Looking Statements
This press release contains "forward-looking statements,"
including statements relating to the purchase by Convey of all of
the outstanding equity of HealthSmart and the combined financial
performance of Convey and HealthSmart. These statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
neither historical facts nor assurances of future performance.
Instead, they are based on our current beliefs, expectations, and
assumptions regarding the future of our business, future plans and
strategies and other future conditions. Such forward-looking
statements may include, without limitation, statements about future
opportunities for us and our products and services, our future
operations, financial or operating results, including our 2021
financial guidance, our excitement to continue leveraging
data-driven insights to help new and existing health plan customers
keep improving member outcomes as they become more focused on
value-based care, that our liquidity and modest levels of debt
position us well for both new product development and strategic
M&A initiatives, anticipated business levels, our ability to
create value for our clients and serve their business objectives,
future earnings, planned activities, anticipated growth, market
opportunities and our expectations with respect to the growth of
the markets in which we compete, including the Medicare Advantage
market, trends in the markets in which we compete, strategies,
competitions and other expectations and targets for future periods.
In some cases, you can identify forward-looking statements because
they contain words such as "anticipate," "believe," "estimate,"
"expect," "intend," "may," "predict," "project," "target,"
"potential," "seek," "will," "would," "could," "should," continue,"
contemplate," "plan" and other words and terms of similar meaning.
Forward-looking statements are subject to known and unknown risks
and uncertainties, many of which may be beyond our control. We
caution you that forward-looking statements are not guarantees of
future performance or outcomes and that actual performance and
outcomes may differ materially from those made in or suggested by
the forward-looking statements contained in this press release. In
addition, even if our results of operations, financial condition
and cash flows, and the development of the markets in which we
operate, are consistent with the forward-looking statements
contained in this press release, those results or developments may
not be indicative of results or developments in subsequent periods.
New factors emerge from time to time that may cause our business
not to develop as we expect, and it is not possible for us to
predict all of them. Factors that could cause actual results and
outcomes to differ from those reflected in forward-looking
statements include, among others, the following: our ability to
retain our existing clients or attract new clients; our dependence
on a small number of clients for a substantial portion of our total
revenue; limitations of our clients' growth prospects, and the
failure of the size of the total addressable markets in which we
compete or expect that we may compete in the future to grow at
rates currently expected; increases in labor costs, including due
to changing minimum wage laws, and an overall tightening of the
labor market; an economic downturn or volatility, including as a
result of the ongoing COVID-19 pandemic; developments in the
Medicare Advantage market or the healthcare industry generally,
including with respect to changing laws and regulations; security
breaches, failures or other disruptions of the information
technology systems used in our business operations or by our
vendors; our ability to obtain, maintain, protect and enforce our
intellectual property and proprietary rights; our ability to
operate our business without infringing, misappropriating or
otherwise violating the intellectual property or proprietary rights
of third parties; our substantial indebtedness, and the
restrictions imposed by our indebtedness on our subsidiaries; a
material weakness in our internal control over financial reporting
and a failure to remediate a material weakness, and the
effectiveness of our internal controls over financial reporting;
and the significant influence our principal stockholder, TPG, has
over us. For a further discussion of these and other factors that
could impact our future results, performance or transactions,
including the purchase by Convey of all of the outstanding equity
of HealthSmart, see the section Part II, Item 1A "Risk
Factors" included in our Form 10-Q for the period ended
September 30, 2021 and our other filings with the SEC. Given
these uncertainties, you should not place undue reliance on these
forward-looking statements. It is not possible for us to predict
all risks, nor can we assess the impact of all factors on our
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements we may make. We qualify
all of the forward-looking statements in this press release by
these cautionary statements. Except as required by law, we
undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Media Contact
Tom
Pelegrin
Senior Vice President & Chief Revenue Officer
investorrelations@conveyhs.com
Investors Contact
Kevin
Ellich
ICR Westwicke
ConveyHealthIR@westwicke.com
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SOURCE Convey Health Solutions
