Healthcare Industry News: Novation
News Release - August 2, 2007
ev3 Inc. Awarded Contracts by NovationAccess to ev3's Broad Product Portfolio Will be Established for 2,500 VHA and UHC Member Hospitals and Affiliates
PLYMOUTH, Minn.--(HSMN NewsFeed)--Following an extensive competitive review process, ev3 Inc. (NASDAQ:EVVV ) was awarded three, three-year contracts by Novation, the health care contracting and services company of VHA Inc. and the University HealthSystem Consortium (UHC), two national health care alliances. Beginning Oct. 1, 2007, the nearly 2,500 hospital members and affiliates of VHA and UHC will have access to ev3's comprehensive portfolio of peripheral vascular and neurovascular products through Novation's peripheral interventional, thrombus management and neuro interventional contracts.
ev3's portfolio, which consists of more than 100 products and 1,000 SKUs, includes stents, embolic protection devices, PTA balloons, thrombectomy systems, guidewires, liquid embolics, embolic coils, snares and infusion catheters/wires.
"ev3's breadth of product line and innovative technology offer incredible value beyond price to our members," said Chris Charland, Novation senior director, cardiology contract services.
The largest health care contracting services company in the United States, Novation represents $31.6 billion in annual purchasing volume, 49 percent of the nation's hospital admissions, 90 percent of U.S. academic centers and 52 percent of the nation's surgeries. Approximately $523 million of Novation's purchasing volume comes from the peripheral interventional, thrombus management and neuro interventional portfolios.
"ev3 is proud to be recognized by Novation as a partner capable of delivering a broad product line to its membership," said Jim Corbett, president and CEO of ev3 Inc. "Our inclusion in these contracts is a significant validation of our emerging leadership position in the peripheral and neurovascular markets."
These contract awards follow Novation's signing of a single-source, new technology agreement for ev3's Onyx® Liquid Embolic System, announced by ev3 March 1, 2007.
Based in Irving, Texas, Novation is the leading health care contracting services company, delivering unmatched savings and value to nearly 2,500 members of VHA Inc. and the University HealthSystem Consortium (UHC), two national health care alliances and nearly 9,000 members of Healthcare Purchasing Partners International (HPPI). Through its competitive bid process, Novation develops and manages contracts with more than 500 suppliers, both large and small. By combining scale and agility with clinical knowledge and product expertise, Novation offers the most extensive range of innovative contracting services, including: contract development, contract and supplier management, custom contracting, enhanced savings programs, online contract management and analytical tools, order management and online supplier connectivity. VHA, UHC and HPPI members used Novation and alliance purchased services contracts to purchase $31.6 billion in supplies in 2006.
About ev3 Inc.
ev3 Inc. is a global medical device company focused on endovascular technologies for the minimally invasive treatment of vascular diseases and disorders.
Statements contained in this press release that are not historical information are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied. Such potential risks and uncertainties relate, but are not limited, to, in no particular order: product demand and market acceptance, the impact of competitive products and pricing, and success of clinical testing. More detailed information on these and additional factors which could affect ev3 Inc.'s operating and financial results are described in the company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent quarterly report on Form 10-Q. ev3 Inc. urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the company faces. Additionally, ev3 Inc. undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.
ev3 and the ev3 logo are trademarks of ev3, Inc., registered in the U.S. and other countries.
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