Graymark Healthcare lands new investor
OKLAHOMA CITY – Graymark Healthcare, a provider of diagnostic sleep services, has agreed to a new equity investment from Oklahoma Health Partners (OHP), according to a press release. OHP intends to purchase 1.4 million shares of Graymark’s common stock for $650,000. The funds will be used to right-size the company, according to company officials. “We recently initiated a cost reduction plan that is expected to save the company approximately $2 million in 2013,” stated Stanton Nelson, CEO of Graymark, in the release. “In addition to the cost reductions, which include reductions in our labor force, corporate expenses and bad debt expenses, we are developing a plan to identify and close underperforming lab locations.” Graymark’s net revenues for the third quarter of 2012 were $4.3 million, decreasing 4.3% from $4.5 million in the same quarter of 2011. The decrease was primarily due to lower reimbursement rates for sleep studies and CPAP devices, according to the release.