Premier, a healthcare provider that offers products and services to clinics and hospitals, is looking at strategic alternatives, including a possible sale.
Premier's revenue has declined 9% (under $1B) and net income to shareholders 35% in the nine months ending March 31, compared to the same period a year earlier.
- Following a 24% decline this year, Premier's shares increased 9.7% in after-hours trading in response to the announcement.
- The hospital's bottom line has suffered due to how the COVID-19 outbreak has impacted hospital operations.
- The North Carolina-based healthcare company's board has formed an independent committee, advised by JPMorgan and financially by BofA Securities, to explore potential sales, recapitalization, and partnership options.
- CEO Michael Alkire announced this sale review due to the changing market and challenging operating environment.