Triad Isotopes, Inc. (“Triad”), established in 2006 and headquartered in Orlando, FL, is a leading independent radiopharmaceutical company that operates the second largest network of nuclear pharmacies in the U.S. The company has over 50 pharmacy locations across 22 states that distribute nuclear medicine products to a well-established customer base that includes the largest national GPOs, top tier health systems, large national cardiology clinics, and independent diagnostic imaging centers.
The nuclear medicine industry has faced significant headwinds over the last several years that have resulted in a contraction in product volume, significant increases in vendor drug prices, and a material increase in price competition limiting pass-through of such costs, squeezing margins. Triad’s senior management was proactive in addressing these adverse trends, however, the company needed assistance to stabilize the operations, faced a highly levered balance sheet, and was unable to meet its debt service obligations.
Carl Marks Advisors (“CMA”) was engaged to serve as interim management as well as the company’s exclusive investment banker to assist Triad in the exploration of its financial and strategic alternatives. Carl Marks Advisors’ integrated consulting and investment banking platform provided a unique and tailored product offering to quickly address this complex situation. Our operational consultants served as the “boots-on-the-ground” and managed the day-to-day operations and liquidity of the company while our investment banking team evaluated the strategic options available and executed a value maximizing strategy.