BUSINESSES FOR SALE

For Sale:

iRISE Spine & Joint Institute

Opportunity Overview

iRISE Spine & Joint Institute (“iRISE” or the “Company”) offers full-spectrum spinal and extremity care, including imaging, chiropractic, physical therapy, pain management, and surgical services.

Company Overview

Locations & Staff

• Florida: 8 locations throughout South Florida offering a full continuum of care.
• Employees: 80 employees across all locations and headquarters.

Services Provided

1. Chiropractic/PT Care: Services available across 8 locations in Florida, some co-located with orthopedic care.
2. Pain Management and Surgical Services: Locations offer services ranging from steroid injections to spinal surgery.
3. Diagnostic and Ancillary Services: Includes MRI, patient transportation, and emergency medical diagnosis services.

Revenue Sources

• Chiropractic Revenue: 33%
• Ortho Surgical Revenue: 25%
• Ortho Non-Surgical Revenue: 26%
• MRI Revenue: 16%

Assets

• Accounts Receivable: $74 Million Post Acquisition, $50.2 Million Pre Acquisition.
• Intellectual Property: Name, trademarks, phone numbers, domain name, and website.
• Furniture, Fixtures, & Equipment
• Patient Lists and Biographical Information
• Referring Attorney List and Information

Current State of Affairs

• Legal Status: On September 7, 2022, iRISE filed for an Assignment for the Benefit of Creditors (ABC) under Florida Statute 727. Since the petition date, the Assignee has continued operations with the goal of selling the company as a going concern.
• Profitability Initiatives:
  • Closure of 9 unprofitable locations and its headquarters.
  • Consolidation of the organizational chart.
  • Changes in accounts receivable collection processes.

Unaudited Financial Summary (2023)

• Revenues: $14,756,970
• Cost of Goods Sold (COGS): $1,770,917
• Gross Profit: $12,986,053
• SG&A: $11,839,796
• Adjusted EBITDA: $1,146,257
• Net Income: ($5,613,089)

Revenue Breakdown & Annual Patient Visits (2023 Totals)

• Ortho Surgical Revenue: 25%
• Ortho Non-Surgical Revenue: 26%
• Chiropractic Revenue: 33%
• MRI Revenue: 16%
• Annual Patient Visits:
  • Ortho: 9,757
  • MRI Scans: 3,500
  • Chiropractic: 39,889
  • Procedures: 1,326
  • Surgeries: 159

Key Considerations for Buyers

1. Market Position: iRISE holds a unique position by offering a full continuum of spine and extremity care.
2. Revenue Management: Diverse payer sources and specialized administrative staff ensure efficient revenue management.
3. Profitability Measures: Recent cost-cutting and efficiency measures aim to enhance profitability.
4. Growth Potential: The consolidation and focus on profitable operations provide a stable foundation for future growth.
5. Legal and Financial Due Diligence: Given the recent ABC filing, thorough due diligence is essential to understand liabilities and financial health.

Conclusion

iRISE Spine & Joint Institute presents a valuable opportunity for investors or healthcare companies looking to expand their services in spinal and extremity care. The ongoing efforts to streamline operations and increase profitability, along with a well-established presence in South Florida, make it a promising acquisition target.

For more detailed information or to schedule a visit, please contact: Will Reynoso Phone: 954-252-1560 Email: wreynoso@moecker.com