ALPHARETTA confirmed the acquisition of heliosDX, a National Clinical Reference Laboratory, by July 1. The firm offers Behavioral Drug Testing, High-Complexity Urine Drug Testing, Oral Fluids, Allergy Droplet Cards, Infectious Disease and NGS Genetic Testing. This will result in significant value addition to Rushnet Inc (OTCMKTS:RSHN) and its shareholders.
heliosDXis hoping to achieve the goal of $6,000,000 for 2021, making the firm profitable as it has achieved both revenue growth as well as profits. Under a binding letter of intent for acquiring a privately held lab, the deal is expected to close by end of quarter 3 or early 4th quarter. This will help the firm achieve annual revenues to over $16,000,000 having significant upside.
The joint operations will boost the company’s specimen capacity and also make room for growth in its infectious disease business, which will outpace toxicology within a year.
The firm is also looking at purchasing the building that a private company occupies, including an empty space for future expansion. The primary acquisition should result in annual revenues for heliosDX of $25,000,000 after a year. Analysts believe that the firm will continue to grow organically and also do acquisitions that can facilitate annual revenues of more than $50,000,000 in just the next two years.
Market Reaction:
On Thursday, RSHN stock soared 10% at $0.0066 with more than 243.63 million shares, compared to its average volume of 268.68 million shares. The stock had moved within a range of $0.0060 – 0.0074 after opening the trade at $0.1075. Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.0249.
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