CCS Medical Holdings knows that doorstep delivery is just a convenience for many, but it's critical for patients with chronic conditions. The company provides mail-order delivery of medical supplies to treat diabetes, as well as chronic wounds, incontinence, respiratory ailments, and other illnesses. CCS distributes a variety of drugs and medical supplies including blood glucose meters, catheters, insulin pumps, nebulizers, and ostomy and wound care supplies. It is one of the largest providers of respiratory medications and diabetes testing supplies to Medicare customers. The company emerged from Chapter 11 bankruptcy protection in 2010.
CCS Medical filed for Chapter 11 in mid-2009 to cut its debt load from $522 million to about $200 million; the company emerged from restructuring after successfully reducing its debt load and exchanging its lender's lien claims for new equity in the company in March 2010. CCS Medical had voluntarily chosen to file for bankruptcy to protect its capital and then proceeded to negotiate financing from a group of lien holders. After its first restructuring plan was rejected by the bankruptcy court, the company had announced plans to sell substantially all of its assets through a bankruptcy auction; however, no qualifying bids were received and the auction was canceled. CCS Medical then filed and received approval for a second reorganization plan in early 2010; that plan allowed the company to continue on with its operations while restructuring its debt obligations and giving its lenders equity.
As part of its 2009 restructuring efforts, CCS Medical sold its Sanvita subsidiary to equipment manufacturer Nova Biomedical. Sanvita had been the exclusive distributor of Nova Biomedical's NovaMax brand of blood glucose monitoring products, so the deal simply allowed Nova Biomedical to self-distribute.
Even after the Sanvita sale, diabetes-related products remain CCS' largest product line, as the company distributes diabetes monitoring products, as well as insulin pumps and other diabetic medications, made by other manufacturers. CCS Medical operates from about half a dozen distribution centers in the US and markets its services to patients and specialized health care providers. It distributes the products of leading medical product manufacturers such as Roche, Bayer, and Abbott.
Founded in 1994, the company had filed to go public in 2007 but withdrew its IPO in 2008 due to poor market conditions. – less