Assured Pharmacy (APHY OTC:BB)- owns and operates retail pharmacies that specialize in dispensing controlled pain medication through a materially better prescription fulfillment process. The business targets patients within pain management, neurology, psychiatry, oncology and orthopedics practices. These patients are suffering with long-term acute and chronic pain. The market for prescription pain medication is over $100 billion according to a 2006 Nelson survey, and is the fastest growing segment in the health care industry. Of the estimated 50 million chronic pain sufferers, an estimated 7 million cannot relieve their pain without opiates (narcotics). A mature Assured pharmacy works with a minimum of twenty doctors, servicing a population of 500,000 people. The stores are between 800 and 1200 sq. ft. A staff of one pharmacist and 1 to 3 support personnel fill approximately 300 prescriptions per day with average revenue per script of $130.00. The average patient generates $5,300 of revenues a year. A mature pharmacy generates about $5.1 million in revenue per year with a target gross margin of 27%. The company has generated six consecutive quarters of over 25% revenue growth. Sales in the third quarter 2006 were 136% higher than third quarter 2005. 8,458 in Q3 2005 to 14,816 in Q3 2006- an increase of approximately 75%. Assured Pharmacy has completed a two-year sweeping corporate overhaul and reorganization. The new business model is capable of generating high growth, high recurring revenues and superior margins. Over the past six quarters the revenues have growth by 25 percent sequentially.
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