Fitch Downgrades and Withdraws Drive DeVilbiss’ Ratings
(The following statement was released by the rating agency) CHICAGO, November 09 (Fitch) Fitch Ratings is downgrading and subsequently withdrawing the ratings of Medical Depot Holdings, Inc., dba Drive DeVilbiss Healthcare (DDV), as the issuer has chosen to stop participating in the moncler coats for men rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, we will no longer provide ratings for Medical Depot Holdings, Inc. KEY RATING DRIVERS DDV’s ratings and Negative Outlook reflect headwinds to the company’s operating profile as well as a longer time to de lever post the January 2017 LBO than was originally anticipated. Competitive Markets: The Durable Medical Equipment (DME) market is highly competitive, including a large number of competitors of similar or greater size that compete directly with DDV with similar products. Despite moncler jackets men these competitive pressures, the company has consistently generated double digit organic growth supplemented with targeted acquisitions. High Post LBO Leverage: Leverage is high following the Clayton, Dubilier Rice (CD transaction in January 2017 and DDV’s capital deployment strategy has historically been fairly aggressive, specifically with respect to M However, in the near term Fitch expects management to focus on realizing operational efficiencies and projects that EBITDA growth could reduce leverage. Historically Challenged Cash Generation: DDV’s historically weak cash flows are a constraint to the ratings. Operational and supply chain initiatives instituted over the past 12 months, as well as the addition of new sponsor CD resources, suggest that margin expansion, improved inventory management and accompanying cash generation are possible. DDV’s future ability to generate at least breakeven FCF www.kinkhost.com is important to maintain ratings at the current ‘B ‘ level. Favorable Secular Trends: The aging of the global population will generate increased demand for DDV’s product offerings, which are predominantly mobility aids, beds, respiratory aids, and bath and safety devices. Each of these products is most often used by patients aged 65 and older. Fitch expects the aging of the global population to provide a tailwind to revenues. Growth prospects should be further bolstered by an ongoing shift toward value based products and services and a shift in care toward lower cost settings, including home health services. Moderate Reimbursement Risk: DDV is a business to business provider that does not directly face reimbursement exposure, but does have indirect exposure to third party pricing pressure from dealers who sell to end users. DDV’s market position as a low cost “value” provider could further insulate the company from potential reimbursement constraints and pricing pressure from private payors. DERIVATION SUMMARY DDV is a global DME provider that supports the daily care and living needs of chronically ill, disabled and elderly patients. The company focuses primarily on homecare and consumer sales, and is establishing a presence in long term care and acute care facilities. DDV has a more comprehensive product offering across categories as compared to most of its smaller, non rated, competitors. Hill Rom Holdings, Inc. (bb ) is larger in moncler outlet mall terms of revenue and has a significant presence in acute and extended buy moncler jackets toronto care facilities. DME manufacturers often have ratings in the ‘B/BB’ range and maintain moderately high leverage, but can generate positive FCF due to high margins and relatively light capex requirements. KEY ASSUMPTIONS Fitch’s key assumptions within our rating case for the issuer include; Mid moncler coats for kids single digit organic revenue growth over the forecast period; EBITDA margins expand by over 300bps over the forecast period, reflecting significant expense savings stemming from various operational efficiency initiatives started in late 2015; No acquisitions or shareholder payouts over the forecast period; Operating cash flows (OCF) and FCF (defined as OCF minus CAPEX and shareholder dividends) turn positive in 2018 and remain so moncler jackets toronto throughout the remainder of the forecast period. RATING SENSITIVITIES Rating sensitivities are no longer relevant given today’s withdrawal. LIQUIDITY Adequate Liquidity: The company has historically maintained sufficient Moncler Factory Outlet liquidity through on balance moncler outlet sheet cash and availability under its moncler outlet location revolver. Negative Cash Flows: DDV’s cash generation has been pressured in recent cheap moncler coats for women years by negative working capital swings and non moncler coats recurring expenses, largely related to moncler outlet store acquisition costs and restructuring and efficiency moncler coats for cheap efforts. The moncler outlet ny restructuring and acquisition expenses have continued into moncler outlet woodbury 2017 as the company continued moncler jackets kids to implement moncler outlets uk supply chain initiatives and integrated acquisitions. FULL LIST OF RATING ACTIONS Fitch has downgraded and withdrawn the following moncler jackets outlet online ratings: Medical Depot Holdings, Inc. (dba Drive DeVilbiss Healthcare) Long Term Issuer Default moncler jackets outlet Rating ‘B ‘ with a Negative Outlook; Senior first lien secured credit facility ‘B+’/’RR2’; Senior second lien term loan ‘CCC’/’RR6’. Recovery Assumptions Fitch’s recovery analysis assumes a going concern enterprise value of $570 million. The analysis employs a restructured EBITDA of $76 million. The restructured EBITDA assumes that the company is unable to realize the benefits of the current operational restructuring moncler jackets mens efforts. A going concern EBITDA multiple moncler outlet online of 7.5x is used. Public market multiples for healthcare medical product manufacturers vary widely depending upon size and diversification of customer end markets, but generally range from 5x 11x. The 7.5x multiple is significantly less than the median health care acquisition multiple of roughly 16x (from Fitch’s research dating back to 2006). While the A/R facility is not rated, Fitch assumes it would be replaced by an equivalently sized super senior facility in bankruptcy, and includes moncler outlet uk this in the waterfall. The first lien secured obligations recover 75% in this scenario, resulting in a rating two notches above the IDR at ‘BB ‘/’RR2’. The second lien term loan recovers 0%, which corresponds to a ‘CCC+’/’RR6’ rating, two notches below the IDR. Contact: Primary Analyst Robert Kirby Director +1 312 368 3147 Fitch Ratings, Inc. 70 W Madison Street Chicago, IL 60601 Secondary Analyst Caitlin Blalock Associate Director +1 512 215 3732 Committee Chairperson Megan moncler chicago Neuburger Managing Director +1 212 909 0501 Summary of Financial Statement Adjustments EBITDA adjusted for non cash stock Discount Moncler Coats based compensation, non recurring expenses related to refinancing and corporate restructuring, and certain other non recurring expenses related to operational efficiency initiatives. For regulatory purposes in various jurisdictions, moncler outlet canada the supervisory analyst named above is deemed to be the primary analyst for this issuer; the principal analyst is deemed to be the secondary. 07 Aug 2017) here Non Financial moncler jackets for women Corporates Notching and Recovery Ratings Criteria (pub. 16 Jun 2017) here Parent and Subsidiary Rating Linkage (pub. 31 Aug 2016) here Additional moncler jackets on sale Disclosures Dodd Frank Rating Information Disclosure Form here Solicitation Status heresolicitation Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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