BALTIMORE ? FTI Consulting Inc., a Baltimore-based firm that assists companies with legal, financial and reputation issues, saw an increase in fourth-quarter revenue by about $45 million.
In 2006, FTI reported a record $216.8 million in revenue, a 30.8 percent boost over the $165.8 million recorded during the same period a year earlier. The company credited $117 million in revenue from its technology division as a huge reason for the boom, a release indicated.
For the 2006 fiscal year, FTI reported total revenues of $707.9 million.
UTILITY COMPANY BUYS VIRGINIA-BASED COMPETITOR
BETHESDA ? Argos Utilities Corp., a Bethesda-based utility transmitter and distributor, is buying Contracting Enterprises Inc.
Located in Roanoke, Va., Contracting Enterprises has clients in Virginia, West Virginia and Tennessee. Argos now will be able to increase its presence in those states through the implementation of long-term gas and electric agreements.
The management team for Contracting Enterprises will remain in place.
VENTURE CAPITAL FIRM NEA EXPANDS TO INDIA
BALTIMORE ? New Enterprise Associates is expanding operations in India. NEA is developing a presence in the emerging markets of India and China; and is one of the world?s largest venture capital firms with $8.5 billion in committed capital across 13 funds, according to a release.
“Welook forward to working with India?s best and brightest entrepreneurs in telecom, media, alternative energy, technology-enabled services and infrastructure,” general partner Krishna Kolluri said in a statement.
The company will focus on early-stage information technology investments indirectly, through NEA-IndoUS Ventures and direct investments in mid to late-stage companies that have a proprietary product that is ready to market.
GENERIC BIOTECH MEDS COULD SAVE $1.4 BILLION
ST. LOUIS ? The use of generic biotech medicines could save Marylanders a reported $1.388 billion over a 10-year period and an estimated $71 billion across the U.S., according to a report issued by St. Louis-based Express Scripts, one of the largest pharmacy benefit management companies in North America and a major prescription plan provider in Maryland.
Key to this cost savings are both the enactment of the Access To Life Saving Medicine Act of 2007, sponsored by U.S. Sen. Hillary Rodham Clinton, D-N.Y., and others, and the release of federal guidelines by the Food and Drug Administration for generic biotech medicines.
Biotech medicines differ from traditional drugs in that they are derived from living sources such as humans, animals or microorganisms. Traditional drugs are synthesized in the lab. Spending for biotech medicines is expected to reach $90 billion in 2009 so both employers and patients are pushing the government for more affordable medications, according to a release.
HEALTH SYSTEM RECEIVES BOND RATING
PRINCE FREDERICK ? Calvert Health Systems, a regional health network, had its bonds? “A” rating reaffirmed by Fitch Ratings Ltd., a national financial rankings organization.
The rating was received for bonds issued by Calvert through the Maryland Health and Higher Education Facilities Authority.
There were $31.5 million in bonds issued in 2004 and $26 million in 1998, a brief stated.
Fitch stated that the adult and pediatric programs, emergency service expansion and the opening of a fourth on-campus medical office building are well-reasoned strategies for Calvert maintaining volume and business.
As for weaknesses, Fitch viewed the substantial distance from Calvert Memorial Hospital to the Baltimore and Washington metropolitan area and a relatively small revenue base as reasons for concern.
Fitch also stated that a possible $6 million taxable debt over the next two years for the new medical office building should not be a reason for concern.
LOCAL WAL-MART SUPER CENTERS WILL HAVE HEALTH CLINICS
BENTONVILLE, Ark. ? Wal-Mart plans to lease space to My Healthy Access clinics in several Maryland stores by late spring, in a partnership with Houston-based Intrepid Holdings.
“This is the perfect compliment to our current health care portfolio of vision and pharmacy services,” said Wal-Mart spokesperson Kevin Gardner. “The clinic offers quality health care, quick service and transparent costs for our cost-conscience customers.”
Locating clinics in Wal-Mart super centers began as a pilot project in Arkansas before expanding around the country. Nurse practitioners and physician assistants staff the clinics. Clinic services cost $45 or less and are available for persons with or without health insurance.
“We are pleased to invite My Healthy Access into more of our stores to meet the basic and preventive health needs of these communities and Wal-Mart customers,” Alicia Ledlie, director of Health Business Development for Wal-Mart, said in a written statement.
The clinics will be open seven days a week.
