Wheeler Financial From Pitney Bowes Helps Thoroughbred Diagnostic Labs Secure Funding for New Laboratory Screening Technology
November 26 2019 - 8:00AM
Business Wire
Diagnostic testing company invests in latest
equipment to accelerate results
Pitney Bowes Inc. (NYSE: PBI), a global technology company that
provides commerce solutions in the areas of ecommerce, shipping,
mailing, data and financial services, today announced that Wheeler
Financial from Pitney Bowes has closed a financing transaction with
Thoroughbred Diagnostic Labs. The company will invest in new
laboratory testing equipment to extend the screening services it
delivers to its clients.
Headquartered in Kentucky, Thoroughbred Diagnostic Labs provides
toxicology testing and medical review services to physicians and
other healthcare professionals. In order to grow the business while
maintaining the highest degree of accuracy, the company requires
ongoing investment in new, state-of-the art screening equipment.
The company partnered with Wheeler Financial from Pitney Bowes to
secure the capital it needed to invest in this technology, which
will help it to double its testing volume and generate business
growth.
“Demand for our services continues to rise, but we needed to
invest in leading technology to expedite our screening capabilities
and results,” said Brandon Woodward, CFO for Thoroughbred
Diagnostic Labs. “We approached Wheeler Financial to help us secure
this capital and were incredibly impressed with their
responsiveness, flexibility and understanding of our business.
Their financing eases the pressure on our cashflow, allowing us to
focus on growing the business, improving our margins and generating
a return.”
“We are very pleased to make this investment and support the
growth strategy of a great business partner Thoroughbred Diagnostic
Labs. Given demographics in the U.S, healthcare is a critical
sector, yet rising costs changing dynamics of insurance, make it
increasingly difficult for companies like this to succeed,” said
Christopher Johnson, Senior Vice President and President, Pitney
Bowes Financial Services. “Wheeler Financial is dedicated to
supporting and financing Main Street to help companies like
Thoroughbred Diagnostic Labs succeed.”
About Wheeler Financial from Pitney Bowes
Wheeler Financial™ from Pitney Bowes is a subsidiary of the
Pitney Bowes Bank, Inc., Member FDIC, dedicated to helping small to
lower middle market clients acquire the critical assets they need
to grow and expand their business with innovative financing
solutions. The Pitney Bowes Bank, together with Pitney Bowes, has
been financing Pitney Bowes equipment for over 20 years. Our
expansion into helping our clients finance other purchases reflect
our continued commitment to helping our customers grow efficiently
and effectively.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company providing
commerce solutions that power billions of transactions. Clients
around the world, including 90 percent of the Fortune 500, rely on
the accuracy and precision delivered by Pitney Bowes solutions,
analytics, and APIs in the areas of ecommerce fulfillment, shipping
and returns; cross-border ecommerce; office mailing and shipping;
presort services; location data; customer information and
engagement software; services; and financing. For nearly 100 years
Pitney Bowes has been innovating and delivering technologies that
remove the complexity of getting commerce transactions precisely
right. For additional information visit Pitney Bowes, the Craftsmen
of Commerce, at www.pitneybowes.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191126005169/en/
John Spadafora Pitney Bowes M +1 518 708 3466
john.spadafora@pb.com
Pitney Bowes (NYSE:PBI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Pitney Bowes (NYSE:PBI)
Historical Stock Chart
From Sep 2023 to Sep 2024