Clearwater medical company to go public

By Helen Huntley
Published May 18, 2007

A Clearwater company that delivers supplies to patients with diabetes and other chronic conditions hopes to raise up to $172.5-million in an initial public offering, according to documents filed with the Securities and Exchange Commission.

CCS Medical Inc. says its mail delivery of supplies such as test strips, insulin pumps and prescriptions improves patient compliance with doctors' orders, reducing overall medical costs. The company markets its services primarily to managed care companies and medical professionals.

Founded in 1994, it operates offices in seven states and has more than 1, 600 employees nationwide. Last year, it lost $40.8-million on $432.4-million in revenues. Chief executive Joseph Capper previously directed sales for the diabetic diagnostics division of Bayer Corp.

CCS is owned by the private equity firm Warburg Pincus, which plans to keep the majority voting interest in the company. No date has been set for the offering. Raymond James & Associates and Wachovia Capital Markets are among the underwriters.