Under Exclusive LOI
Tech–2565: One-Year-Old NJ Molecular Laboratory
Medicare, NJ Medicaid, NJ Medicaid MCOs – Partnership / Buyout
This New Jersey-based lab for Covid and Molecular testing was established for Covid Testing, but by the time it was ready for Covid Testing in mid-2022, the worst of the Covid was over. The founder/owner of the Lab has a doctorate in Pharmacy and is a practicing pharmacist and an entrepreneur. He has decades of experience in the healthcare industry. The founder owns and operates seven successful pharmacies in New Jersey. In addition to pharmacies, he operates multiple healthcare and other businesses. During Covid-19 pandemic, he was sending a lot of business to other labs, so he decided to open his own lab. Unfortunately, the demand for Covid testing had dropped drastically by the time he opened the Lab. He planned to start with Covid PCR testing and slowly grow into other molecular assays and panels like UTI, Wound, FLU A&B, RSV, and PGX.
During 2023, the Lab still took advantage of Covid testing and the sale of the Over-the-Counter Covid antigen tests and made a fair amount of revenue ($860K) and good profits ($460K) until the Covid emergency ended on May 11. The Lab is currently validating RPP tests. As the flu season approaches (Fall and Winter), there will be a demand for both Covid and RPP tests.
REASON FOR SALE
The owner has multiple businesses and does not want to manage the lab but does not mind providing help for business development. He has extensive contacts in the healthcare industry (physicians, clinics, elder care facilities, etc). He would not mind helping grow the business in a partnership, where an experienced and ethical buyer buys part of the business and takes over the management of the lab or buys the whole lab.
- Lab with excellent Location, Turn-Key, Fully Staffed
- Will be Ready for Flu Season (Flu/RPP, Covid Testing)
- Can validate for other panels
- The seller can leverage his numerous contacts to drive the business
- Lab in Novitas Mac that pays well for Molecular tests
- $270K worth of assets fully paid off
- High Complexity Lab, so can bring other modalities, including Toxicology
- Spacious 1,860 square feet in a modern office building allowing for expansion
The seller is willing to sell 100% of the Lab for $600K. He is also ready to partner with a suitable, ethical, and experienced partner who can buy a stake and take over running and managing the lab and share expenses.