Stericycle operates in the medical waste disposal industry and provides secure information destruction. It has a large network of facilities across the US and other countries. Stericycle grows organically by cross-selling additional services to its existing customer base and through acquisitions of smaller competitors to consolidate the fragmented industry. The business faces competition but enjoys competitive advantages from economies of scale in its network and regulatory barriers to entry.
Personnel working at crime scenes face a variety of health and safety risks from chemical, biological, physical, and environmental hazards. Proper protective equipment and safety protocols are necessary to mitigate these risks. Agencies must develop thorough policies and provide training to ensure personnel can recognize and address hazards while processing evidence. The health and safety of personnel should be the top priority at all crime scenes.
Internal ballistics is the study of a projectile's behavior from ignition until it exits the gun barrel. It examines factors like lock time, ignition time, and barrel time. Piobert's law states that gunpowder burns layer by layer. Newton's third law means that for every action there is an equal and opposite reaction, causing recoil. Recoil velocity can be calculated using the projectile and gun masses and velocities. Rusting and erosion over time degrade the gun barrel and reduce accuracy.
DISASTER VICTIM IDENTIFICATION AND HUMAN RIGHTS
Lack of (or incomplete) human identification procedures infringe upon a range of human rights embodied in the Universal Declaration of Human Rights and set out in the International Covenant on Civil and Political Rights (arts. 2, 6 and 7) as well as regional instruments, including the European Convention on Human Rights. Unidentified bodies may involve violations of various civil and cultural rights of the families waiting for news of their missing relatives during a disaster. To achieve and maximize effectiveness of the identification process, the implementation of an international database, not only for DNA and fingerprinting, but also for dental (odontogram and periapical x-ray images) data is needed.
This suggests the importance of promoting international co-operation between organizations involved in human identification, and quality control among forensic experts and police agencies. It should be clear to all those involved in DVI process that an incomplete post mortem assessment - which may lead to a delayed identification - represents a violation of human rights and international humanitarian law because “once the fate of a missing person has been determined to be death, all available means must be undertaken to ensure recovery of the body and any personal effect”.
Forensic science becomes also a tool for humanitarian action, to help ensure that unidentified bodies receive appropriate burial rites and psychological suffering of the next of kin is reduces by arriving without any delay to a positive identification applying Interpol DVI standards.
Forensic engineering involves investigating engineering failures or problems that have potential legal consequences. It applies engineering principles to understand why failures occur due to issues like defects, accidents, or poor design/construction. Forensic engineers gather evidence through inspection, documentation, and analysis to determine the root cause and explain their findings in testimony. While forensic engineering experience and licensure are important, there are no specific degree programs, but relevant areas of study include various engineering fields, construction standards, and law.
This document discusses facial reconstruction techniques used in forensics. It begins with an overview of facial reconstruction and its significance in identifying individuals from skeletal remains. It then covers the history of the technique and how it has evolved from early 3D reconstructions to now using computer programs. The key facial reconstruction techniques discussed are 2D reconstruction, 3D reconstruction, superimposition, and video superimposition. For each technique, the document provides details on the process and how it is used to aid in victim identification.
The document discusses key performance measures for biometric systems. It outlines several important measures:
1. False Acceptance Rate (FAR) measures incorrect acceptances of non-matching inputs. Lower FAR indicates better security.
2. False Rejection Rate (FRR) measures incorrect rejections of matching inputs. Lower FRR indicates better usability.
3. Equal Error Rate (EER) is when FAR and FRR are equal, providing a single performance measurement. Lower EER indicates better overall performance.
The document also discusses other factors like failure to enroll, liveness detection, and how environmental factors can impact performance.
Forensic entomology uses insects and other arthropods to help solve legal issues and criminal investigations. The presence, species, development stage, and lifecycle of insects on a corpse can help estimate time of death and postmortem interval. Key insects like flies, beetles, and skippers follow predictable patterns when colonizing a body over different decomposition stages. Forensic entomologists collect and analyze these insects and use temperature data to estimate postmortem interval and provide other evidence to help determine the circumstances of death.
Personnel working at crime scenes face a variety of health and safety risks from chemical, biological, physical, and environmental hazards. Proper protective equipment and safety protocols are necessary to mitigate these risks. Agencies must develop thorough policies and provide training to ensure personnel can recognize and address hazards while processing evidence. The health and safety of personnel should be the top priority at all crime scenes.
Internal ballistics is the study of a projectile's behavior from ignition until it exits the gun barrel. It examines factors like lock time, ignition time, and barrel time. Piobert's law states that gunpowder burns layer by layer. Newton's third law means that for every action there is an equal and opposite reaction, causing recoil. Recoil velocity can be calculated using the projectile and gun masses and velocities. Rusting and erosion over time degrade the gun barrel and reduce accuracy.
DISASTER VICTIM IDENTIFICATION AND HUMAN RIGHTS
Lack of (or incomplete) human identification procedures infringe upon a range of human rights embodied in the Universal Declaration of Human Rights and set out in the International Covenant on Civil and Political Rights (arts. 2, 6 and 7) as well as regional instruments, including the European Convention on Human Rights. Unidentified bodies may involve violations of various civil and cultural rights of the families waiting for news of their missing relatives during a disaster. To achieve and maximize effectiveness of the identification process, the implementation of an international database, not only for DNA and fingerprinting, but also for dental (odontogram and periapical x-ray images) data is needed.
This suggests the importance of promoting international co-operation between organizations involved in human identification, and quality control among forensic experts and police agencies. It should be clear to all those involved in DVI process that an incomplete post mortem assessment - which may lead to a delayed identification - represents a violation of human rights and international humanitarian law because “once the fate of a missing person has been determined to be death, all available means must be undertaken to ensure recovery of the body and any personal effect”.
Forensic science becomes also a tool for humanitarian action, to help ensure that unidentified bodies receive appropriate burial rites and psychological suffering of the next of kin is reduces by arriving without any delay to a positive identification applying Interpol DVI standards.
Forensic engineering involves investigating engineering failures or problems that have potential legal consequences. It applies engineering principles to understand why failures occur due to issues like defects, accidents, or poor design/construction. Forensic engineers gather evidence through inspection, documentation, and analysis to determine the root cause and explain their findings in testimony. While forensic engineering experience and licensure are important, there are no specific degree programs, but relevant areas of study include various engineering fields, construction standards, and law.
This document discusses facial reconstruction techniques used in forensics. It begins with an overview of facial reconstruction and its significance in identifying individuals from skeletal remains. It then covers the history of the technique and how it has evolved from early 3D reconstructions to now using computer programs. The key facial reconstruction techniques discussed are 2D reconstruction, 3D reconstruction, superimposition, and video superimposition. For each technique, the document provides details on the process and how it is used to aid in victim identification.
The document discusses key performance measures for biometric systems. It outlines several important measures:
1. False Acceptance Rate (FAR) measures incorrect acceptances of non-matching inputs. Lower FAR indicates better security.
2. False Rejection Rate (FRR) measures incorrect rejections of matching inputs. Lower FRR indicates better usability.
3. Equal Error Rate (EER) is when FAR and FRR are equal, providing a single performance measurement. Lower EER indicates better overall performance.
The document also discusses other factors like failure to enroll, liveness detection, and how environmental factors can impact performance.
Forensic entomology uses insects and other arthropods to help solve legal issues and criminal investigations. The presence, species, development stage, and lifecycle of insects on a corpse can help estimate time of death and postmortem interval. Key insects like flies, beetles, and skippers follow predictable patterns when colonizing a body over different decomposition stages. Forensic entomologists collect and analyze these insects and use temperature data to estimate postmortem interval and provide other evidence to help determine the circumstances of death.
Elevating the Health of Healthcare: A Four Step GuideIntalere
This white paper outlines a four step guide for healthcare providers to elevate their operational health: 1) seek customized solutions tailored to their unique needs and challenges; 2) effectively manage their non-labor spend, which accounts for up to 50% of costs; 3) leverage innovative technologies, products, and services; and 4) adopt best practices from successful provider-led models. The paper provides examples of how partnerships with experienced organizations have helped providers implement these steps to significantly reduce costs while maintaining or improving care.
Analytics is a two-sided coin. While on one side, it uses
descriptive and predictive models to gain valuable knowledge from data, i.e. data analysis, on the other side, it provides insight to recommend action or guide decision making, i.e. communication
This investor presentation summarizes Quest Resource Holding Corporation, a company that provides comprehensive sustainability, recycling, and waste management programs. It highlights the company's growth from $3 million in revenue in 2007 to $130 million in 2013, its national footprint and large customer base, and its asset-light business model. Financial details are provided, including historical and projected revenue figures, gross profit margins, and EBITDAS. The presentation also provides an overview of the waste management industry and Quest's target markets within it.
The medical devices industry is experiencing fast growth rates of 5-15% annually due to factors like aging populations and emerging middle classes. However, growth is being constrained by rising costs pressures like tightening healthcare budgets and lack of consumer willingness to pay high prices. To address this, medical device companies need to differentiate their products, optimize their portfolios, and streamline their operations through measures like process improvements and organizational redesign. Innovation strategies also need to adapt to the new challenges around shorter product lifecycles and the need for higher per-innovation returns.
This document discusses strategies for maximizing the success of partnerships between pharmaceutical/biotech companies (sponsors) and contract research organizations (CROs). It notes that while outsourcing is growing, productivity remains a challenge as the number of new drugs reaching the market is flat. True partnerships between sponsors and CROs are needed to drive gains in productivity. Critical factors for successful partnerships include having senior-level strategic involvement rather than procurement-driven, encouraging information sharing between multiple partners, and sponsors providing long-term visibility of objectives.
Our global capabilities: financial servicesGrant Thornton
Grant Thornton provides audit, tax, and advisory services to financial institutions globally. It has over $300 million in combined global revenues from financial services. The document discusses challenges facing the financial services industry such as increased regulation, competition, and need for transparency. It also outlines Grant Thornton's solutions to help clients address issues like regulatory compliance, risk management, growth strategies, and data management.
This document provides an overview of Synergetics' "Industry in Focus" series highlighting trends in the healthcare and life sciences industry and how Synergetics is positioned to help clients in this sector. It discusses the challenges facing third party administrators in healthcare, including balancing costs and provider reimbursement rates. It also identifies factors driving increasing healthcare costs and provides examples of ways Synergetics has helped healthcare clients improve efficiency and profitability through process improvements and technology optimization.
Axtria offers sales analytics and marketing analytics services with an optimal mix of people, process and technology to deliver insights for commercial operations.
Actiknow excels in delivering MS business intelligence, excel reports and BI outsourcing in a rigorous best practices and metrics based consulting environment.
Actiknow excels in delivering MS business intelligence, excel reports and BI outsourcing in a rigorous best practices and metrics based consulting environment.
This document discusses 10 trends shaping the life insurance industry landscape:
1. Steady industry growth, but underlying issues of underinsurance and lack of innovation persist.
2. Insurers are challenged to rationalize legacy systems while maintaining valuable historical business, constraining growth.
3. Some insurers are outsourcing administration and systems management to leverage partnerships and convert costs.
4. Regulatory changes increase need for flexibility but also interfere with modernization efforts.
The Healthtech Exits site tracks deals and trends in a vital sector. Our goal is to provide relevant records and tools to serve the health technology sector. We want to be a resource for executives and investors in health technologies companies who are considering their strategic growth and exit options in today’s environment.
The document discusses four essential ingredients - Cloud, Analytics, Mobility, and Process (CAMP) - for healthcare payers, providers, and PBMs to succeed in today's changing environment. It describes each element in detail: Cloud computing provides on-demand resources and infrastructure; Advanced analytics are needed to analyze large amounts of data; Mobility allows access to information anywhere; and Process improvement is required to maximize efficiency. The document argues that adopting these four elements is necessary to maintain a competitive edge, level the playing field for smaller organizations, and take advantage of new opportunities in the healthcare industry.
ProMed Alliance International is offering 100 units for $10 million total, with each unit consisting of 10,000 preferred shares, 10,000 common shares, and 10,000 stock options. The minimum investment is 1 unit ($100,000). ProMed Alliance aims to partner with over 300 physicians within 3 years through solutions to improve revenue cycle management, reduce expenses through a group purchasing organization, and develop new profit centers. The goal is to combat low physician satisfaction by streamlining operations and reducing costs.
McKinsey Sağlık Tedarik Zinciriyle, FMCG Tedarik Zinciri karşılaştırıyor. Sağlık Tedarik Zincirindeki iyileştirme fırsatına ve toplumsal boyutuna dikkat çekiyor.
Invitae's 36th Annual J.P. Morgan Healthcare Conference Presentationinvitaeir
This document discusses Invitae Corporation's growth and strategy in genetic testing. It notes that Invitae set new records in 2017 with over 134,000 samples accessioned and revenue of around $59 million. It aims to simplify genetic testing, make information more accessible, and transform the field from testing to information management. Invitae plans to continue growing in 2018, anticipating at least 250,000 samples and doubling its 2017 revenue to $120 million through expanding its product breadth, partnerships, and selective acquisitions.
How Do We Heal the Healthcare Value Chain? - 9 MAY 2013Lora Cecere
Over the last decade, as shown in figure 1, the hospital supply chain has been one of the few that has improved operating margin, reduced inventory and improved revenue/employee. In contrast, the manufacturing suppliers to the hospital organization have grown inventories and struggled to preserve margins. Across the value chain from the patient to the raw material suppliers, total inventories have grown and costs have escalated. With pending regulations, hospitals are being forced to rethink processes, redefine value and work more holistically to improve sourcing practices. The suppliers to the hospital systems are having to rethink their systems to rethink the customer (from selling to the physician to selling to a more formal buying organization based on patient outcomes) and adapt to the new processes within the hospital for value analysis.
Supply chain processes within the hospitals have matured. Hospitals have made more progress on improving cash-to-cash cycles than their upstream manufacturing trading partners. They have reduced inventories and attempted to work with suppliers. As shown in figure 2, it is notable to see that this industry is one of the few where downstream trading partners have actually improved payable terms for their suppliers.
The future lies before the healthcare provider. As the provider of patient care, they have the greatest potential to lead in the healthcare value chain’s redesign to improve value. They have come a long way, but the changes have been incremental. They have focused primarily on traditional sourcing techniques; not a redesign of the healthcare value chain from the outside in, and the redefinition of complex and antiquated processes.
2014 Property & Casualty Insurance Industry Outlook: Innovation leading the wayDeloitte United States
On the surface the property and casualty sector appears to be doing quite well, but running an insurance carrier is rarely smooth sailing. The last few years have been particularly difficult for those occupying C-Suite positions, as more fundamental issues are threatening not only short-term results on their balance sheets, but challenging the long-term viability of their operating models as well.
For example, a growing number of insurers are facing significant organizational disruption. Many have made large-scale investments in technology, replacing core systems for claims, policy administration and finance. Their chief challenge now is how to effectively leverage the new systems they’ve put in place and maintain their momentum with additional innovations in personnel, products and culture.
Additionally, ongoing political gridlock in Washington could undermine an already unsteady economic recovery. Not to mention regulatory uncertainty that makes it difficult for carriers to plan ahead and determine operational priorities.
Innovation may ultimately be the key to keep insurers growing regardless of shifting economic and insurance market conditions, as they devise ways to thwart ongoing and emerging competitive threats as well as capitalize on new opportunities.
For more - visit http://www.deloitte.com/view/en_US/us/Industries/Insurance-Financial-Services/039bdd0819e23410VgnVCM3000003456f70aRCRD.htm
Harnessing the Power of Healthcare Data: Are We There YetHealth Catalyst
What can healthcare learn from Formula One racing? According to Dr. Sadiqa Mahmood, SVP of medical affairs and life sciences for Health Catalyst, race support teams leverage about 30TB of baseline data to create a digital twin of the car, track, and racer for simulation models that drive decisions at each race. Applied in the healthcare setting, a digital twin can help clinicians better understand each patient and their health conditions and circumstances in real time and make comprehensive, informed care decisions. But for the healthcare digital twin to happen, the industry must move away from data silos and towards a digital learning healthcare ecosystem.
Triad Isotopes engaged consultants from Synergetics to help standardize and optimize their business operations following an acquisition that resulted in process variations between locations. Synergetics conducted an analysis and developed initiatives to improve sales force effectiveness, establish a model pharmacy, and create an efficient home office. These changes helped reduce costs by $4.6 million annually and positioned Triad Isotopes to better compete in a changing industry.
Elevating the Health of Healthcare: A Four Step GuideIntalere
This white paper outlines a four step guide for healthcare providers to elevate their operational health: 1) seek customized solutions tailored to their unique needs and challenges; 2) effectively manage their non-labor spend, which accounts for up to 50% of costs; 3) leverage innovative technologies, products, and services; and 4) adopt best practices from successful provider-led models. The paper provides examples of how partnerships with experienced organizations have helped providers implement these steps to significantly reduce costs while maintaining or improving care.
Analytics is a two-sided coin. While on one side, it uses
descriptive and predictive models to gain valuable knowledge from data, i.e. data analysis, on the other side, it provides insight to recommend action or guide decision making, i.e. communication
This investor presentation summarizes Quest Resource Holding Corporation, a company that provides comprehensive sustainability, recycling, and waste management programs. It highlights the company's growth from $3 million in revenue in 2007 to $130 million in 2013, its national footprint and large customer base, and its asset-light business model. Financial details are provided, including historical and projected revenue figures, gross profit margins, and EBITDAS. The presentation also provides an overview of the waste management industry and Quest's target markets within it.
The medical devices industry is experiencing fast growth rates of 5-15% annually due to factors like aging populations and emerging middle classes. However, growth is being constrained by rising costs pressures like tightening healthcare budgets and lack of consumer willingness to pay high prices. To address this, medical device companies need to differentiate their products, optimize their portfolios, and streamline their operations through measures like process improvements and organizational redesign. Innovation strategies also need to adapt to the new challenges around shorter product lifecycles and the need for higher per-innovation returns.
This document discusses strategies for maximizing the success of partnerships between pharmaceutical/biotech companies (sponsors) and contract research organizations (CROs). It notes that while outsourcing is growing, productivity remains a challenge as the number of new drugs reaching the market is flat. True partnerships between sponsors and CROs are needed to drive gains in productivity. Critical factors for successful partnerships include having senior-level strategic involvement rather than procurement-driven, encouraging information sharing between multiple partners, and sponsors providing long-term visibility of objectives.
Our global capabilities: financial servicesGrant Thornton
Grant Thornton provides audit, tax, and advisory services to financial institutions globally. It has over $300 million in combined global revenues from financial services. The document discusses challenges facing the financial services industry such as increased regulation, competition, and need for transparency. It also outlines Grant Thornton's solutions to help clients address issues like regulatory compliance, risk management, growth strategies, and data management.
This document provides an overview of Synergetics' "Industry in Focus" series highlighting trends in the healthcare and life sciences industry and how Synergetics is positioned to help clients in this sector. It discusses the challenges facing third party administrators in healthcare, including balancing costs and provider reimbursement rates. It also identifies factors driving increasing healthcare costs and provides examples of ways Synergetics has helped healthcare clients improve efficiency and profitability through process improvements and technology optimization.
Axtria offers sales analytics and marketing analytics services with an optimal mix of people, process and technology to deliver insights for commercial operations.
Actiknow excels in delivering MS business intelligence, excel reports and BI outsourcing in a rigorous best practices and metrics based consulting environment.
Actiknow excels in delivering MS business intelligence, excel reports and BI outsourcing in a rigorous best practices and metrics based consulting environment.
This document discusses 10 trends shaping the life insurance industry landscape:
1. Steady industry growth, but underlying issues of underinsurance and lack of innovation persist.
2. Insurers are challenged to rationalize legacy systems while maintaining valuable historical business, constraining growth.
3. Some insurers are outsourcing administration and systems management to leverage partnerships and convert costs.
4. Regulatory changes increase need for flexibility but also interfere with modernization efforts.
The Healthtech Exits site tracks deals and trends in a vital sector. Our goal is to provide relevant records and tools to serve the health technology sector. We want to be a resource for executives and investors in health technologies companies who are considering their strategic growth and exit options in today’s environment.
The document discusses four essential ingredients - Cloud, Analytics, Mobility, and Process (CAMP) - for healthcare payers, providers, and PBMs to succeed in today's changing environment. It describes each element in detail: Cloud computing provides on-demand resources and infrastructure; Advanced analytics are needed to analyze large amounts of data; Mobility allows access to information anywhere; and Process improvement is required to maximize efficiency. The document argues that adopting these four elements is necessary to maintain a competitive edge, level the playing field for smaller organizations, and take advantage of new opportunities in the healthcare industry.
ProMed Alliance International is offering 100 units for $10 million total, with each unit consisting of 10,000 preferred shares, 10,000 common shares, and 10,000 stock options. The minimum investment is 1 unit ($100,000). ProMed Alliance aims to partner with over 300 physicians within 3 years through solutions to improve revenue cycle management, reduce expenses through a group purchasing organization, and develop new profit centers. The goal is to combat low physician satisfaction by streamlining operations and reducing costs.
McKinsey Sağlık Tedarik Zinciriyle, FMCG Tedarik Zinciri karşılaştırıyor. Sağlık Tedarik Zincirindeki iyileştirme fırsatına ve toplumsal boyutuna dikkat çekiyor.
Invitae's 36th Annual J.P. Morgan Healthcare Conference Presentationinvitaeir
This document discusses Invitae Corporation's growth and strategy in genetic testing. It notes that Invitae set new records in 2017 with over 134,000 samples accessioned and revenue of around $59 million. It aims to simplify genetic testing, make information more accessible, and transform the field from testing to information management. Invitae plans to continue growing in 2018, anticipating at least 250,000 samples and doubling its 2017 revenue to $120 million through expanding its product breadth, partnerships, and selective acquisitions.
How Do We Heal the Healthcare Value Chain? - 9 MAY 2013Lora Cecere
Over the last decade, as shown in figure 1, the hospital supply chain has been one of the few that has improved operating margin, reduced inventory and improved revenue/employee. In contrast, the manufacturing suppliers to the hospital organization have grown inventories and struggled to preserve margins. Across the value chain from the patient to the raw material suppliers, total inventories have grown and costs have escalated. With pending regulations, hospitals are being forced to rethink processes, redefine value and work more holistically to improve sourcing practices. The suppliers to the hospital systems are having to rethink their systems to rethink the customer (from selling to the physician to selling to a more formal buying organization based on patient outcomes) and adapt to the new processes within the hospital for value analysis.
Supply chain processes within the hospitals have matured. Hospitals have made more progress on improving cash-to-cash cycles than their upstream manufacturing trading partners. They have reduced inventories and attempted to work with suppliers. As shown in figure 2, it is notable to see that this industry is one of the few where downstream trading partners have actually improved payable terms for their suppliers.
The future lies before the healthcare provider. As the provider of patient care, they have the greatest potential to lead in the healthcare value chain’s redesign to improve value. They have come a long way, but the changes have been incremental. They have focused primarily on traditional sourcing techniques; not a redesign of the healthcare value chain from the outside in, and the redefinition of complex and antiquated processes.
2014 Property & Casualty Insurance Industry Outlook: Innovation leading the wayDeloitte United States
On the surface the property and casualty sector appears to be doing quite well, but running an insurance carrier is rarely smooth sailing. The last few years have been particularly difficult for those occupying C-Suite positions, as more fundamental issues are threatening not only short-term results on their balance sheets, but challenging the long-term viability of their operating models as well.
For example, a growing number of insurers are facing significant organizational disruption. Many have made large-scale investments in technology, replacing core systems for claims, policy administration and finance. Their chief challenge now is how to effectively leverage the new systems they’ve put in place and maintain their momentum with additional innovations in personnel, products and culture.
Additionally, ongoing political gridlock in Washington could undermine an already unsteady economic recovery. Not to mention regulatory uncertainty that makes it difficult for carriers to plan ahead and determine operational priorities.
Innovation may ultimately be the key to keep insurers growing regardless of shifting economic and insurance market conditions, as they devise ways to thwart ongoing and emerging competitive threats as well as capitalize on new opportunities.
For more - visit http://www.deloitte.com/view/en_US/us/Industries/Insurance-Financial-Services/039bdd0819e23410VgnVCM3000003456f70aRCRD.htm
Harnessing the Power of Healthcare Data: Are We There YetHealth Catalyst
What can healthcare learn from Formula One racing? According to Dr. Sadiqa Mahmood, SVP of medical affairs and life sciences for Health Catalyst, race support teams leverage about 30TB of baseline data to create a digital twin of the car, track, and racer for simulation models that drive decisions at each race. Applied in the healthcare setting, a digital twin can help clinicians better understand each patient and their health conditions and circumstances in real time and make comprehensive, informed care decisions. But for the healthcare digital twin to happen, the industry must move away from data silos and towards a digital learning healthcare ecosystem.
Triad Isotopes engaged consultants from Synergetics to help standardize and optimize their business operations following an acquisition that resulted in process variations between locations. Synergetics conducted an analysis and developed initiatives to improve sales force effectiveness, establish a model pharmacy, and create an efficient home office. These changes helped reduce costs by $4.6 million annually and positioned Triad Isotopes to better compete in a changing industry.
Similar to Stericycle (SRCL) - Waste management franchise at unassuming price (20)
Stericycle (SRCL) - Waste management franchise at unassuming price
1. DISCLAIMER
Copyright 2016 Intelligent Investors.co.uk. All rights reserved. This document is provided for information purposes only and should
not be construed as an offer or solicitation for investment.
Intelligent Investors.co.uk
Stericycle (SRCL)
Medical Waste Franchise at Unassuming Price
Investment Thesis:
Stericycle is the largest US regulated medical waste disposal company with
strong competitive position in an attractive and growing niche. Stericycle has
branched out into adjacent business services such as secure information
destruction markets and industrial waste disposal. Stericycle has historically
acted as an industry consolidator growing market share, cross selling adjacent
services, building up infrastructure and spreading the cost of running waste
disposal network over higher volumes thus lowering overall cost.
Recent share price drop due to number of profit warnings has created a
potentially attractive entry opportunity to aquire Stericycle shares as an
unassuming price.
Valuation:
Stericycle is trading at $87 with fair value range of $90 based on 17.3 PE
multiple of adjusted 2017 EPS forecast ($5.20).
Business model
Stericycle is a business-to-business services provider with a focus on regulated
and compliance solutions for healthcare, retail, and commercial businesses.
This includes the collection and processing of regulated and specialized waste
for disposal and the collection of personal and confidential information for
secure destruction, plus a variety of recall/return, communication, and
compliance services. Stericycle operates integrated operations and customer
service networks in the United States and 21 other countries. Stericycle
worldwide networks include a total of 253 processing facilities, 358 transfer
sites, and 137 other service facilities. Stericycle solutions for regulated or
specialty waste streams include: medical waste disposal, pharmaceutical waste
disposal, hazardous waste management, sustainability solutions for expired or
unused inventory, and secure information destruction of documents and e-
media.
SRCL builds on its core regulated
medical waste disposal franchise with
wide competitive advantages
underpinned by a dense network of
collection routes, processing facilities
and disposal locations, compliance with
Company Research
USA
Industry – Waste Management
3 Year Opinion Defensive
Competitive Adv. Wide
Fair Value Potential $90.00
Price $86.77
Consider Buying at $87.00
Date 13 August 2016
Market Data
52 Week Range 81.99-151.57
Market Cap. $7.39bln
Shares Outstanding 84.9 mln
Volatility Medium
Balance Sheet Data
Shareholder equity $2.73bln
Price/Book Value 2.65
Net Debt/(Cash) $3.2bln
Debt/EBITDA 3.3x
Forecast Earnings
Potential price appreciation 3%
Dividend Yield/Share rep. 0.0%
EPS / PE Cons.
Period EPS PE
Dec 2015 $4.40 19.7
Dec 2016 $4.69 18.6
Dec 2017 $5.20 16.7
Dec 2018 $5.88 14.8
5 Year Share Price Chart
2. DISCLAIMER
Copyright 2016 Intelligent Investors.co.uk. All rights reserved. This document is provided for information purposes only and should
not be construed as an offer or solicitation for investment.
Intelligent Investors.co.uk
Stericycle (SRCL)
Medical Waste Franchise at Unassuming Price
complex regulatory permits regime, long-term customer relationships characterised by recuring revenues
for no hassle bundled range of disposal service and cost advantages stemming from network
effects/efficient scale in the markets served (i.e. Stericycle displays utility type of economic model).
SRCL is operating in highly fragment markets with many small providers and many small quantity
customers, and is thus able to deploy its competitive strenghts to consolidate competitors, gain market
share and drive the cost down. SCRL business model has characteristics of utility type franchise with
economies of scale at work but unlike utility it isn’t subject to price regulation.
SCRL diversified into industrial waste disposal and secure information destruction markets which display
similar economic characterics of economies of scale, complex regulation and network efforts. However,
these adjacent markets are more volatile, because fixed costs of operating disposal facilities are not
matched by predictable recurring revenue that core regulated medical waste disposal franchise offers,
leading to fluctuating profits.
Focus on the Small Customer with Recurring Service Need
Stericycle business strategy recognizes that smaller businesses have an even greater need for support with
compliance matters since they tend to lack the specialization of staff resources that is found among larger
businesses and hospitals. With a small business, regulatory and compliance matters are often managed by
a business owner, office manager, or facility supervisor who manage multiple functions for the
organization and often lack the time and resources to properly investigate and comply with a wide range of
regulations that may impact their operation. In response to this unmet need of small businesses, Stericycle
developed comprehensive, no-hassle compliance programs which feature scheduled service at low, flat
monthly fees. This business fundamental has guided Stericycle as the company has expanded into
additional service offerings including hazardous or pharmaceutical waste management, communication
services, and secure information destruction.
Organic Growth
As a leading provider in regulated and compliance solutions, Stericycle continues to focus on enhancing our
service offerings and platforms. Stericycle has developed a strong and loyal customer base, with a revenue
retention rate exceeding 90%, and has been able to leverage these customer relationships to provide
additional services. Allocation of sales resources has and will continue to focus on driving incremental
organic growth from cross selling and upselling various services in our portfolio.
Growth through Acquisition
The various regulated waste and compliance services that Stericycle provides tend to be in highly
fragmented industries. Stericycle has proved that acquisitions are a rapid and efficient way to scale
operations, build critical customer density for transportation and treatment operations, and enter
new markets or geographies, as well as an opportunity to introduce our additional services to the
3. DISCLAIMER
Copyright 2016 Intelligent Investors.co.uk. All rights reserved. This document is provided for information purposes only and should
not be construed as an offer or solicitation for investment.
Intelligent Investors.co.uk
Stericycle (SRCL)
Medical Waste Franchise at Unassuming Price
acquired customers. In early history, acquisitions were a key strategy to building customer base and route
density in the United States. Over the company’s history, Stericycle has completed 435 acquisitions, with
230 in the United States and 205 internationally. During 2015, Stericycle completed 43 acquisitions.
Company expects to continue the acquisition strategy in North America and internationally, remaining
focused on small, highly accretive, tuck in acquisitions that broaden various service capabilities while
creating value for our shareholders.
SRCL operated in highly regulated medical waste
market which is subject to numerous regulations. In
many countries there are multiple regulatory agencies
at the local and national level that affect the services.
This statutory and regulatory framework imposes a
variety of compliance requirements, including
requirements to obtain and maintain government
permits. These permits grant SRCL the authority, among
other things:
• to construct and operate collection, transfer and
processing facilities;
• to transport regulated waste within and between relevant jurisdictions; and
• to handle particular regulated substances.
The permits must be periodically renewed and are subject to modification or revocation by the
issuing authority.
Strict enforcement of laws and regulations relating to regulated waste collection and treatment and the
proper handling and protection of personal and confidential information by governmental authorities can
have a positive effect on SRCL business. These laws and regulations increase the demand for SRCL services.
Relaxation of enforcement or other changes in governmental regulation of regulated waste and personal
and confidential information could increase the number of competitors SRCL faces or reduce the need for
its services.
Competition
The industries and markets in which SRCL operates are highly competitive, and barriers to entry are low.
SRCL competitors consist of many different types of service providers, including national, regional and local
companies. In the regulated waste and secure information destruction industries, another major source of
competition is on-site treatment. For regulated medical waste, some large-quantity generators, particularly
hospitals may choose an onsite autoclave or other treatment process. For secure information destruction,
many businesses may choose to use small, on-site shredders for their documents. Similarly, customers
could handle recalls or communication solutions internally.
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Stericycle (SRCL)
Medical Waste Franchise at Unassuming Price
In addition, SRCL faces potential competition from businesses that are attempting to commercialize a wide
range of technologies that directly or indirectly reduce the need for regulated medical waste, hazardous
waste or secure information destruction services.
Competitive position
Stericycle enjoys high regulatory barriers to entry including government regulation, high cost / hard-to-
obtain permits to build extensive waste handling infrastructure, highly fragment waste mgt markets,
relationships with existing client relationships based on bundled offering/multiple services, and economies
of scale confered by market share leadership position. Stericycle has the wide competitive moat due to it’s
leading position and scale in medical waste disposal that was built over years organically and by
acquisitions. Stericycle has built a network of waste management collection routes, waste handling and
disposal facilities. Such network is hard to establish by
a new player with same level of efficiency and scale,
thus limiting list of potential contractors that clients
can bid out the job to and limiting clients’ bargaining
power. Stericycle service offering based on bundled
no-hassle services encourages strong customer
retention at over 90% and limits pricing incentives for
customers to switch to another provider. Stericycle
makes no secret of its aspirations to cross sell
additional services into client offering including
management of sharp items, prescription drugs
disposal, information destruction, communication
solutions, compliance and others.
Market Size and Growth Potential
Stericycle provides a wide range of services across multiple market segments and industries. Company
believes that in 2016, the size of the global market for the services, in the geographies company currently
operates in, is approximately $33 billion. Industry growth is driven by a number of factors.
These factors include:
Aging of Population: The average age of the
population in the countries where Stericycle
operates is rising. As people age, they typically
require more medical attention and a wider
variety of tests, procedures and medications,
leading to an increase in the quantity of
regulated medical waste, hazardous waste,
and pharmaceutical waste, as well as an
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Stericycle (SRCL)
Medical Waste Franchise at Unassuming Price
increase in confidential healthcare records requiring secure destruction.
Pressure to Reduce Healthcare Costs:The healthcare industry is under pressure to reduce costs.
Stericycle services can help healthcare providers to reduce their handling and compliance costs
and to reduce their potential liability for employee exposure to bloodborne pathogens and other
infectious agents. In addition, hospital institutions and smaller healthcare practices continue to
outsource compliance, communication, and secure information destruction services.
Enforcement of Regulations: Enforcement of regulations relating to the management of regulated
waste and protected information is increasing. Penalties for violations can be costly as well as high
profile thereby impacting a business’ overall reputation. Greater enforcement combined with
higher penalties results in more compliance by waste generators and a corresponding increase in
potential customers.
Safety and Security Regulation: Many businesses that are not currently using third party regulated
waste management or secure information destruction services are unaware either of the need for
proper training of employees or of the regulatory requirements regarding the handling of such
materials.
Increased Business Focus on Sustainability: Businesses large and small continue to realize that
focus on sustainability is now a business essential in order to operate efficiently and meet the
increasing demands of customers for environmental responsibility. Such pressures are driving
proper disposal of pharmaceuticals, recycling efforts, creative disposal efforts for unused inventory
and shred-all policies for paper.
Shift to Off-Site Healthcare Treatment: The patient care in the U.S. is continuing to shift from
institutional higher-cost acute-care settings to less expensive, smaller, off-site treatment
alternatives, with a resulting increase in the number of healthcare providers generating regulated
medical waste, pharmaceutical waste, and protected health information requiring secure
destruction.
Regulation of Privacy and Information Security and Concerns over Data Breaches: Continued
development and growth of the secure information destruction industry have been driven, in part,
by compliance with government regulations in respect of privacy and information security.
International Market Development: The development of regulated medical waste regulations,
hazardous waste regulations, and secure information destruction regulations in certain
international markets are at an early stage of development relative to North American and certain
European Markets. As emerging markets continue to advance their healthcare practices,
environmental controls, and their data privacy regulations, further demand is expected.
Key risks to the thesis
- Consolidation of small quantity players by large healthcare providers and related pricing pressure on
core services
- Lack of quality acquisition targets available at reasonable prices
- Volatility of demand in industrial waste segments in line with general economic environment
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Intelligent Investors.co.uk
Stericycle (SRCL)
Medical Waste Franchise at Unassuming Price
- Continued losses/ low profitability in international markets
- Large debt load of circa $3bln USD
Valuation Scenario analysis
Scenario Price target Triggers
Bull case $105 Higher international growth, shift towards higher
margin small quantity customer
Base case $90 Steady low single digit growth, maintain
profitability in the core business, realize synergies
and growth from concluded aquisitions
Bear case $75 Further profitability deterioration in core medical
waste management business due to pricing
pressures, industrial waste profitability
deterioration due to economic cycle
Risk profile
SCRL has relatively low business risk profile, however high PE ratio makes share price vulnerable to even
the smallest earnings expectation miss. SCRL has a wide competitive advantage in an attractive market
niche and we expect that over time the favourable economics will re-assert themselves and business will
get back to sustainable growth trajectory
Author’s opinion
Stericycle is a unique franchise in a growing market niche with strong competitive position and plenty of
growth ahead. Stericycle share price has declined sufficiently to warrant modestly adding to SRCL position
starting from $87 level at no more than 1/3 of the target purchase value and execute any additional
purchases at $7 intervals i.e. at $80 and $73 in the event of further decline.
$105.00 (+20%)
$75.00 (-14%)
$90.00 (+3%)
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Copyright 2016 Intelligent Investors.co.uk. All rights reserved. This document is provided for information purposes only and should
not be construed as an offer or solicitation for investment.
Intelligent Investors.co.uk
Stericycle (SRCL)
Medical Waste Franchise at Unassuming Price
We put our money where our mouth is as the author(s) of the report may presently or in the future hold
a common stock investment in the securities mentioned in this report.
This report has been prepared by Intelligent Investors.co.uk.
DISCLAIMER
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purposes only and should not be construed as an offer or solicitation for investment.
All information used in the publication of this report has been compiled from publicly available sources
that are believed to be reliable; however we do not guarantee the accuracy or completeness of this report.
Opinions contained in this report represent those of the research department of Intelligent Investors.co.uk
at the time of publication. The author(s) of the report hold a common stock investment in the securities
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