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S&P trims Matrix Medical Network
S&P said it downgraded Matrix Medical Network (Mercury Parent LLC) and the ratings on its secured debt to B- from B after failing to meet the agency’s forecast. The recovery rating remains 3.
“The pandemic trajectory remains difficult to predict, but we assume the clinical solutions segment will not regain profitability until it diversifies its revenue sources beyond Covid-19 testing. Although the company is working to proactively develop its non-Covid-19 business, we expect clinical solutions revenue in 2022 to be roughly one-third of its peak revenue generated in 2020,” the agency said in a press release.
Leverage rose to above 8x and the company generated free cash flow deficits (both metrics inclusive of restructuring charges) in 2021, and the same is expected for 2022, with leverage declining to 7x in 2023, S&P said.
The outlook is stable.
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