S&P flips MyEyeDr outlook to positive

S&P said it revised its outlook for MED ParentCo LP (operating as MyEyeDr.) to positive from negative to reflect the potential for an upgrade within the next 12 months.

“Through the first half of 2023, the company extended its revolving credit facility and made significant improvements in optimizing its labor and fixed-cost leveraging as well as reducing capital spending. As a result, its S&P Global Ratings-adjusted EBITDA margin improved to 18.5% in the first two quarters of 2023 compared to 12.5% in 2022,” the agency said in a press release.

S&P said it projects S&P Global Ratings-adjusted leverage will continue to decline from 12.2x at the end of 2022. At the end of the second quarter, leverage fell to 8.7x on a trailing 12-month basis and interest coverage improved to 1.4x compared to 1x in the second quarter of last year.

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