S&P shifts Matrix Medical view to stable

S&P said it changed its outlook for Mercury Parent LLC (Matrix Medical Network) to stable from negative and affirmed the B issuer credit rating. The agency also affirmed the B issue-level and 3 recovery ratings on the senior secured debt issued by Community Care Health Network Inc.

“Growth in EBITDA stemming from Matrix Medical's clinical solutions business enabled the company to reduce leverage from 6.9x in 2019 to 3.5x in 2020. In response to the Covid-19 pandemic, Matrix used its clinician workforce and mobile medical clinics to establish a clinical solutions business, which provides on-site clinical support for essential service providers, Covid-19 testing and tracing services, vaccine study and administration support, clinical trials, lab processing and environmental assessments. Despite less than a full year of operations, this business led to revenue growth of over 50% and EBITDA nearly doubling,” S&P said in a press release.

The agency said it sees Matrix Medical generating annual free operating cash above $50 million in 2021.

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