Wheeler Financial from Pitney Bowes has closed a financing transaction with Thoroughbred Diagnostic Labs. The company will invest in new laboratory testing equipment to extend the screening services it delivers to its clients.
Headquartered in Kentucky, Thoroughbred Diagnostic Labs provides toxicology testing and medical review services to physicians and other healthcare professionals. To grow the business while maintaining the highest degree of accuracy, the company requires ongoing investment in new, state-of-the art screening equipment. The company partnered with Wheeler Financial from Pitney Bowes to secure the capital it needed to invest in this technology, which will help it to double its testing volume and generate business growth.
“Demand for our services continues to rise, but we needed to invest in leading technology to expedite our screening capabilities and results,” said Brandon Woodward, CFO for Thoroughbred Diagnostic Labs. “We approached Wheeler Financial to help us secure this capital and were incredibly impressed with their responsiveness, flexibility and understanding of our business. Their financing eases the pressure on our cashflow, allowing us to focus on growing the business, improving our margins and generating a return.”
Wheeler Financial is a subsidiary of the Pitney Bowes Bank.