FY23 Outlook Maximus is establishing fiscal year 2023 guidance. The company expects revenue to range between $4.75 billion and $4.90 billion. Adjusted operating income is expected to range between $390 million and $415 million which excludes an estimated $94 million of expense for amortization of intangible assets. Adjusted diluted earnings per share is expected to range between $3.70 and $4.00 per share. 0
pg.#1 NEW YORK (MainStreet) — It used to be that private equity firms, mutual fund managers and venture capitalists would hang up on telephone calls from Medical Marijuana Sciences (MMS), but since cannabis went legit in Colorado on January 1, the company's phones have been ringing off the hook.
"Wall Street players are paying attention to us because marijuana is the new gold rush," said Tim Matula, president of MMS.
Most of the people calling are from private equity firms and mutual funds in addition to venture capitalists and accredited investors seeking to invest in the company's proprietary technology.
"We've had a 90% increase in calls since the New Year and five or six offers for funding in the $10 million dollar range in the past three months," Matula told MainStreet.
MMS is one of many marijuana related companies that are receiving interest from private investors.
"A new crop of private equity and angel investment firms are specializing in ancillary marijuana companies," said David Downs, editor of the San Francisco Chronicle's pot blog Smell The Truth. "The Arc View Group is pooling tens of millions of dollars to invest in companies that assist the marijuana business in technology, IT infrastructure, packaging, inventory, supply, etc. There's also Emerald Ocean Capital and Privateer, which are deep pocketed."
Emerald Ocean Capital declined to comment and calls to Arc View went unreturned.
"It's a business," said Rex Maceo, senior vice president and chief investment officer with Wilmington Trust, the investment advisory arm of M&T Bank in Atlanta. "Private equity firms want to know the marijuana company's cash flow, valuation and exit strategy as well as who the competition is. It's hard to figure out who the winner is going to be. Investors want to know if their investment is going to win regardless of how the industry shakes out."
MAXIMUS, Inc. is a provider of business process services (BPS) to government health and human services agencies under its mission of Helping Government Serve the People. The Company is primarily focused on operating government-sponsored programs, such as Medicaid, Children's Health Insurance Program (CHIP), health insurance exchanges and other health care reform initiatives, Medicare, welfare-to-work, child support services and other government programs. The Company serves both domestic and international governments, providing administrative services in the United States, Australia, Canada, the United Kingdom and Saudi Arabia. During fiscal year ended September 30, 2012 (fiscal 2012), the Company completed the acquisition of PSI Services Holding, Inc. and its wholly-owned subsidiary, Policy Studies, Inc. (PSI). Effective July 1, 2013, MAXIMUS, Inc. acquired Health Management Ltd.