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Graymark Healthcare to close three sleep diagnostic centers in Oklahoma, Texas

Oklahoma City-based firm seeking to cut costs by shuttering some unprofitable clinics in Oklahoma and Texas.
by Brianna Bailey Published: January 16, 2013
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In November, Graymark reported a $2.2 million loss in the third quarter of the year.

Revenues from the company's sleep therapy business were down 6 percent from the same period in 2011, in part because of decreased insurance reimbursements for sleep apnea treatments, the company said.

The equity group Oklahoma Health Partners, led by investor Mike Horrell, purchased 1.4 million shares of Graymark stock in November for $650,000. Graymark said it would use that investment for operating expenses while it downsized its operations.

The Nasdaq Stock Market moved to delist Graymark's stock in November for failing to meet the exchange's minimum stock price requirements. The company's stock is trading on the over-the-counter market and closed at 23 cents a share, down two cents or 8 percent on Tuesday.

by Brianna Bailey
Business Writer
Brianna Bailey has lived in Idaho, Germany and Southern California, but Oklahoma is her adopted home. She has a bachelor's degree in Journalism from the University of Oklahoma and has worked at several newspapers in Oklahoma and Southern...
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