Pitney Bowes Inc. announced 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, Chief Financial Officer 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.”

“We are very pleased to make this investment and support the growth strategy of a great business partner Thoroughbred Diagnostic Labs. Given demographics in the U.S, healthcare is a critical sector, yet rising costs changing dynamics of insurance, make it increasingly difficult for companies like this to succeed,” said Christopher Johnson, Senior Vice President and President, Pitney Bowes Financial Services. “Wheeler Financial is dedicated to supporting and financing Main Street to help companies like Thoroughbred Diagnostic Labs succeed.”

Learn more about Wheeler Financial in Equipment Finance Advisor’s interview with Johnson.