PinPoint Pegs Florida for Expansion

Jeffery Moran leads PinPoint Testing, which offers blood testing and consulting services.

PinPoint Testing LLC of Little Rock, which offers drug testing and consulting services, is in the process of acquiring a clinical laboratory in Orlando, Florida.

PinPoint recently signed a purchase agreement with Assured Toxicology Solutions LLC for $600,000, said founder and CEO Jeffery Moran. He said he expects the deal to close in one to three months, after regulators approve the transaction.

“It was a great opportunity for us to really break into … this market,” Moran said. He also said that PinPoint needed a brick-and-mortar location in Florida to get certain business.

“So it make a lot of sense to go ahead and make this acquisition,” he said.

Moran said Assured Toxicology has six employees, which will give PinPoint 15 after the sale.

PinPoint also recently raised $650,000 in equity and increased its line of credit to $1.2 million as part of the funding of the purchase.

Moran said PinPoint’s drug-testing product, ToxBox, has seen its sales rise this year.

ToxBox is purchased by clinical or forensic labs across the country to test bodily fluids such as blood or urine for drugs. The product can test for more than 400 substances from narcotics to over-the-counter medications to prescription drugs.

In the first quarter of 2017, ToxBox sold about 450 units for $110,000. In the second quarter sales increased to 560 units for $190,000. The third-quarter estimates are for about 600 ToxBox units to be sold for $335,000, “which is exceeding our expectations,” Moran said.