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Bellevue pharmacy manager Talyst cuts staff

Talyst, which scored $20 million in late 2006 and was named to the Inc. 500 list of the fastest growing private companies in the country last year, has reduced its staff by 17 employees. It now employs 159.

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"We are delivering the efficiencies that come with a more maturing company and we have been able to do more with fewer employees," said Vice President of Marketing Tim McMenamin.

The Bellevue company, which automates how medications are dispensed at more than 300 U.S. hospital pharmacies, continues to offer its services through Cardinal Health, though an exclusive agreement between the two companies recently expired. McMenamin said that did not result in the cutbacks, adding that Talyst remains a preferred provider of Cardinal.

The market for pharmacy automation services may be slowing, with a competitor, Omnicell, recently missing its financial targets. McMenamin said that Talyst continues to grow. But since some players are showing signs of weakness, the company wanted to keep a "finger on the pulse of the market."

McMenamin said the reduction is not so much about the general economy as the evolution of Talyst into a more mature organization.

Talyst grew quickly over the past 18 months, though it never reached a target of 250 employees. It now is repositioning with workers who have specialized skills for specific jobs, he said.

In 2006, Chief Executive James Torina told the P-I that the company was capitalizing on a fast growing market. He projected profitability in 2007 and that revenues would quadruple to nearly $80 million.

"We believe that every person that takes medication could eventually be taking a drug out of our system," he said.

In an interview today, McMenamin declined to reveal sales figures for 2007 and did not directly address profitability. Last week's reduction in staffing, he said, was a "reflection of our commitment to profitability."

Talyst, formerly Integrated Healthcare Systems, is backed by AIG, Ignition Partners and OVP Venture Partners.

Posted by at February 20, 2008 9:56 a.m.
Category:
Comments
#100240

Posted by unregistered user at 2/20/08 3:23 p.m.

Isn't this Bill Bryant striking again?

#100379

Posted by unregistered user at 2/20/08 9:06 p.m.

If anyone has met Jim Torina, they know this company is a house of cards! OVP and Ignition will be sure to lose their money. That's my prediction

#101058

Posted by unregistered user at 2/22/08 4:47 p.m.

and the house is falling
"We are delivering the efficiencies that come with a more maturing company and we have been able to do more with fewer employees," said Vice President of Marketing Tim McMenamin.

Thier kidding right?

#101655

Posted by unregistered user at 2/25/08 1:56 p.m.

Maybe it is all the bad execs they've hired from search firms

#105081

Posted by unregistered user at 3/5/08 2:18 p.m.

Or maybe if Torina didn't have his fancy cars he could afford to keep his employees. The 17 are probably the lucky ones.

#105985

Posted by unregistered user at 3/7/08 4:36 p.m.

SEATTLE -- Talyst, a leading pharmacy technology company, has appointed Dennis Shepard to the position of executive vice president of operations. Shepard has more than 30 years of experience in similar roles.

"Dennis is another example of world-class technology leadership at Talyst," said James E. Torina, president and chief...

OOPS He's Gone too

#106543

Posted by unregistered user at 3/9/08 10:58 p.m.

Now they have hired a Senior Director and another VP. The crooked logic: fire 10 working people and hire 1 "Senior" exec.

#107439

Posted by unregistered user at 3/12/08 1:20 p.m.

The last entry is to funny

#123985

Posted by unregistered user at 5/1/08 12:48 p.m.

A crude attempt to spin the defecation as it spews off the rotary oscillator, however anyone with a pulse and and understanding of business should see it for the line of shinola it is.

Additionally, they apparently boasted about their plans and numbers in the past publicly so why keep their results so closely guarded now unless there is something they are covering up. Pure, unadulterated "bullus manures"!

#124032

Posted by unregistered user at 5/1/08 2:14 p.m.

Interesting comment in your article about the continued relationship between Talyst and Cardinal. There doesn't appear to be one any more. Case in point is the the Cardinal release to highlight a parter relationship with Talyst's competitor. http://cardinalhealth.com/content/news/4102008_12642.asp

#127103

Posted by unregistered user at 5/9/08 2:43 p.m.

Jim Torina was asked to step down from his role at Talyst. As of today he is no longer with Talyst.

#127877

Posted by unregistered user at 5/12/08 12:40 p.m.

Ding dong the witch is out.

#127883

Posted by unregistered user at 5/12/08 12:43 p.m.

Couldn't have happened to a nicer guy! I would have thought they would have ran out of empty boxes by now.

#129196

Posted by unregistered user at 5/15/08 11:02 a.m.

Apparently the people on this blog have nothgin better to do with their time than to publicly bash someone whom they probably don't even know personally. As a friend and associate of Jim, I can say that he is an extremely honest and caring individual. He is generous with his time, his money, and the wisdom that he has gained through years of business. Maybe everyone should start looking at the postivie advancements of a company and its leadership, rather than focusing on the negative.

#129754

Posted by unregistered user at 5/17/08 12:20 p.m.

Mmmm, honest and caring?? Spend $45 and do a public records search. What's the old saying "judge a person by their actions..." I agree with that.

#132662

Posted by unregistered user at 5/27/08 1:35 a.m.

Wait a minute; extremely honest and caring individual? You obviously don't know Jim Torina that well or he paid you to be his only friend because he has no other friends. You can only BS so long and shaft so many before it catches up with you. Obviously it finally caught up with him and the Talyst Board of Directors fired him. Might I reccomend you read a book "Good to Great", Jim Torina obviously didn't and that's why Talyst now needs more money just to stay afloat. I wish Talyst much success however the McKesson, Omnicell and AmeriSource sharks are circling. Good Luck!

#134151

Posted by unregistered user at 5/30/08 8:03 a.m.

Extremely honest and caring?????? Who the heck are you talking about? Are we talking about the guy that sent out the company wide email asking his employees not to frequent the cafe downstairs because they employed a mentally challenged person that stood on the street, wearing the sandwich board waving at people. He couldn't stand the thought of this person standing on the sidewalk outside his office. I think his exact words were "Lets hit him where it counts, in his wallet." Petty, vindictive and immature are better words to describe Mr. Torina.

#134205

Posted by unregistered user at 5/30/08 10:27 a.m.

I stumbled onto this blog by accident and find myself chuckling and nodding my head at these negative observations of Jim Torina. I had the misfortune of attending junior and senior high school with that jerk. He remains the most self-centered and arrogant fellow I have ever known. I hope life blows him nothing but raspberries henceforth.

#135483

Posted by unregistered user at 6/3/08 3:06 p.m.

http://blog.seattlepi.nwsource.com/venture/archives/138719.asp

#142575

Posted by unregistered user at 6/23/08 9:00 a.m.

As a former employee of Talyst I want to say that there are a lot of good people that work for them still but upper management just folded under the pressure of the Investment Firms. The problem with Talyst is that it is run by those firms and management was constantly under fire to prep the company to be sold. I felt that we were making a difference is patients lives with our products but the Investment Firms and Upper Managment were strictly trying to get rich of a sale of the company. Yes there were times where we need capital infusion to keep the doors open but the poeple there are trying their hardest. I hope someday someone will run the company the way the employees want to run it but I am afraid too much capital investement has about sunk the ship.

#143356

Posted by unregistered user at 6/25/08 7:27 a.m.

As an investor, I looked at these guys a year ago. They are struggling in a market dominated by some big hitters but their portfolio of products is just too small for long term potential. I would look for these guys to be sold or fold within the next three years. It is a shame that Jim could helped get them in this hole.

#152656

Posted by unregistered user at 7/18/08 3:12 p.m.

I agree that Talyst does seem to be struggling in the hospital pharmacy space compared to the competition. But, according to the new CEO's statements to the press, it appears that they're going after a market in Long Term Care that's wide open. It will be interesting to see what happens. I'm not ready to invest yet, however.

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