Small size and narrow business focus on toxicology testing. High reimbursement exposure to government programs. Limited market share and fairly low barriers to entry. Highly competitive and fragmented nature of the industry. Highly leveraged capital structure, reflecting leverage that we expect to decline from the mid-6x range to around 6x by the end of 2015. Aggressive financial policy, with financial sponsor ownership expected to shape a financial policy that prioritizes growth objectives over debt repayment. The stable outlook on Aegis Toxicology Sciences Corp. reflects our expectation that, despite increasing EBITDA and positive cash flow generation, Aegis' adjusted debt leverage will remain above 5.0x over the next 12 months. This incorporates our expectation that the company's financial sponsor will use internally
