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    Option Care Health Announces Financial Results for The Second Quarter Ended June 30, 2024

    7/31/24 7:00:00 AM ET
    $OPCH
    Medical/Nursing Services
    Health Care
    Get the next $OPCH alert in real time by email

    BANNOCKBURN, Ill., July 31, 2024 (GLOBE NEWSWIRE) -- Option Care Health, Inc. (the "Company" or "Option Care Health") (NASDAQ:OPCH), the nation's largest independent provider of home and alternate site infusion services, announced today financial results for the second quarter ended June 30, 2024.

    Second Quarter 2024 Financial Results and Highlights

    • Net revenue of $1,227.2 million, up 14.8% compared to $1,069.1 million in the second quarter of 2023
    • Gross profit of $249.4 million, or 20.3% of net revenue, down 0.6% compared to $250.8 million, or 23.5% of net revenue, in the second quarter of 2023
    • Net income of $53.0 million, or $0.30 diluted earnings per share, down 53.6% compared to net income of $114.4 million, or $0.63 diluted earnings per share, in the second quarter of 2023
    • Adjusted EBITDA of $108.4 million, down 1.5% compared to $110.1 million in the second quarter of 2023
    • Cash flow from operations of $195.7 million, compared to $169.5 million in the second quarter of 2023
    • Cash and cash equivalents balance of $376.9 million at the end of the second quarter of 2024
    • Repurchased approximately $78.1 million of stock
    • Amended the First Lien Credit Agreement reducing the interest rate to Term SOFR plus 2.25% and providing $50.0 million of additional liquidity

    Note that the second quarter of 2023 net income and cash flow from operations includes $62.8 million related to the termination payment received on behalf of Amedisys, net of merger-related expenses and taxes.

    John C. Rademacher, Chief Executive Officer, commented, "The Option Care Health team continued to demonstrate its resilience in a difficult environment while never losing focus on providing unparalleled care and delivering hope to patients and their families. I am proud of the financial results we executed on this quarter and we remain committed to delivering on our commitments for 2024."

    Updated Full Year 2024 Financial Guidance

    For the full year 2024, Option Care Health expects to generate:

    • Net revenue of $4.75 billion to $4.85 billion
    • Adjusted EBITDA of $435 million to $450 million
    • Cash flow from operations of at least $300 million, consistent with previous guidance
    • Effective tax rate of 26% - 28%, consistent with previous guidance
    • Net interest expense of approximately $55 million to $60 million, consistent with previous guidance

    Conference Call

    Option Care Health will host a conference call to discuss its second quarter 2024 financial results later today at 8:30 a.m. ET. The conference call can be accessed via a live audio webcast that will be available online at https://investors.optioncarehealth.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

    About Option Care Health

    Option Care Health is the nation's largest independent provider of home and alternate site infusion services. With over 7,500 team members including more than 4,500 clinicians, we work compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through our clinical leadership, expertise and national scale, Option Care Health is reimagining the infusion care experience for patients, customers and team members. To learn more, please visit our website at OptionCareHealth.com. 

    Investor Contacts

    Mike ShapiroBob East, Asher Dewhurst, Jordan Kohnstam
    Chief Financial OfficerWestwicke
    T: (312) 940-2538T: (413) 213-0500
    [email protected][email protected]
      

    Forward-Looking Statements - Safe Harbor

    This press release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we may make regarding future revenues, future earnings, regulatory developments, market developments, new products and growth strategies, integration activities and the effects of any of the foregoing on our future results of operations or financial conditions.

    Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: changes in laws and regulations applicable to our business model; changes in market conditions and receptivity to our services and offerings; pending and future litigation; potential liability for claims not covered by insurance; and loss of relationships with managed care organizations and other non-governmental third party payers. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports as filed with the SEC.

    Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Note Regarding Use of Non-GAAP Financial Measures

    In addition to reporting financial information in accordance with generally accepted accounting principles (GAAP), the Company is also reporting Adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be used in isolation or as a substitute or alternative to net income, operating income or any other performance measure derived in accordance with GAAP, or as a substitute or alternative to cash flow from operating activities or a measure of the Company's liquidity. In addition, the Company's definition of Adjusted EBITDA may not be comparable to similarly titled non-GAAP financial measures reported by other companies. Adjusted EBITDA, as defined by the Company, represents net income before net interest expense, income tax expense, depreciation and amortization, stock-based compensation expense, loss on extinguishment of debt, and restructuring, acquisition, integration and other. As part of restructuring, acquisition, integration and other, the Company may incur significant charges such as the write down of certain long‑lived assets, temporary redundant expenses, professional fees, potential retention and severance costs and potential accelerated payments or termination costs for certain of its contractual obligations. Management believes that Adjusted EBITDA provides useful supplemental information regarding the performance of Option Care Health's business operations and facilitates comparisons to the Company's historical operating results. We have not reconciled Adjusted EBITDA guidance to net income as management believes creation of this reconciliation would not be practicable due to the uncertainty regarding, and potential variability of, material reconciling items. For a full reconciliation of Adjusted EBITDA to the most comparable GAAP financial measure, please see below.

    Schedule 1
     
    OPTION CARE HEALTH, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (IN THOUSANDS)(UNAUDITED)
     



     June 30, 2024 December 31, 2023
    ASSETS   
    CURRENT ASSETS:   
    Cash and cash equivalents$376,872 $343,849
    Accounts receivable, net 468,300  377,658
    Inventories 281,421  274,004
    Prepaid expenses and other current assets 100,820  98,744
    Total current assets 1,227,413  1,094,255
        
    NONCURRENT ASSETS:   
    Property and equipment, net 123,931  120,630
    Intangible assets, net 18,542  20,092
    Referral sources, net 299,660  315,304
    Goodwill 1,540,246  1,540,246
    Other noncurrent assets 138,800  126,508
    Total noncurrent assets 2,121,179  2,122,780
    TOTAL ASSETS$3,348,592 $3,217,035
        
    LIABILITIES AND STOCKHOLDERS' EQUITY   
    CURRENT LIABILITIES:   
    Accounts payable$535,688 $426,513
    Other current liabilities 159,719  191,796
    Total current liabilities 695,407  618,309
        
    NONCURRENT LIABILITIES:   
    Long-term debt, net of discount, deferred financing costs and current portion 1,105,575  1,056,650
    Other noncurrent liabilities 136,179  120,404
    Total noncurrent liabilities 1,241,754  1,177,054
    Total liabilities 1,937,161  1,795,363
        
    STOCKHOLDERS' EQUITY 1,411,431  1,421,672
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$3,348,592 $3,217,035
     



    Schedule 2
     
    OPTION CARE HEALTH, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)(UNAUDITED)
     



     Three Months Ended June 30, Six Months Ended June 30,
      2024   2023   2024   2023 
    NET REVENUE$1,227,186  $1,069,072  $2,373,238  $2,084,920 
    COST OF REVENUE 977,821   818,243   1,885,373   1,605,086 
    GROSS PROFIT 249,365   250,829   487,865   479,834 
            
    OPERATING COSTS AND EXPENSES:       
    Selling, general and administrative expenses 153,783   153,564   308,525   301,430 
    Depreciation and amortization expense 14,907   14,898   29,635   29,412 
    Total operating expenses 168,690   168,462   338,160   330,842 
    OPERATING INCOME 80,675   82,367   149,705   148,992 
            
    OTHER INCOME (EXPENSE):       
    Interest expense, net (12,603)  (13,196)  (25,805)  (27,030)
    Other, net 3,969   86,332   5,096   87,770 
    Total other (expense) income         (8,634)  73,136   (20,709)  60,740 
            
    INCOME BEFORE INCOME TAXES 72,041   155,503   128,996   209,732 
    INCOME TAX EXPENSE 18,998   41,100   31,162   56,121 
    NET INCOME$53,043  $114,403  $97,834  $153,611 
            
    Earnings per share, basic$0.31  $0.64  $0.56  $0.85 
    Earnings per share, diluted$0.30  $0.63  $0.56  $0.84 
            
    Weighted average common shares outstanding, basic 172,927   179,807   173,428   180,531 
    Weighted average common shares outstanding, diluted 174,090   181,241   174,831   181,931 
     



    Schedule 3
     
    OPTION CARE HEALTH, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (IN THOUSANDS)(UNAUDITED)
     



     Six Months Ended June 30,
      2024   2023 
    CASH FLOWS FROM OPERATING ACTIVITIES:   
    Net income$97,834  $153,611 
    Adjustments to reconcile net income to net cash provided by operations:   
    Depreciation and amortization expense 30,802   30,801 
    Other non-cash adjustments 38,874   38,498 
    Changes in operating assets and liabilities:   
    Accounts receivable, net (90,642)  (18,619)
    Inventories (7,417)  (38,643)
    Accounts payable 107,558   88,896 
    Accrued compensation and employee benefits (30,206)  (3,949)
    Prepaid expenses and other current assets (1,745)  654 
    Other (18,187)  8,039 
    Net cash provided by operating activities 126,871   259,288 
        
    CASH FLOWS FROM INVESTING ACTIVITIES:   
    Acquisition of property and equipment (15,597)  (13,554)
    Business acquisitions, net of cash acquired —   (12,855)
    Net cash used in investing activities (15,597)  (26,409)
        
    CASH FLOWS FROM FINANCING ACTIVITIES:   
    Purchase of company stock (118,122)  (75,000)
    Proceeds from issuance of debt 49,959   — 
    Other financing cash flows (10,088)  (10,899)
    Net cash used in financing activities (78,251)  (85,899)
        
    NET INCREASE IN CASH AND CASH EQUIVALENTS 33,023   146,980 
    Cash and cash equivalents - beginning of the period 343,849   294,186 
    CASH AND CASH EQUIVALENTS - END OF PERIOD$376,872  $441,166 
     



    Schedule 4
     
    OPTION CARE HEALTH, INC.
    QUARTERLY RECONCILIATION BETWEEN GAAP AND NON-GAAP MEASURES
    (IN THOUSANDS)(UNAUDITED)
     



     Three Months Ended June 30, Six Months Ended June 30,
      2024  2023   2024  2023 
    Net income$53,043 $114,403  $97,834 $153,611 
    Interest expense, net 12,603  13,196   25,805  27,030 
    Income tax expense 18,998  41,100   31,162  56,121 
    Depreciation and amortization expense 15,497  15,576   30,802  30,801 
    EBITDA 100,141  184,275   185,603  267,563 
            
    EBITDA adjustments       
    Stock-based incentive compensation 7,608  7,685   17,213  13,673 
    Loss on extinguishment of debt 377  —   377  — 
    Restructuring, acquisition, integration and other (1) 231  (81,910)  3,454  (77,412)
    Adjusted EBITDA$108,357 $110,050  $206,647 $203,824 

    (1) Restructuring, acquisition, integration and other for the three and six months ended June 30, 2023 includes the Amedisys merger termination fee, net of merger-related expenses



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      BANNOCKBURN, Ill., July 28, 2021 (GLOBE NEWSWIRE) -- Option Care Health, Inc. (the "Company" or "Option Care Health")(NASDAQ:OPCH), the nation's largest independent provider of home and alternate site infusion services, announced today that Dr. Seema Kumbhat has joined the Company as Chief Medical Officer. In this newly created role, Dr. Kumbhat will oversee all clinical strategies for the Company, including clinical operations, continuous quality improvement, accreditation, clinically related sales and marketing efforts, and adherence to regulatory requirements. Dr. Kumbhat will also focus on optimizing clinical operations to ensure the Company delivers the highest quality standards, supe

      7/28/21 9:00:00 AM ET
      $OPCH
      Medical/Nursing Services
      Health Care