Business
Option Care Health Announces Financial Results for Fourth Quarter and Full Year 2019 and Announces Guidance for Full Year 2020
BANNOCKBURN, Ill., March 05, 2020 (GLOBE NEWSWIRE) -- Option Care Health, Inc. (the “Company” or “Option Care Health”) (Nasdaq: OPCH), the nation’s largest
About this update from Option Care Health, Inc.
[{"type":"text","content":"BANNOCKBURN, Ill., March 05, 2020 (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 fourth quarter and full year ended December 31, 2019.\n Given the merger between HC Group Holdings II, Inc. (“Option Care”) and BioScrip, Inc. (“BioScrip”) to form Option Care Health on August 6, 2019, comparisons to historical periods are relative to legacy Option Care only and incorporate BioScrip results from August 6, 2019 prospectively. Further, as reported on February 3, 2020, the Company recently completed a reverse 1-for-4 stock split and, as a result, all per share data below is reported incorporating the effect of the reverse stock split as if it was effective for all periods reported. Fourth Quarter 2019 Financial Highlights Net revenue of $720.8 million, up 42.5% compared to $505.7 million in the fourth quarter of 2018Gross profit of $175.6 million, or 24.4% of net revenue, up 58.2% compared to $111.0 million, or 21.9% of revenue, in the fourth quarter of 2018Net loss of $15.8 million, or $0.09 per share, compared to net income of $3.3 million, or $0.02 per share, in the fourth quarter of 2018Adjusted EBITDA of $53.0 million, up 70.0% compared to $31.1 million in the fourth quarter of 2018Cash flow from operations of $22.9 million, up 87.2% compared to $12.2 million in the fourth quarter of 2018Cash balances of $67.1 million at the end of the fourth quarter and no outstanding borrowings on the Company’s $150.0 million revolver Full Year 2019 Financial Highlights Net revenue of $2,310.4 million, up 19.1% compared to $1,939.8 million in full year 2018Gross profit of $513.0 million, or 22.2% of net revenue, up 21.5% compared to $422.2 million, or 21.8% of revenue, in full year 2018Net loss of $75.9 million, or $0.49 per share, compared to net loss of $6.1 million, or $0.04 per share, in full year 2018Adjusted EBITDA of $130.8 million, up 37.5% compared to $95.1 million in full year 2018Cash flow from operations of $39.5 million, up 61.6% compared to $24.4 million in full year 2018 John C. Rademacher, Chief Executive Officer, commented, “We are very encouraged by the progress achieved in the fourth quarter regarding integration efforts and foundational groundwo...