Business
Option Care Health Announces Financial Results for Fourth Quarter and Full Year 2020 and Provides Guidance for Full Year 2021
BANNOCKBURN, Ill., March 11, 2021 (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 11, 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 financial results for the fourth quarter and full year ended December 31, 2020. Given the merger between Option Care Enterprises, 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. Fourth Quarter 2020 Financial Highlights Net revenue of $804.7 million, up 11.6% compared to $720.8 million in the fourth quarter of 2019Gross profit of $183.8 million, or 22.8% of revenue, up 4.6% compared to $175.6 million, or 24.4% of revenue, in the fourth quarter of 2019Net income of $17.8 million, or $0.10 earnings per share, compared to net loss of $15.8 million, or $0.09 loss per share, in the fourth quarter of 2019Adjusted EBITDA of $67.7 million, up 27.7% compared to $53.0 million in the fourth quarter of 2019Cash flow from operations of $25.7 million, up 12.1% compared to $22.9 million in the fourth quarter of 2019Cash balances of $99.3 million at the end of the fourth quarter and no outstanding borrowings on the Company’s $175.0 million revolver Full Year 2020 Financial Highlights Net revenue of $3,032.6 million, up 31.3% compared to $2,310.4 million in the full year 2019Gross profit of $682.3 million, or 22.5% of revenue, up 33.0% compared to $513.0 million, or 22.2% of revenue, in full year 2019Net loss of $8.1 million, or $0.04 loss per share, compared to net loss of $75.9 million, or $0.49 loss per share, in full year 2019Adjusted EBITDA of $221.7 million, up 69.5% compared to $130.8 million in full year 2019Cash flow from operations of $127.4 million, up 222.8% compared to $39.5 million in full year 2019 John C. Rademacher, Chief Executive Officer, commented, “I am incredibly proud of the effort and execution by the Option Care Health team in the face of an exceptionally challenging year. In addition to delivering strong financial results, the team continued to focus on integration efforts and laying the groundwork for future growth while always remaining focused on the thousands of patients relying on us for cr...