Business
Option Care Health Announces Financial Results for the First Quarter and Provides an Update on the Impact of COVID-19 Pandemic
BANNOCKBURN, Ill., May 07, 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., May 07, 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 first quarter ended March 31, 2020.\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. First Quarter 2020 Financial Highlights Net revenue of $705.4 million, up 48.0% compared to $476.5 million in the first quarter of 2019Gross profit of $158.0 million, or 22.4% of net revenue, up 60.9% compared to $98.2 million, or 20.6% of revenue, in the first quarter of 2019Net loss of $19.9 million, or $0.11 per share, compared to net loss of $3.7 million, or $0.03 per share, in the first quarter of 2019Adjusted EBITDA of $40.2 million, up 107.6% compared to $19.4 million in the first quarter of 2019Cash flow from operations of $18.4 million, up 102.7% compared to $9.1 million in the first quarter of 2019Cash balances of $77.2 million at the end of the first quarter and no outstanding borrowings on the Company’s $150.0 million revolver John C. Rademacher, Chief Executive Officer, commented, “We are very pleased with the strong financial results generated in the first quarter, including robust revenue growth and solid cash flow generation. More importantly, as the COVID-19 pandemic arose in the latter part of the first quarter, I could not be prouder of how the team of more than 5,000 professionals that comprises Option Care Heath continue to rise to the challenge to combat the coronavirus. We continue to focus on delivering extraordinary care despite the dynamic situation and believe transitioning care to the home or one of our dedicated infusion suites is part of the solution.” Update on the Impact of the COVID-19 Pandemic In March, at the onset of the pandemic, the Company established a centr...