Business
OPTION CARE HEALTH ANNOUNCES FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2023
BANNOCKBURN, Ill., May 3, 2023 /PRNewswire/ -- 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 3, 2023 /PRNewswire/ -- 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, 2023.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2023 Financial Results and Highlights\nNet revenue of $1,015.8 million, up 10.9% compared to $915.8 million in the first quarter of 2022Gross profit of $229.0 million, or 22.5% of net revenue, up 14.0% compared to $200.9 million, or 21.9% of net revenue, in the first quarter of 2022Net income of $39.2 million, or $0.22 basic earnings per share, up 29.5% compared to net income of $30.3 million, or $0.17 basics earnings per share, in the first quarter of 2022Adjusted EBITDA of $93.8 million, up 20.6% compared to $77.8 million in the first quarter of 2022Cash flow from operations of $89.8 million compared to $32.7 million in the first quarter of 2022Cash and cash equivalents balance was $297.8 million at the end of the first quarter of 2023Completed stock repurchase of approximately $75.0 millionLaunched Naven Health, the national infusion nursing platform founded in the acquisitions of Infinity Infusion Nursing and Specialty Pharmacy Nursing NetworkReceived the 2023 Gallup Exceptional Workplace AwardJohn C. Rademacher, Chief Executive Officer, commented, \"The Option Care Health team's commitment to providing extraordinary patient care in the post-acute and ambulatory setting delivered another quarter of strong financial results. As we look to the balance of the year, our focus is on continuing to execute on our mission to transform healthcare by providing innovative services that improve outcomes, reduce costs and deliver hope for patients and their families.\"\nMike Shapiro, Chief Financial Officer, commented, \"We are very pleased with the results we delivered in the first quarter. Based on this momentum, we are increasing our earnings outlook for the full year.\"\nMr. Shapiro continued, \"Acute revenue continued to perform well this quarter as we build upon our reputation as a trusted and dependable partner to health systems. Our stable chronic patient census and double digit chronic revenue growth also contributed to outperformance in a quarter that is typically lower in consolidated revenue. I...