Business
Option Care Health Announces Financial Results for the First Quarter Ended March 31, 2024
BANNOCKBURN, Ill., April 23, 2024 (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., April 23, 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 first quarter ended March 31, 2024. First Quarter 2024 Financial Results and Highlights Net revenue of $1,146.1 million, up 12.8% compared to $1,015.8 million in the first quarter of 2023Gross profit of $238.5 million, or 20.8% of net revenue, up 4.1% compared to $229.0 million, or 22.5% of net revenue, in the first quarter of 2023Net income of $44.8 million, or $0.26 earnings per share, up 14.2% compared to net income of $39.2 million, or $0.21 diluted earnings per share, in the first quarter of 2023Adjusted EBITDA of $98.3 million, up 4.8% compared to $93.8 million in the first quarter of 2023Cash flow from operations of $(68.8) million compared to $89.8 million in the first quarter of 2023, primarily driven by the Change Healthcare cybersecurity incidentCash and cash equivalents balance was $219.5 million at the end of the first quarter of 2024Completed stock repurchases of approximately $40.0 millionReceived the 2024 Gallup Exceptional Workplace Award John C. Rademacher, Chief Executive Officer, commented, “The Option Care Health team delivered solid financial results while navigating a disruptive environment. I am proud of the resilient enterprise we have built and the team's unwavering commitment to providing extraordinary patient care in the post-acute and ambulatory setting.” Updated Full Year 2024 Financial Guidance For the full year 2024, Option Care Health expects to generate: Net revenue of $4.65 billion to $4.8 billionAdjusted EBITDA of $430 million to $450 millionCash flow from operations of at least $300 million, consistent with previous guidanceEffective tax rate of 26% - 28%, consistent with previous guidanceNet 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 first 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...