Business
Option Care Health Announces Financial Results for the First Quarter Ended March 31, 2021
BANNOCKBURN, Ill., May 06, 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., May 06, 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 first quarter ended March 31, 2021. First Quarter 2021 Financial Highlights Net revenue of $759.2 million, up 7.6% compared to $705.4 million in the first quarter of 2020Gross profit of $165.5 million, or 21.8% of net revenue, up 4.7% compared to $158.0 million, or 22.4% of revenue, in the first quarter of 2020Net loss of $2.9 million, or $0.02 loss per share, compared to net loss of $19.9 million, or $0.11 loss per share, in the first quarter of 2020Adjusted EBITDA of $52.2 million, up 30.0% compared to $40.2 million in the first quarter of 2020Cash flow from operations of $18.4 million compared to a cash flow of $18.4 million in the first quarter of 2020Cash balances of $109.4 million at the end of the first quarter and no outstanding borrowings on the Company’s $175.0 million revolver Additional Highlights Retired all outstanding second lien debt with incremental first lien debt under the Company's existing credit agreement; recorded a debt extinguishment charge of $12.4 million in conjunction with the refinancingLaunched Amondys 45™ (casimersen), for the treatment of Duchenne muscular dystrophy in patients who have a confirmed mutation, and Uplizna®, for the treatment of neuromyelitis optica spectrum disorderCommenced operations at the Company's new, state of the art Care Management Center and Chronic Center of Excellence in Chicago, IllinoisSubsequent to the end of the first quarter, acquired certain chronic therapy infusion assets from BioCureRx for $18.5 million John C. Rademacher, Chief Executive Officer, commented, “The Option Care Health team delivered solid financial results in the first quarter while continuing to lay the foundation for sustained growth. We continue to make progress in integration efforts and invest in technology and clinical capabilities to further solidify our industry leading position.” Full Year 2021 Financial Guidance For the full year 2021, Option Care Health is maintaining its previously-communicated guidance with the exception of the expected range for Adjusted EBITDA. The Company is raising its expectation for Adjusted EBITDA to $248...