Business
Option Care Health Announces Financial Results for the Second Quarter
BANNOCKBURN, Ill., Aug. 04, 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., Aug. 04, 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 second quarter ended June 30, 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 completed a reverse 1-for-4 stock split in the first quarter 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. Second Quarter 2020 Financial Highlights Net revenue of $740.8 million, up 49% compared to $497.3 million in the second quarter of 2019Gross profit of $166.3 million, or 22.4% of net revenue, up 64% compared to $101.4 million, or 20.4% of revenue, in the second quarter of 2019Net loss of $7.7 million, or $0.04 per share, compared to net loss of $13.6 million, or $0.10 per share, in the second quarter of 2019Run rate merger-related synergies at the end of the second quarter of more than $60 millionAdjusted EBITDA of $54.6 million, up 131% compared to $23.7 million in the second quarter of 2019Cash flow from operations of $35.0 million, up 163% compared to $13.3 million in the second quarter of 2019Cash balances of $118.1 million at the end of the second quarter and no outstanding borrowings on the Company’s $150.0 million revolver Additionally, subsequent to the second quarter, the Company completed a sale of 18 million shares of common stock. Eight million shares were sold by HC Group Holdings, I, the primary shareholder of the Company. The Company also sold 10 million shares and received net proceeds of approximately $118 million, which will be used to retire a portion of its senior secured second lien PIK toggle floating rate notes due 2027. The impact of the sale of common stock will be reflected in the Company’s third quarter results. John C. Rademacher, Chief Executive Officer, commented, “I am very pleased with the second quarter financial results given the COVID-19 pandemic sit...