Business
Option Care Health Announces Financial Results for the Second Quarter Ended June 30, 2023
BANNOCKBURN, Ill., July 27, 2023 (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., July 27, 2023 (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, 2023. Second Quarter 2023 Financial Results and Highlights Net revenue of $1,069.1 million, up 9.0% compared to $980.8 million in the second quarter of 2022Gross profit of $250.8 million, or 23.5% of net revenue, up 15.6% compared to $216.9 million, or 22.1% of net revenue, in the second quarter of 2022Net income of $114.4 million, or $0.64 basic earnings per share, up 237.2% compared to net income of $33.9 million, or $0.19 basic earnings per share, in the second quarter of 2022Adjusted EBITDA of $110.1 million, up 29.2% compared to $85.2 million in the second quarter of 2022Cash flow from operations of $169.5 million compared to $104.4 million in the second quarter of 2022Cash and cash equivalents balance was $441.2 million at the end of the second quarter of 2023Entered into and subsequently terminated the Merger Agreement with Amedisys, Inc. and received a payment of $106.0 million in cash on behalf of Amedisys John C. Rademacher, Chief Executive Officer, commented, “The Option Care Health team executed on another solid quarter of financial results. Our commitment to providing unparalleled care that produces superior clinical outcomes makes us confident in our continued growth trajectory as we head into the back half of the year.” Updated Full Year 2023 Financial Guidance For the full year 2023, Option Care Health expects to generate: Net Revenue of $4.2 billion to $4.3 billionAdjusted EBITDA of $415 million to $425 millionCash Flow from Operations of at least $350 million, inclusive of Amedisys termination fee, net of expenses Additionally, the Company continues to anticipate an effective tax rate of 27% to 29% and net interest expense of approximately $55.0 million to $59.0 million. Conference Call Option Care Health will host a conference call to discuss its second quarter 2023 financial results later today at 8:30 a.m. EDT. 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 sho...