Business
Option Care Health Announces Financial Results for the Third Quarter Ended September 30, 2023
BANNOCKBURN, Ill., Oct. 25, 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., Oct. 25, 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 third quarter ended September 30, 2023. Third Quarter 2023 Financial Results and Highlights Net revenue of $1,093.0 million, up 7.1% compared to $1,020.9 million in the third quarter of 2022Gross profit of $254.3 million, or 23.3% of net revenue, up 16.6% compared to $218.0 million, or 21.4% of net revenue, in the third quarter of 2022Net income of $56.3 million, or $0.31 basic earnings per share, up 45.0% compared to net income of $38.8 million, or $0.21 basic earnings per share, in the third quarter of 2022Adjusted EBITDA of $109.8 million, up 28.2% compared to $85.6 million in the third quarter of 2022Cash flow from operations of $61.0 million compared to $87.0 million in the third quarter of 2022Cash and cash equivalents balance was $386.5 million at the end of the third quarter of 2023 John C. Rademacher, Chief Executive Officer, commented, “The Option Care Health team continues to execute on outstanding clinical outcomes and extraordinary patient care, which helped translate into solid financial results in the third quarter. I am excited to build on this momentum as we close out the year and look forward to seeing the impact we believe the team will make in the post-acute and ambulatory setting in the years to come.” Updated Full Year 2023 Financial Guidance For the full year 2023, Option Care Health expects to generate: Net revenue of $4.23 billion to $4.28 billionAdjusted EBITDA of $420 million to $425 millionCash flow from operations of at least $350 million, inclusive of the Amedisys merger termination fee net of merger-related expenses Additionally, the Company anticipates an effective tax rate of approximately 27% and net interest expense of approximately $52.0 million to $54.0 million. Conference Call Option Care Health will host a conference call to discuss its third 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 shortly after the comple...