Business
Option Care Health Announces Financial Results for the Third Quarter Ended September 30, 2020
BANNOCKBURN, Ill., Nov. 03, 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., Nov. 03, 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 third quarter ended September 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. Third Quarter 2020 Financial Highlights Net revenue of $781.6 million, up 27% compared to $615.9 million in the third quarter of 2019Gross profit of $174.2 million, or 22.3% of net revenue, up 26% compared to $137.8 million, or 22.4% of revenue, in the third quarter of 2019Net income of $1.7 million, or $0.01 per share, compared to net loss of $42.8 million, or $0.26 loss per share, in the third quarter of 2019Adjusted EBITDA of $59.2 million, up 70% compared to $34.8 million in the third quarter of 2019Cash flow from operations of $48.3 million compared to a cash outflow of $5.8 million in the third quarter of 2019Cash balances of $140.0 million at the end of the third quarter and no outstanding borrowings on the Company’s $175.0 million revolverSubsequent to the third quarter, the Company entered into new, multi-year national provider contracts with both Centene and Cigna Comparable revenue growth for the quarter is approximately 13% when considering the impact and timing of the merger as well as harmonization of accounting policies, with chronic therapies growth over prior year in the mid teens and acute therapies flat to prior year. Additionally, the Company continues to make significant progress on merger-related integration efforts and expects to be complete with integration efforts, other than technology harmonization, by the end of the year. John C. Rademacher, Chief Executive Officer, commented, “The third quarter was very productive for Option Care Health as we continue ...