Business
Option Care Health Announces Financial Results for The Second Quarter Ended June 30, 2024
BANNOCKBURN, Ill., July 31, 2024 (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 31, 2024 (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, 2024. Second Quarter 2024 Financial Results and Highlights Net revenue of $1,227.2 million, up 14.8% compared to $1,069.1 million in the second quarter of 2023Gross profit of $249.4 million, or 20.3% of net revenue, down 0.6% compared to $250.8 million, or 23.5% of net revenue, in the second quarter of 2023Net income of $53.0 million, or $0.30 diluted earnings per share, down 53.6% compared to net income of $114.4 million, or $0.63 diluted earnings per share, in the second quarter of 2023Adjusted EBITDA of $108.4 million, down 1.5% compared to $110.1 million in the second quarter of 2023Cash flow from operations of $195.7 million, compared to $169.5 million in the second quarter of 2023Cash and cash equivalents balance of $376.9 million at the end of the second quarter of 2024Repurchased approximately $78.1 million of stockAmended the First Lien Credit Agreement reducing the interest rate to Term SOFR plus 2.25% and providing $50.0 million of additional liquidity Note that the second quarter of 2023 net income and cash flow from operations includes $62.8 million related to the termination payment received on behalf of Amedisys, net of merger-related expenses and taxes. John C. Rademacher, Chief Executive Officer, commented, “The Option Care Health team continued to demonstrate its resilience in a difficult environment while never losing focus on providing unparalleled care and delivering hope to patients and their families. I am proud of the financial results we executed on this quarter and we remain committed to delivering on our commitments for 2024.” Updated Full Year 2024 Financial Guidance For the full year 2024, Option Care Health expects to generate: Net revenue of $4.75 billion to $4.85 billionAdjusted EBITDA of $435 million to $450 millionCash flow from operations of at least $300 million, consistent with previous guidanceEffective tax rate of 26% - 28%, consistent with previous guidanceNet interest expense of approximately $55 million to $60 million, consistent with previous guidance Conference Call Option Care Health will host a ...