Business
Option Care Health Announces Third Quarter Results
BANNOCKBURN, Ill., Nov. 06, 2019 (GLOBE NEWSWIRE) -- Option Care Health, Inc. (Nasdaq: BIOS), the nation’s largest independent provider of home and alternate
About this update from Option Care Health, Inc.
[{"type":"text","content":"BANNOCKBURN, Ill., Nov. 06, 2019 (GLOBE NEWSWIRE) -- Option Care Health, Inc. (Nasdaq: BIOS), the nation’s largest independent provider of home and alternate site infusion services, today announced financial results for the third quarter ended September 30, 2019.\n Transaction Highlights Completed merger between legacy Option Care Enterprises, Inc. (“Option Care”) and BioScrip, Inc. (“BioScrip”) organizations on August 6, 2019 to create Option Care Health, Inc. (“Option Care Health” or the “Company”)Established new Executive Leadership Team and broader field and functional leadership of the Company, retaining key talent across both legacy organizationsAchieved significant progress in integrating commercial organizations and optimizing commercial resource deploymentInitiated integration efforts across procurement strategies, field resource optimization and spending reduction initiatives John C. Rademacher, Chief Executive Officer, commented, “I’m pleased to report solid third quarter results and the considerable progress we have made to integrate our two organizations since the transaction closed in early August. Our newly combined team has come together under the unified purpose to set the standard for infusion therapy in the alternate site setting. While we still have a significant amount of work ahead of us, I feel we are on plan and building momentum. Through the hard work of our teams across various functions, we have developed a comprehensive plan to deliver at least $60 million in net synergies and I’m excited about all the opportunities at hand for our combined company.” Third Quarter 2019 Financial Highlights Please note that all financial data disclosed below, as well as in the forthcoming 10-Q, is comprised of the results of legacy Option Care and its affiliates and incorporate BioScrip results from August 6, 2019 prospectively. Thus, comparisons to historical periods are relative to legacy Option Care and its affiliates only. Net revenue of $615.9 million, up 24.7% compared to $493.9 million in the third quarter of 2018The deduction for bad debt and contractual adjustments embedded in net revenue (presented consistent with ASC 606) represented 3.9% of gross revenue, compared to 2.8% in the third quarter of 2018Gross profit of $137.8 million, 22.4% of net revenue, up 27.3% compared to $108.2 million, 21.9% of revenue, ...