Business
Option Care Health Reports Financial Results for Fourth Quarter and Full Year 2021 and Announces Two Additional Acquisitions
BANNOCKBURN, Ill., Feb. 23, 2022 (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., Feb. 23, 2022 (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 fourth quarter and full year ended December 31, 2021. The Company also announced that it acquired Wasatch Infusion LLC (\"Wasatch\"), an infusion center operator based in Salt Lake City, Utah, in December and has also entered into a definitive agreement to acquire Specialty Pharmacy Nursing Network, Inc. (\"SPNN\"), which it expects to complete in 2022. Fourth Quarter 2021 Financial Highlights Net revenue of $927.2 million, up 15.2% compared to $804.7 million in the fourth quarter of 2020Gross profit of $212.2 million, or 22.9% of revenue, up 15.5% compared to $183.8 million, or 22.8% of revenue, in the fourth quarter of 2020Net income of $75.5 million, or $0.42 earnings per share inclusive of a one-time benefit from the elimination of the Company's valuation allowance on deferred tax assets of $30.4 million or $0.17 per share, compared to net income of $17.8 million, or $0.10 earnings per share, in the fourth quarter of 2020Adjusted EBITDA of $86.8 million, up 28.3% compared to $67.7 million in the fourth quarter of 2020Cash flow from operations of $65.3 million, and cash balances of $119.4 million at the end of the fourth quarterAcquired Infinity Infusion Nursing, LLC and Wasatch for $50.0 million and $17.8 million, respectively, financed through cash balances on hand Full Year 2021 Financial Highlights Net revenue of $3,438.6 million up 13.4% compared to $3,032.6 million in the full year 2020Gross profit of $779.6 million, or 22.7% of revenue, up 14.2% compared to $682.3 million, or 22.5% of revenue, in full year 2020Net income of $139.9 million, or $0.78 earnings per share, compared to net loss of $8.1 million, or $0.04 loss per share, in full year 2020Adjusted EBITDA of $289.8 million, up 30.7% compared to $221.7 million in full year 2020Cash flow from operations of $208.6 million, up 63.7% compared to $127.4 million in full year 2020 John C. Rademacher, Chief Executive Officer, commented, “The entire Option Care Health team continues to execute in an ongoing challenging environment. With the patient at the center of everything we do, Option Care Health served over...