Option Care Health Announces Financial Results for the Third Quarter Ended September 30, 2023
25 10월 2023 - 8:00PM
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 2022
- Gross 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 2022
- Net 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 2022
- Adjusted EBITDA of $109.8 million, up 28.2% compared to $85.6
million in the third quarter of 2022
- Cash flow from operations of $61.0 million compared to $87.0
million in the third quarter of 2022
- Cash 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 billion
- Adjusted EBITDA of $420 million to $425 million
- Cash 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 completion of the call, at the same web
link, and will remain available for approximately 90 days.
About Option Care Health
Option Care Health is the nation’s largest independent provider
of home and alternate site infusion services. With over 7,500 team
members including more than 4,500 clinicians, we work
compassionately to elevate standards of care for patients with
acute and chronic conditions in all 50 states. Through our clinical
leadership, expertise and national scale, Option Care Health is
reimagining the infusion care experience for patients, customers
and team members. To learn more, please visit our website at
OptionCareHealth.com.
Investor Contacts
Mike Shapiro |
Bob East, Asher Dewhurst,
Jordan Kohnstam |
Chief Financial Officer |
Westwicke |
T: (312) 940-2538 |
T: (413) 213-0500 |
mike.shapiro@optioncare.com |
optioncarehealth@westwicke.com |
Forward-Looking Statements - Safe Harbor
This press release may contain “forward-looking statements”
within the meaning of the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: “anticipate,”
“intend,” “plan,” “believe,” “project,” “estimate,” “expect,”
“may,” “should,” “will” and similar references to future periods.
Examples of forward-looking statements include, among others,
statements we may make regarding future revenues, future earnings,
regulatory developments, market developments, new products and
growth strategies, integration activities and the effects of any of
the foregoing on our future results of operations or financial
conditions.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Important factors that could cause our
actual results and financial condition to differ materially from
those indicated in the forward-looking statements include, among
others, the following: changes in laws and regulations applicable
to our business model; changes in market conditions and receptivity
to our services and offerings; pending and future litigation;
potential liability for claims not covered by insurance; and loss
of relationships with managed care organizations and other
non-governmental third party payers. For a detailed discussion of
the risk factors that could affect our actual results, please refer
to the risk factors identified in our periodic reports as filed
with the SEC.
Any forward-looking statement made by us in this press release
is based only on information currently available to us and speaks
only as of the date on which it is made. We undertake no obligation
to publicly update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Note Regarding Use of Non-GAAP Financial
Measures
In addition to reporting financial information in accordance
with generally accepted accounting principles (GAAP), the Company
is also reporting Adjusted EBITDA, which is a non-GAAP financial
measure. Adjusted EBITDA is not a measurement of financial
performance under GAAP and should not be used in isolation or as a
substitute or alternative to net income, operating income or any
other performance measure derived in accordance with GAAP, or as a
substitute or alternative to cash flow from operating activities
or a measure of the Company’s liquidity. In addition, the
Company's definition of Adjusted EBITDA may not be comparable to
similarly titled non-GAAP financial measures reported by other
companies. Adjusted EBITDA, as defined by the Company, represents
net income before net interest expense, income tax expense,
depreciation and amortization, stock-based compensation expense,
loss on extinguishment of debt, and restructuring, acquisition,
integration and other. As part of restructuring, acquisition,
integration and other, the Company may incur significant charges
such as the write down of certain long‑lived assets, temporary
redundant expenses, professional fees, potential retention and
severance costs and potential accelerated payments or termination
costs for certain of its contractual obligations. Management
believes that Adjusted EBITDA provides useful supplemental
information regarding the performance of Option Care Health’s
business operations and facilitates comparisons to the Company’s
historical operating results. We have not reconciled Adjusted
EBITDA guidance to net income as management believes creation of
this reconciliation would not be practicable due to the uncertainty
regarding, and potential variability of, material reconciling
items. For a full reconciliation of Adjusted EBITDA to the most
comparable GAAP financial measure, please see below.
Schedule 1
OPTION CARE HEALTH,
INC. CONDENSED CONSOLIDATED BALANCE
SHEETS(IN THOUSANDS)(UNAUDITED) |
|
|
September 30, 2023 |
|
December 31, 2022 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
386,489 |
|
$ |
294,186 |
Accounts receivable, net |
|
382,957 |
|
|
377,542 |
Inventories |
|
251,366 |
|
|
224,281 |
Prepaid expenses and other current assets |
|
95,473 |
|
|
98,330 |
Total current assets |
|
1,116,285 |
|
|
994,339 |
|
|
|
|
NONCURRENT ASSETS: |
|
|
|
Property and equipment, net |
|
107,960 |
|
|
108,321 |
Intangible assets, net |
|
20,868 |
|
|
22,371 |
Referral sources, net |
|
323,126 |
|
|
341,744 |
Goodwill |
|
1,540,246 |
|
|
1,533,424 |
Other noncurrent assets |
|
135,131 |
|
|
112,737 |
Total noncurrent assets |
|
2,127,331 |
|
|
2,118,597 |
TOTAL ASSETS |
$ |
3,243,616 |
|
$ |
3,112,936 |
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
429,536 |
|
$ |
378,763 |
Other current liabilities |
|
194,548 |
|
|
186,588 |
Total current liabilities |
|
624,084 |
|
|
565,351 |
|
|
|
|
NONCURRENT LIABILITIES: |
|
|
|
Long-term debt, net of discount, deferred financing costs and
current portion |
|
1,057,016 |
|
|
1,058,204 |
Other noncurrent liabilities |
|
122,433 |
|
|
103,278 |
Total noncurrent liabilities |
|
1,179,449 |
|
|
1,161,482 |
Total liabilities |
|
1,803,533 |
|
|
1,726,833 |
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
1,440,083 |
|
|
1,386,103 |
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$ |
3,243,616 |
|
$ |
3,112,936 |
Schedule 2
OPTION CARE HEALTH,
INC. CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS(IN THOUSANDS, EXCEPT PER SHARE
AMOUNTS)(UNAUDITED) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
NET REVENUE |
$ |
1,093,014 |
|
|
$ |
1,020,918 |
|
|
$ |
3,177,934 |
|
|
$ |
2,917,522 |
|
COST OF REVENUE |
|
838,748 |
|
|
|
802,917 |
|
|
|
2,443,834 |
|
|
|
2,281,685 |
|
GROSS PROFIT |
|
254,266 |
|
|
|
218,001 |
|
|
|
734,100 |
|
|
|
635,837 |
|
|
|
|
|
|
|
|
|
OPERATING COSTS AND
EXPENSES: |
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
158,214 |
|
|
|
142,015 |
|
|
|
459,644 |
|
|
|
417,771 |
|
Depreciation and amortization expense |
|
15,005 |
|
|
|
15,268 |
|
|
|
44,417 |
|
|
|
46,027 |
|
Total operating expenses |
|
173,219 |
|
|
|
157,283 |
|
|
|
504,061 |
|
|
|
463,798 |
|
OPERATING INCOME |
|
81,047 |
|
|
|
60,718 |
|
|
|
230,039 |
|
|
|
172,039 |
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
Interest expense, net |
|
(11,786 |
) |
|
|
(13,997 |
) |
|
|
(38,816 |
) |
|
|
(39,008 |
) |
Other, net |
|
824 |
|
|
|
5,360 |
|
|
|
88,594 |
|
|
|
7,956 |
|
Total other (expense) income |
|
(10,962 |
) |
|
|
(8,637 |
) |
|
|
49,778 |
|
|
|
(31,052 |
) |
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES |
|
70,085 |
|
|
|
52,081 |
|
|
|
279,817 |
|
|
|
140,987 |
|
INCOME TAX EXPENSE |
|
13,783 |
|
|
|
13,258 |
|
|
|
69,904 |
|
|
|
37,960 |
|
NET INCOME |
$ |
56,302 |
|
|
$ |
38,823 |
|
|
$ |
209,913 |
|
|
$ |
103,027 |
|
|
|
|
|
|
|
|
|
Earnings per share, basic |
$ |
0.31 |
|
|
$ |
0.21 |
|
|
$ |
1.17 |
|
|
$ |
0.57 |
|
Earnings per share,
diluted |
$ |
0.31 |
|
|
$ |
0.21 |
|
|
$ |
1.16 |
|
|
$ |
0.57 |
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding, basic |
|
178,826 |
|
|
|
181,884 |
|
|
|
179,956 |
|
|
|
180,829 |
|
Weighted average common shares
outstanding, diluted |
|
180,528 |
|
|
|
183,022 |
|
|
|
181,286 |
|
|
|
181,760 |
|
Schedule 3
OPTION CARE HEALTH,
INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(IN THOUSANDS)(UNAUDITED) |
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net income |
$ |
209,913 |
|
|
$ |
103,027 |
|
Adjustments to reconcile net income to net cash provided by
operations: |
|
|
|
Depreciation and amortization expense |
|
46,423 |
|
|
|
49,723 |
|
Other non-cash adjustments |
|
54,259 |
|
|
|
66,999 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
|
(5,075 |
) |
|
|
(23,153 |
) |
Inventories |
|
(28,362 |
) |
|
|
(52,749 |
) |
Accounts payable |
|
50,726 |
|
|
|
129,859 |
|
Other |
|
(7,558 |
) |
|
|
(49,614 |
) |
Net cash provided by operating activities |
|
320,326 |
|
|
|
224,092 |
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
Acquisition of property and equipment |
|
(21,981 |
) |
|
|
(17,111 |
) |
Business acquisitions, net of cash acquired |
|
(12,855 |
) |
|
|
(87,315 |
) |
Other investing activities |
|
(5,889 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(40,725 |
) |
|
|
(104,426 |
) |
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
Purchase of company stock |
|
(175,108 |
) |
|
|
— |
|
Proceeds from warrant exercises |
|
— |
|
|
|
20,916 |
|
Other financing cash flows |
|
(12,190 |
) |
|
|
(4,537 |
) |
Net cash (used in) provided by financing activities |
|
(187,298 |
) |
|
|
16,379 |
|
NET INCREASE IN CASH AND CASH
EQUIVALENTS |
|
92,303 |
|
|
|
136,045 |
|
Cash and cash equivalents -
beginning of the period |
|
294,186 |
|
|
|
119,423 |
|
CASH AND CASH EQUIVALENTS -
END OF PERIOD |
$ |
386,489 |
|
|
$ |
255,468 |
|
Schedule 4
OPTION CARE HEALTH,
INC. QUARTERLY RECONCILIATION BETWEEN GAAP AND
NON-GAAP MEASURES(IN
THOUSANDS)(UNAUDITED) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
Net income |
$ |
56,302 |
|
$ |
38,823 |
|
|
$ |
209,913 |
|
|
$ |
103,027 |
Interest expense, net |
|
11,786 |
|
|
13,997 |
|
|
|
38,816 |
|
|
|
39,008 |
Income tax expense |
|
13,783 |
|
|
13,258 |
|
|
|
69,904 |
|
|
|
37,960 |
Depreciation and amortization expense |
|
15,622 |
|
|
16,474 |
|
|
|
46,423 |
|
|
|
49,723 |
EBITDA |
|
97,493 |
|
|
82,552 |
|
|
|
365,056 |
|
|
|
229,718 |
|
|
|
|
|
|
|
|
EBITDA adjustments |
|
|
|
|
|
|
|
Stock-based incentive compensation |
|
9,235 |
|
|
4,005 |
|
|
|
22,908 |
|
|
|
12,581 |
Restructuring, acquisition, integration and other (1) |
|
3,029 |
|
|
(934 |
) |
|
|
(74,383 |
) |
|
|
6,282 |
Adjusted EBITDA |
$ |
109,757 |
|
$ |
85,623 |
|
|
$ |
313,581 |
|
|
$ |
248,581 |
(1) Restructuring, acquisition, integration and other for the
nine months ended September 30, 2023 includes the Amedisys
merger termination fee, net of merger-related expenses
Option Care Health (NASDAQ:OPCH)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Option Care Health (NASDAQ:OPCH)
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부터 5월(5) 2023 으로 5월(5) 2024