BioScrip Reports Second Quarter 2014 Financial Results

During the second quarter of 2014, Infusion Services segment Adjusted EBITDA was $16.2 million, compared to $14.0 million in the prior year quarter. The 15.7% improvement in Adjusted EBITDA in the Infusion Services segment resulted primarily from organic revenue growth and the acquisition of CarePoint Partners. Infusion Services segment Adjusted EBITDA also included $4.6 million of income related to the decrease of the fair value of contingent consideration relating to our infusion acquisitions, offset by a $5.5 million increase in the bad debt and contractual reserve provisions relating to the integration of our acquisitions.

PBM Services segment revenue was $16.6 million for the second quarter of 2014, compared to $16.3 million for the prior year period. The increase was related to the growth in traditional PBM volume, offset by declines in prescription discount card volume. PBM Services segment Adjusted EBITDA was $1.8 million, or 11.1% of segment revenue, for the second quarter of 2014 compared to $4.9 million, or 30.1% of segment revenue, in the prior year quarter.

On a consolidated basis, BioScrip reported $11.0 million of Adjusted EBITDA during the second quarter of 2014, or 4.5% of total revenue, compared to $10.8 million, or 6.3% of total revenue, in the same period last year. Adjusted EBITDA included $0.5 million of increased investment in reimbursement resources in the form of overtime, temporary labor and third-party professional fees.

Interest expense in the second quarter of 2014 was $9.1 million compared to $6.5 million in the prior year period.

Income tax expense for continuing operations in the second quarter of 2014 was $3.1 million compared to an income tax expense of $0.1 million in the prior year period.

The loss from continuing operations, net of taxes, for the second quarter of 2014 was $18.6 million, or a loss of $0.27 per basic and diluted share, compared to a net loss of $9.3 million, or $0.14 per basic and diluted share, in the prior year period.

Liquidity and Capital Resources

For the six months ended June 30, 2014, BioScrip used $26.7 million in net cash from continuing operating activities, compared to cash used of $22.8 million during the six months ended June 30, 2013. Sequentially, net cash from continuing operating activities improved by $22.0 million from the first quarter of 2014. As of June 30, 2014, the Company's cash balance was $1.5 million, and it had $418.7 million of outstanding debt and an undrawn $75 million revolving credit facility. Capital expenditures for the second quarter of 2014 were $3.9 million.

Outlook

The Company projects that its 2014 revenue will be at the high end of its guidance range of $940.0 million to $980.0 million and that its 2014 Adjusted EBITDA will be in a range of $55.0 million to $60.0 million. This reflects the Company's current assessment of the business and assumes:

• Infusion Services segment is expected to continue to deliver double-digit organic revenue growth;
• Infusion Services segment Adjusted EBITDA margin percentage is expected to sequentially improve;
• Momentum to collect older receivables impacted by the integration of the acquisitions continues in the second half of the year. These efforts are on-going, but timing may be uncertain; and
• Continued stability is expected in our PBM Services segment from an adjusted EBITDA perspective, consistent with its performance in the first half of the year.

Conference Call

BioScrip will host a conference call to discuss its second quarter 2014 financial results on August 7, 2014 at 8:30 a.m. Eastern Time. Interested parties may participate in the conference call by dialing 800-679-2940 (US), or 303-223-2690 (International), 5-10 minutes prior to the start of the call. A replay of the conference call will be available for two weeks after the call's completion by dialing 800-633-8284 (US) or 402-977-9140 (International) and entering conference call ID number 21728610. An audio webcast and archive will also be available for 30 days under the "Investor Relations" section of the BioScrip website at www.bioscrip.com.

About BioScrip, Inc.

BioScrip, Inc. is a leading national provider of infusion and home care management solutions. BioScrip partners with physicians, hospital systems, facilities-based providers, healthcare payors, and pharmaceutical manufacturers to provide patients access to post-acute care services. BioScrip operates with a commitment to bring customer-focused pharmacy and related healthcare infusion therapy services into the home or alternate-site setting. By collaborating with the full spectrum of healthcare professionals and the patient, BioScrip provides cost-effective care that is driven by clinical excellence, customer service, and values that promote positive outcomes and an enhanced quality of life for those it serves. BioScrip provides its infusion and home care services from over 80 locations across 29 states.

Forward-Looking Statements – Safe Harbor This press release includes statements that may constitute "forward-looking statements," including projections of certain measures of the Company's results of operations, projections of certain charges and expenses, and other statements regarding the Company's goals, regulatory approvals and strategy. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. In some cases, forward-looking statements can be identified by words such as "may," "should," "could," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," "potential," "continue" or comparable terms. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. Important factors that could cause or contribute to such differences include but are not limited to risks associated with: the Company's ability to integrate the CarePoint business and other acquisitions; the Company's ability to grow its Infusion Services segment organically or through acquisitions and obtain financing in connection therewith; its ability to reduce operating costs while sustaining growth; reductions in federal, state and commercial reimbursement for the Company's products and services; increased government regulation related to the health care and insurance industries; as well as the risks described in the Company's periodic filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2013. The Company does not undertake any duty to update these forward-looking statements after the date hereof, even though the Company's situation may change in the future. All of the forward-looking statements herein are qualified by these cautionary statements.

Reconciliation to Non-GAAP Financial Measures

In addition to reporting all financial information required in accordance with generally accepted accounting principles (GAAP), the Company is also reporting EBITDA, Adjusted EBITDA, and Adjusted EPS, which are non-GAAP financial measures. EBITDA, Adjusted EBITDA and Adjusted EPS are not measurements 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 our liquidity. In addition, the Company's definitions of EBITDA, Adjusted EBITDA and Adjusted EPS may not be comparable to similarly titled non-GAAP financial measures reported by other companies. EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization. Adjusted EBITDA, as defined by the Company, represents net income before net interest expense, loss on extinguishment of debt, income tax expense, depreciation and amortization, stock-based compensation expense, acquisition and integration expenses, restructuring-related expenses and investments in start-up operations. As part of restructuring, the Company may incur significant charges such as the write down of certain long−lived assets, temporary redundant expenses, retraining expenses, potential cash bonus payments and potential accelerated payments or terminated costs for certain of its contractual obligations. Adjusted EPS, as defined by the Company, represents earnings per basic and diluted share, excluding the same elements in calculating Adjusted EBITDA as well as the impact of acquisition-related intangible amortization. Management believes that these non-GAAP financial measures provide useful supplemental information regarding the performance of our business operations and facilitates comparisons to our historical operating results. For a full reconciliation of EBITDA, Adjusted EBITDA and Adjusted EPS to the most comparable GAAP financial measures, please see the attachments to this earnings release.

(Financial Tables Follow)

Schedule 1
BIOSCRIP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except for share amounts)
	June 30, 2014		December 31, 2013
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$               1,547		$             1,001
Receivables, less allowance for doubtful accounts of $26,340 and $17,836 at June 30, 2014 and December 31, 2013, respectively	190,479		172,187
Inventory	34,478		34,341
Prepaid expenses and other current assets	12,289		14,110
Current assets of discontinued operations	-		15,316
Total current assets	238,793		236,955
Property and equipment, net	39,861		41,182
Goodwill	572,931		571,337
Intangible assets, net	13,501		16,824
Deferred financing costs	17,418		17,184
Other non-current assets	1,318		3,733
Non-current assets of discontinued operations	-		49,643
Total assets	$           883,822		$          936,858
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt	$                  431		$           60,257
Accounts payable	69,747		63,575
Claims payable	4,022		2,547
Amounts due to plan sponsors	5,642		4,826
Accrued interest	6,937		2,173
Accrued expenses and other current liabilities	38,801		34,352
Current liabilities of discontinued operations	-		6,576 Werbung Mehr Nachrichten zur Option Care Health Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 09:29 - PR Newswire Artemis Alpha Trust Plc - PDMR Shareholding 09:10 - PR Newswire The Biotech Growth Trust Plc - Monthly Fact Sheet as at 30 April 2024 02:00 - PR Newswire BlackRock Sustainable American Income Trust Plc - Total Voting Rights