BioScrip’s losses rack up in Q2

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Tuesday, August 8, 2017

DENVER – BioScrip reported net revenues of $218.1 million for the second quarter of 2017 compared to $232.4 million for the same period a year ago. Net loss was $29.2 million vs. $8.2 million. For the six months ended June 30, BioScrip reported net revenues of $435.9 million this year compared to $470.9 million last year. Net loss was $48.6 million vs. $17.8 million. EBITDA, however, was $10 million for the second quarter, nearly double the first quarter. “The second quarter of 2017 marks an important milestone for the company, as our teammates delivered $10 million of adjusted EBITDA, driven by core revenue growth and cost and working capital improvements, positioning us to achieve our financial objectives for 2017,” said Daniel Greenleaf, president and CEO. “The improvements in EBITDA and operating cash flow, despite Cures Act reimbursement pressures, underscore the progress our team has made on the turnaround to date, and it is only the beginning of the transformation of this organization.” BioScrip has been zeroing in on its home infusion business, including antibiotic, immunoglobulin and nutritional therapies, and in the second quarter it increased its core product mix to 73.1%, compared to 60.3% a year ago.