BioScrip, Option Care report earnings

Merger expected to be complete in August
 - 
Wednesday, July 31, 2019

DENVER – Ahead of their planned merger, BioScrip and Option Care both reported increased revenues for the second quarter of 2019.

BioScrip reported net revenues of $191.5 million for the second quarter 2019, an 8.9% increase compared to $175.8 million during the same period last year. Gross revenue was $196.8 million, an increase of 13.1%. Adjusted EBITDA was $15.5 million, up 35.4%.

“This is the fifth consecutive quarter of sequential, comparable gross revenue growth for BioScrip, and the operating leverage inherent in our business model is evident in our EBITDA performance,” said Daniel Greenleaf, BioScrip president and CEO. “I am also very pleased that year-to-date gross revenue increased by double-digits at 10.4%.

OptionCare reported net revenues of $512.6 million for the second quarter 2019, an increase of 3.2% compared to the same quarter last year. Adjusted EBITDA was $23.7 million, up 10.2%.

BioScrip and OptionCare announced their merger in March. Under the terms of the agreement, BioScrip will issue new shares to Option Care, which is owned by investment funds affiliated with Madison Dearborn Partners and Walgreens Boots Alliance, in an all-stock transaction.

“Our pending combination with Option Care, expected to close in early August, will provide an incredible platform to accelerate growth for BioScrip, as the newly combined company will have a significantly improved capital structure and a leading market position in the attractive home infusion therapy market,” said Greenleaf.

John Rademacher will be CEO of the combined company, which will cover 96% of the U.S. population. Greenleaf will serve as special adviser to the company’s board chairman, Henry Kraemer.