OM gets boost from Apria
By HME News Staff
Updated 9:59 AM CDT, Wed May 4, 2022
RICHMOND, Va. – Owens & Minor reported net revenues of nearly $273 million for its patient direct segment for the first quarter of 2022, a 25.7% increase compared to the same period last year, boosted by its acquisition of Apria Healthcare, which it finalized March 29.
Excluding Apria, revenue for the patient direct segment increased 20.7%, marking Byram's strongest quarter of growth in the past two years.
"The first quarter of 2022 marked an important milestone – we completed the largest acquisition in the company's history,” said Edward Pesicka, president and CEO. “With the acquisition of Apria, we have strengthened our position in the higher-growth direct-to-patient home market, enhancing our ability to serve patients through the hospital and into the home. I am excited to welcome the Apria team to Owens & Minor.”
Byram and Apria make up the patient direct segment, which is headed up by Apria’s Dan Starck.
Overall, Owens & Minor reported net revenues of $2.4 billion for the first quarter of 2022, a 3.5% increase over the same period last year.
The company reported operating income of $61 million; and adjusted EBITDA less capex of $108 million.
Long term, the company expects Apria synergies of $80 million to $100 million in revenue and $40 million to $50 million in adjusted EBITDA.
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