OM Patient Direct segment continues double-digit growth
By HME News Staff
Updated 8:53 AM CDT, Fri May 5, 2023
RICHMOND, Va. – Owens & Minor reported consolidated revenue of $2.5 billion for the first quarter ended March 31, 2023. Of that, Patient Direct revenue was $607 million, up 10.4% compared to the first quarter of 2022 on a pro forma basis. “Our Patient Direct segment continues to outperform the market and once again was a significant driver of our year-over-year top-line growth and margin expansion during the quarter,” said Edward Pesicka, president and CEO. “As we outlined last quarter, we took the necessary steps to initiate the total company Operating Model Realignment Program and improve our overall cost structure. These initiatives are progressing well, and we are on pace to reach our adjusted operating income target of $30 million for the year.” During the quarter, OM paid down $117 million. Adjusted EBITDA was$109 million, compared to $123 million in the same period in 2022. The company revised its outlook for 2023 to revenues in the range of $10.2 billion to $10.6 billion and adjusted EBITDA for 2023 in the range of $540 million to $590 million.
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