Option Care delivers strong quarter
By HME News Staff
Updated 9:11 AM CDT, Thu May 4, 2023
BANNOCKBURN, Ill. – Option Care Health reported net revenue of $1.02 billion and net income of $39.2 million for the first quarter of 2023.
Gross profit was $229 million, or 22.5% of net revenue, up 14% compared to $200.9 million, or 21.9% of net revenue, in the first quarter of 2022. Adjusted EBITDA was $93.8 million, up 20.6% compared to $77.8 million.
"The Option Care Health team's commitment to providing extraordinary patient care in the post-acute and ambulatory setting delivered another quarter of strong financial results,” said John C. Rademacher, CEO. “As we look to the balance of the year, our focus is on continuing to execute on our mission to transform health care by providing innovative services that improve outcomes, reduce costs and deliver hope for patients and their families."
Option Care also announced it entered into a merger agreement with Amedisys, a provider of home health, hospice and high-acuity care, in an all-stock transaction that values Amedisys at approximately $3.6 billion, including the assumption of net debt. Based on recently reported 2022 financial results, the combined company generated revenues of approximately $6.2 billion and adjusted EBITDA of approximately $622 million on a combined basis.
Additionally, earlier this week, Option Care announced it has formed a nationwide home infusion nursing network and clinical platform called Naven Health that employs more than 1,500 nurses across the country with the ability to provide care in all 50 states.
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