Option Care Q2: Revenue up double digits, company 'committed to delivering'
By HME News Staff
Updated 7:55 AM CDT, Wed July 31, 2024
BANNOCKBURN, Ill. – Option Care Health reported revenue of $1.2 billion for the second quarter 2024, an increase of 14.8% over the same period in 2023.
Gross profit was $249.4 million, or 20.3% of net revenue, down 0.6% compared to $250.8 million, or 23.5% of net revenue, in the second quarter of 2023. Adjusted EBITDA was $108.4 million, down 1.5% compared to $110.1 million in the second quarter of 2023.
“The Option Care Health team continued to demonstrate its resilience in a difficult environment while never losing focus on providing unparalleled care and delivering hope to patients and their families,” said John Rademacher, CEO. “I am proud of the financial results we executed on this quarter and we remain committed to delivering on our commitments for 2024.”
Other notes from the quarter:
-
Cash flow from operations was $195.7 million, compared to $169.5 million in the second quarter of 2023
-
Cash and cash equivalents balance of $376.9 million at the end of the second quarter of 2024
-
Repurchased approximately $78.1 million of stock
-
Amended the First Lien Credit Agreement reducing the interest rate to Term SOFR plus 2.25% and providing $50.0 million of additional liquidity.
Updated full year 2024 financial guidance
Option Care Health expects to generate:
-
Net revenue of $4.75 billion to $4.85 billion
-
Adjusted EBITDA of $435 million to $450 million
-
Cash flow from operations of at least $300 million, consistent with previous guidance.
Comments