Home Article Option Care reports double-digit growth 

Option Care reports double-digit growth 

Option Care reports double-digit growth 

Specialty Providers

Default Author Head Shot

By HME News Staff

Updated 8:56 AM CDT, Tue April 23, 2024

John RademacherBANNOCKBURN, Ill. – Option Care Health reported revenue of $1.14 billion for the first quarter of 2024, an increase of 12.8% compared to the same quarter last year, despite the disruption caused by the Change Healthcare cyberattack in February. 

“The Option Care Health team delivered solid financial results while navigating a disruptive environment,” said John Rademacher, CEO. “I am proud of the resilient enterprise we have built and the team's unwavering commitment to providing extraordinary patient care in the post-acute and ambulatory setting.” 

Gross profit was $238.5 million, or 20.8% of net revenue, up 4.1% compared to the same quarter last year. Adjusted EBITDA was $98.3 million, up 4.8%. 

Cash flow from operations was $(68.8) million compared to $89.8 million in the same quarter last year, primarily due to the Change Healthcare cybersecurity incident. 

Option Care also updated its if full year 2024 guidance: 

  • Net revenue of $4.65 billion to $4.8 billion 

  • Adjusted EBITDA of $430 million to $450 million 

  • Cash flow from operations of at least $300 million, consistent with previous guidance. 

Comments

To comment on this post, please log in to your account or set up an account now.