Owens & Minor ‘capitalizing’ on shift to home

RICHMOND, Va.- Owens & Minor reported revenues of $573 million for its Patient Direct segment, a 145% increase, with Byram revenue growth of 17% and Apria pro forma up 4.4%. 

 "Our Patient Direct segment again executed very well and continues to grow as a percentage of total company profitability, and quarterly results were driven by the consistent strength in our Byram business that once again saw growth outpace the market,” said Edward Pesicka, president and CEO. “Apria also delivered a strong quarter, and integration synergies are on track. We are strategically positioned very well to continue capitalizing on shifting preferences toward the home.” 

Owens & Minor’s consolidated revenue was $2.5 billion. Adjusted EBITDA was $156 million, up $28 million. 

The company has revised its financial outlook for full year 2022, due to “accelerating macroeconomic headwinds, as well as the unique labor and product availability challenges within acute care, resulting in lower overall hospital volume.” 

“However, in our view, the economic landscape and industry-specific challenges will eventually improve, returning hospital procedure volumes to normalized levels,” Pesicka said. “Because we have the right strategy and operating model, as well as a proven business system, I am confident in our ability to successfully manage through these challenges over time.” 

Owens & Minor revised its financial outlook as follows: 

• Revenue to be in a range of $9.8 billion to $10.1 billion. 
• Contribution in excess of $0.9 billion from Apria. 
• Adjusted EBITDA to be in a range of $570 million to $610 million, reflecting an increase related to Apria of approximately $180 million.