BioScrip, Inc. (NASDAQ: BIOS) today reported fourth quarter 2005
revenue of $304.2 million and a net loss of $22.6 million or $0.61
per share. For the year ended December 31, 2005, reported revenue
was $1.1 billion and a net loss of $23.8 million or $0.70 per
share. Included in the net loss for the quarter and year end are
the following previously communicated pre-tax charges: -0- *T 2005
2005 Amounts in millions 4th Quarter Full Year -----------
----------- Goodwill and intangible impairment $ 19.4 $ 25.2
Allowance for doubtful accounts receivable adjustment 7.1 7.1
Merger related expenses 2.5 4.6 ---------- ---------- Total $ 29.0
$ 36.9 ========== ========== *T Executive Chairman, Richard H.
Friedman stated, "We achieved revenues and gross margin percentages
in line with our expectations. We did not achieve all of the
planned synergies due to system limitations in finance and IT. Our
strategic focus is now to successfully conclude the integration,
grow our community pharmacy and infusion business and leverage our
relationships with manufacturers. Our unique pharmacy model
combines local, regional and national distribution. Specialty
pharmaceuticals will be driven through a significant number of
anticipated new product approvals. We intend to take full advantage
of this pipeline." Fourth Quarter Reported Results Revenue for the
fourth quarter 2005 was $304.2 million. Revenue, gross profit and
operating expenses were up significantly in 2005 due to the
acquisition of Chronimed Inc. on March 12, 2005, the results of
which were not included in fourth quarter 2004 results. The Company
had higher than expected auditing and consulting fees, including
costs associated with Sarbanes-Oxley related compliance. In
addition, the Company incurred costs associated with its continuing
merger integration. Net loss was $22.6 million or $0.61 per share
for the fourth quarter 2005 compared with net income of $1.2
million or $0.05 per diluted share for the fourth quarter 2004.
Pre-tax charges in the fourth quarter 2005, as discussed below,
were $29.0 million. Reported results are provided in Schedules 1
and 2 attached to this press release. Goodwill and Intangible
Impairment In the fourth quarter 2005, BioScrip recorded a goodwill
and intangible impairment charge totaling $19.4 million principally
in the PBM Services segment related to contract terminations. As
previously reported, Centene Corporation, the Company's largest PBM
customer, acquired its own PBM business and is transitioning its
accounts to that business throughout 2006. Allowance for Doubtful
Accounts Receivable Adjustment The Company recorded an additional
charge of $7.1 million in the fourth quarter of 2005 to reflect an
increase in its allowance for doubtful accounts receivable. The
scheduled integration of accounting operations in fourth quarter
2005 caused deterioration in the Company's collections and
adversely impacted the accounts receivable aging and collections in
that period. The Company is currently taking affirmative steps to
remediate and improve its collections efforts. Merger Related
Expenses Merger related expenses in the fourth quarter were $2.5
million. These expenses consisted of expenses incurred to integrate
the acquisition of Chronimed during 2005 including severance,
facility lease termination costs, consolidation to one company-wide
brand, BioScrip, and duplicate labor costs associated with the
consolidation of certain functions into our Minnesota operations.
Calendar Year 2005 Reported Results Revenue for the year ended
December 31, 2005 was $1.1 billion. Revenue, gross profit and
operating expenses were up significantly in 2005 due to the
acquisition of Chronimed Inc. on March 12, 2005, the results of
which were not included in the year ended December 31, 2004
results. The Company also had higher than expected auditing and
consulting fees, including costs associated with Sarbanes-Oxley
related compliance, and costs associated with the Company's
continuing merger integration. Net loss was $23.8 million or $0.70
per share for 2005 compared with net income of $7.0 million or
$0.31 per diluted share for 2004. Pre-tax charges in 2005, as
discussed below, were $36.9 million. Goodwill and Intangible
Impairment In 2005 BioScrip, recorded goodwill and intangible
impairment charges totaled $25.2 million. These charges related to
contract terminations in the PBM Services segment and the write off
of intangible assets as a result of our re-branding around the
BioScrip name. Allowance for Doubtful Accounts Receivable
Adjustment The Company recorded an additional charge of $7.1
million in the fourth quarter of 2005 to reflect an increase in the
allowance for doubtful accounts receivable. The scheduled
integration of accounting operations in fourth quarter 2005 caused
deterioration in collections and adversely impacted the accounts
receivable aging. The Company is currently taking affirmative steps
to remediate and improve its collections efforts. Merger Related
Expenses Merger related expenses for the year were $4.6 million
consisting of expenses incurred to integrate the acquisition of
Chronimed during 2005 including severance, facility lease
termination costs, consolidation to one company-wide brand,
BioScrip, and duplicate labor costs associated with the
consolidation of certain functions into our Minnesota operations.
BioScrip acquired Northland Medical Pharmacy, a community-based
specialty pharmacy, located in Columbus, Ohio in October 2005, and
more recently, Intravenous Therapy Services, a specialty infusion
company in California in March 2006. Conference Call Information
BioScrip will host a conference call to discuss fourth quarter and
calendar year 2005 financial results on Wednesday, March 29 10:00
a.m. EST. Interested parties may participate in the conference call
by dialing 888-214-7577 (US), or 415-537-1881 (International), 5-10
minutes prior to the start of the call. A replay of the conference
call will be available from 12:00 PM ET on March 29 through 12:00
PM ET on April 5, by dialing 800-633-8284 (US), or 402-977-9140
(International), and entering reservation #21286494. A webcast and
archive of the conference call will also be available under the
investor relations section of the BioScrip website,
www.bioscrip.com. About BioScrip, Inc. BioScrip provides
comprehensive pharmaceutical care solutions. We partner with
healthcare payors, pharmaceutical manufacturers, government
agencies, physicians, and patients to deliver cost effective
programs that enhance the quality of patient life. We focus our
products and services in two core areas: Specialty medication
distribution and clinical management services, both nationally and
community-based, and Pharmacy Benefit Management services. Our
specialty medication distribution capabilities include
condition-specific clinical management programs tailored to improve
the care of individuals with complex health conditions such as
HIV/AIDS, Cancer, Infusion IVIG, Hepatitis C, Rheumatoid Arthritis,
Multiple Sclerosis, and Transplantation. Our complete pharmacy
benefit management programs include customized benefit plan design,
pharmacy network management and sophisticated reporting
capabilities that deliver improved clinical and economic outcomes.
In addition, we have 34 locations including community and infusion
pharmacies in major metropolitan markets across the U.S., providing
nationwide access and clinical management capabilities in a
high-touch community-based environment. Forward Looking Statements
This press release may contain statements which constitute forward
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements regarding the
intent, belief or current expectations of the Company, its
directors, or its officers with respect to the future operating
performance of the Company and our success with respect to the
integration and consolidation. Investors are cautioned that any
such forward looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual
results may differ materially from those in the forward looking
statements as a result of various factors. Important factors that
could cause such differences are described in the Company's
periodic filings with the Securities and Exchange Commission. Notes
to Press Release Tables On March 12, 2005 we completed our
acquisition of Chronimed Inc. The accompanying balance sheet
(Schedule 2) as of December 31, 2005, reflects the impact of this
transaction and the allocation of the purchase price to the net
assets from Chronimed Inc. This purchase price allocation is based
on an independent valuation and management's assessment of that
valuation. BioScrip financial results include Chronimed Inc.
financial results for the nineteen days ended March 31, 2005
through the most recently completed quarter and year ended December
31, 2005. Actual GAAP reported financial results are provided in
Schedules 1 and 2 attached to this press release. -0- *T Schedule 1
BIOSCRIP, INC. Consolidated Statements of Operations (in thousands,
except per share data) (unaudited) Three Months Ended Twelve Months
Ended ----------------------------------------------- Dec. 31, Dec.
31, Dec. 31, Dec. 31, 2005 2004 2005 (a) 2004
----------------------------------------------------------------------
Revenue $ 304,243 $ 166,840 $1,073,235 $ 630,516 Cost of revenue
270,655 149,232 956,968 562,360
----------------------------------------------------------------------
Gross profit 33,588 17,608 116,267 68,156 Operating expenses
Selling, general and administrative expenses 28,067 14,214 96,521
50,935 Bad debt expense 9,322 684 12,814 1,908 Amortization of
intangibles 1,796 795 6,395 3,019 Merger related expenses 2,469 -
4,575 - Goodwill and intangible impairment 19,409 - 25,165 -
----------------------------------------------------------------------
Total operating expenses 61,063 15,693 145,470 55,862 (Loss) Income
from operations (27,475) 1,915 (29,203) 12,294 Interest income
(expense), net (201) (176) (392) (808)
----------------------------------------------------------------------
Income before income taxes (27,676) 1,739 (29,595) 11,486 Income
tax (expense) benefit 5,061 (554) 5,748 (4,453)
----------------------------------------------------------------------
Net (loss) income $ (22,615) $ 1,185 $ (23,847) $ 7,033
----------------------------------------------------------------------
Basic net (loss) income per share $ (0.61) $ 0.05 $ (0.70) $ 0.32
Diluted net income per share $ (0.61) $ 0.05 $ (0.70) $ 0.31
----------------------------------------------------------------------
Basic weighted-average shares 37,012 22,307 34,129 22,245 Diluted
weighted- average shares 37,012 22,626 34,129 22,702
----------------------------------------------------------------------
(a) Includes the results of operations of MIM for the full twelve
months and of Chronimed from March 13, 2005 through December 31,
2005. Schedule 2 BIOSCRIP, INC. Consolidated Balance Sheets (in
thousands) Dec. 31, 2005 December 31, (unaudited) 2004
----------------------------------------------------------------------
ASSETS Current assets Cash and cash equivalents $ 1,521 $ 2,957
Receivables, less allowance for doubtful accounts of $8,900 and
$3,240 at December 31, 2005 and 2004, respectively 118,762 65,439
Inventory 25,873 11,897 Prepaid expenses and other current assets
2,054 2,112 Short term deferred taxes 11,225 1,901
----------------------------------------------------------------------
Total current assets 159,435 84,306 Property and equipment, net
9,232 4,300 Long term deferred taxes, net - 2,383 Other assets and
investments 939 427 Goodwill 104,318 74,874 Deferred acquisition
costs - 1,702 Intangible assets, net 14,713 17,583
----------------------------------------------------------------------
Total assets $ 288,637 $ 185,575
----------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Line of
credit $ 7,427 7,303 Accounts payable 39,969 20,012 Claims payable
31,402 28,659 Payables to plan sponsors 1,695 2,217 Accrued
expenses and other current liabilities 11,504 11,701
----------------------------------------------------------------------
Total current liabilities 91,997 69,892 Deferred taxes 875 -
Stockholders' equity Common stock, $.0001 par value; 37,094,252 and
22,306,658 shares issued and outstanding at December 31, 2005 and
2004, respectively 4 2 Treasury stock, 2,198,076 at cost at
December 31, 2004 and 2003 (8,002) (8,002) Additional paid-in
capital 234,958 131,031 Accumulated deficit (31,195) (7,348)
----------------------------------------------------------------------
Total stockholders' equity 195,765 115,683
----------------------------------------------------------------------
Total liabilities and stockholders' equity $ 288,637 $ 185,575
----------------------------------------------------------------------
*T
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