BioScrip, Inc. (NASDAQ: BIOS) today reported a first quarter 106%
increase in operating profit over the fourth quarter 2006, on
revenues of $296.3 million. First quarter 2007 operating profit was
$136,000; EBITDAO (earnings before interest, taxes, depreciation,
amortization and option expense) was $3.0 million with a net loss
of $1.3 million, or $0.04 per share. This compares to first quarter
2006 revenues of $299.7 million, an operating loss of $1.6 million,
EBITDAO of $1.7 million, and a net loss of $1.2 million, or $0.03
per share. The Company adopted FIN 48 effective January 1, 2007. As
a result, the Company recorded a $2.4 million tax liability with a
corresponding charge to retained earnings. Chairman and CEO,
Richard H. Friedman, stated �Our first quarter 2007 results
indicate that we are making substantial progress on our plan of
returning BioScrip to profitability. The Company reported a $2.5
million sequential increase in quarterly operating income and
increasingly positive EBITDAO which is consistent with our
commitment to shareholders.� First Quarter Reported Results First
quarter 2007 Specialty Services revenue was $234.9 million, an
increase of $31.3 million, or 15.4% over the prior year, due
primarily to revenues associated with preferred distribution
arrangements with manufacturers for newly approved drugs, strong
growth in infusion and new business resulting from CAP. First
quarter 2007 PBM Services revenue was $61.4 million, a decrease of
$34.6 million, or 36.0%, as compared to the first quarter of 2006.
The decline in revenue is primarily due to the loss of a major PBM
customer previously announced. As a result, revenue for the first
quarter 2007 was $296.3 million compared to $299.7 million for the
same period a year ago. Gross profit for the first quarter 2007 was
$32.9 million, or 11.1%, compared to $30.3 million, or 10.1%, for
the same period of 2006. Gross margin dollar improvement is
primarily due to higher margin Specialty sales. First quarter 2007
total operating expenses�increased by a net $0.9 million to $32.8
million, or 11.1%,�of total revenue from $31.9�million, or 10.7%,
of total revenue for the first quarter of 2006.�The increase is
primarily due to�ongoing operating expenses associated with the
acquisition of our California-based infusion center, operating
expense increases related to CAP, and an increase in bad debt
expense, partially offset by last year�s cost reduction efforts.
CAP Update First quarter 2007 CAP revenues increased 38% over
fourth quarter 2006 to $9.9 million. BioScrip has initiated
marketing programs in order to maximize efforts to support the
upcoming physician election period which occurs from�May 1, 2007
through June 15, 2007 for enrollments effective August 1, 2007
Conference Call Information BioScrip will host a conference call to
discuss first quarter 2007 financial results on Friday, May 4 at
10:00 a.m. EDT. Interested parties may participate in the
conference call by dialing 800-266-1825 (US), or 212-676-4900
(International), 5-10 minutes prior to the start of the call. A
replay of the conference call will be available from 12:30 PM EDT
on May 4 through 12:30 PM EDT on May 10, by dialing 800-633-8284
(US), or 402-977-9140 (International), and entering reservation
#21337474. An audio 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,
Inc. provides comprehensive pharmaceutical healthcare solutions. We
partner with healthcare payors, pharmaceutical manufacturers,
government agencies, physicians and patients to deliver cost
effective programs in an effort to optimize the quality of patient
life. We focus our products and services in two core areas:
Specialty pharmaceutical services, both nationally and
community-based, and Pharmacy Benefit Management services. Our
specialty services capabilities include condition-specific
distribution and clinical management programs for individuals
living with health conditions such as HIV/AIDS, cancer, immune
deficiency, Hepatitis C, Rheumatoid Arthritis, Multiple Sclerosis,
transplantation and Crohn's disease. Our pharmacy benefit
management programs include benefit plan design, pharmacy network
management and sophisticated reporting capabilities. In addition,
we have 36 community, mail service and infusion pharmacies across
the U.S., providing nationwide access to prescription medications
and clinical services. 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. 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. Earnings before interest,
taxes, depreciation, amortization, and option expense ("EBITDAO")
is a non-GAAP financial measure as defined under U.S. Securities
and Exchange Commission Regulation G. As required by Regulation G,
BioScrip has provided a reconciliation of this measure to the most
comparable GAAP financial measure. See Schedule 2 for a
reconciliation of the differences between the non-GAAP financial
measures and the most directly comparable GAAP financial measures.
As required by Regulation G under the Securities Exchange Act, the
Company has provided a quantitative comparison between GAAP and
disclosed non-GAAP financial measures. The non-GAAP measure
presented provides important insight into the ongoing operations
and a meaningful benchmark to evidence the Company�s trend towards
a return to profitability. Schedule 1 BIOSCRIP, INC.CONSOLIDATED
STATEMENT of OPERATIONS(in thousands, except per share data) � �
Three Months Ended March 31, 2007� � 2006� Revenue $296,342�
$299,718� � Cost of revenue 263,394� 269,388� Gross profit 32,948�
30,330� % of revenue 11.1% 10.1% � Selling, general and
administrative expenses 28,369� 27,886� Bad debt expense 2,996�
2,299� Amortization of intangibles 1,447� 1,622� Merger related
expenses -� 131� Total operating expenses 32,812� 31,938� % of
revenue 11.1% 10.7% � Income (loss) from operations 136� (1,608) �
Interest expense, net (1,085) (450) � Loss before income taxes
(949) (2,058) � Provision for (benefit from) income taxes 398�
(902) � Net loss ($1,347) ($1,156) Basic net loss per share ($0.04)
($0.03) Diluted net loss per share ($0.04) ($0.03) � Basic
weighted-average shares 37,490� 37,202� Diluted weighted-average
shares 37,490� 37,202� Schedule 2 BIOSCRIP, INC.RECONCILIATION
BETWEEN GAAP AND NON-GAAP MEASURES(in thousands) � � Three Months
Ended March 31, 2007� � 2006� Income (loss) from operations $136�
($1,608) � Addback items: Depreciation 1,044� 1,042� Amortization
of intangibles 1,447� 1,622� SFAS 123R stock option expense 342�
645� Earnings before interest, taxes, depreciation, amortization
and stock option expense (EBITDAO) $2,969� $1,701� Schedule 3
BIOSCRIP, INCCONSOLIDATED BALANCE SHEET(in thousands, except share
and per share data) � March 31, 2007 (unaudited) December 31, 2006
ASSETS Current assets Cash and cash equivalents $ 1� $ -�
Receivables, less allowance for doubtful accounts of $12,612 and
$13,774 at March 31, 2007 and December 31, 2006, respectively
136,095� 135,139� Inventory 36,616� 33,471� Prepaid expenses and
other current assets 4,845� 2,090� Total current assets 177,557�
170,700� � Property and equipment, net 10,160� 10,409� Other assets
and investments 464� 681� Goodwill 114,824� 114,991� Intangible
assets, net 7,228� 8,675� Total assets $ 310,233� $ 305,456� �
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Line of
credit $ 50,185� $ 52,895� Accounts payable 52,669� 51,724� Claims
payable 14,611� 9,548� Payables to plan sponsors 590� 589� Payor
Allowance 10,492� 9,691� Accrued expenses and other current
liabilities 8,697� 9,230� Total current liabilities 137,244�
133,677� Unrecognized tax benefits 4,070� -� Deferred taxes, net
10,663� 9,946� Total liabilities 151,977� 143,623� � Stockholders'
equity Preferred stock, $.0001 par value; 5,000,000 shares
authorized, no shares issued or outstanding -� -� Common stock,
$.0001 par value; 75,000,000 shares authorized; shares issued:
40,859,726 and 40,680,233 respectively; shares outstanding:
37,492,757 and 37,488,257, respectively; � 4� 4� Treasury stock,
2,247,150 shares at cost (8,002) (8,002) Additional paid-in capital
239,506� 239,315� Accumulated deficit (73,252) (69,484) Total
stockholders' equity 158,256� 161,833� Total liabilities and
stockholders' equity $ 310,233� $ 305,456�
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