BioScrip, Inc. (Nasdaq: BIOS) today announced first quarter net
income of $3.3 million, or $0.08 per diluted share, on revenue of
$325.7 million. These results compare to a net loss of $0.5
million, or $0.01 per share, on revenue of $327.5 million for the
first quarter of 2008. First quarter 2009 EBITDAO was $6.2 million
compared to $2.7 million for the same period a year ago.
Richard H. Friedman, BioScrip�s Chairman and Chief Executive
Officer, stated, "During the quarter, we strengthened our
management organization, delivered on margin expansion, met our
annual cost reduction target and increased our operating cash
flows. Operationally we continue to expand our national footprint
as well as our bioscripcare� clinical management programs which are
built upon our �Center of Excellence� model.�
Results of Operations
First Quarter Highlights �
1st Quarter
2009
�
1st Quarter
2008
�
($'s in Millions)
Actual
Actual
% Change Revenues $ 325.7 $ 327.5 -0.5 % �
Gross Margin $ 36.0 $ 32.4 11.1 % Gross Margin % 11.0 % 9.9 % �
Operating Expense $ 31.7 $ 32.2 -1.6 % Operating Expense Percent
9.7 % 9.8 % � Operating Profit $ 4.3 $ 0.2 � EBITDAO $ 6.2 $ 2.7
129.6 %
Revenue for the first quarter of 2009 totaled $325.7 million
compared to $327.5 million for the same period a year ago.
Excluding the impact of the Medicare Competitive Acquisition
Program (�CAP�) and the United Health Group (�UHG�) organ
transplant and HIV/AIDS contract, first quarter 2009 revenues grew
6.3% over the comparable period in 2008. The increase was due to
the Company�s focus on higher priced disease therapies including
oncology, multiple sclerosis and immunology.
Gross profit for the first quarter of 2009 was $36.0 million
compared to $32.4 million for the first quarter of 2008. First
quarter 2009 gross margin was 11.0%, compared to 9.9% for the first
quarter of 2008.
First quarter 2009 operating income was $4.3 million compared to
$0.2 million for the first quarter of 2008. This increase was
primarily due to improved product mix, the exiting of CAP and cost
reduction efforts, partially offset by a return to normalized bad
debt expense.
Balance Sheet Highlights
Accounts receivable days sales outstanding for the quarter ended
March 31, 2009 were 44.3 days compared to 43.8 days for the fourth
quarter of 2008. The increase in DSO is primarily due to slower
payments from state Medicaid programs over the past six months.
Inventory days on hand for the quarter ended March 31, 2009 were
12.3 days versus 11.8 days for the fourth quarter of 2008. Days�
inventory on hand increased in the first quarter as a result of
strategic investments in inventory and the transition to higher
cost disease therapies.
Average borrowings during the first quarter were approximately
$33.0 million, an improvement of $8.0 million over the fourth
quarter of 2008 BioScrip�s total credit line is $85.0 million.
Conference Call
BioScrip will host a conference call to discuss its first
quarter 2009 financial results on Thursday, April 30, at 9:00 a.m.
Eastern Time. Interested parties may participate in the conference
call by dialing 866-740-0378 (US), or 706-679-9096 (International),
5-10 minutes prior to the start of the call. A replay of the
conference call will be available from 12:00 p.m. Eastern Time on
Thursday, April 30, through 12:00 p.m. Eastern Time on May 14, by
dialing 800-633-8284 (US), or 402-977-9140 (International), and
entering reservation #21422586. An audio web cast and archive of
the conference call will also be available under the investor
relations section of the BioScrip website at www.bioscrip.com.
About BioScrip, Inc.
BioScrip, Inc. (www.bioscrip.com) (Nasdaq: BIOS) is a specialty
pharmaceutical healthcare organization that partners with patients,
physicians, healthcare payors and pharmaceutical manufacturers to
provide access to medications and management solutions to optimize
outcomes for chronic and other complex health care conditions.
Forward Looking Statements-Safe Harbor
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 on Schedule 3 a
reconciliation of this measure to the most comparable GAAP
financial measure. The non-GAAP measure presented provides
important insight into the ongoing operations and a meaningful
benchmark to evidence the Company's continuing profitability
trend.
Schedule 1 BIOSCRIP, INC � �
CONSOLIDATED BALANCE
SHEETS (in thousands, except for share amounts) March 31,
December 31, 2009 2008
ASSETS (unaudited)
Current
assets Cash and cash equivalents $ - $ - Receivables, less
allowance for doubtful accounts of $9,866 and $11,629 at March 31,
2009 and December 31, 2008, respectively 144,612 158,649 Inventory
39,040 45,227 Prepaid expenses and other current assets � 3,210 � �
2,766 � Total current assets � 186,862 � � 206,642 � Property and
equipment, net 14,714 14,748 Other assets 1,103 1,069 Goodwill �
24,498 � � 24,498 �
Total assets $ 227,177 � $ 246,957 �
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities Line of credit $ 36,114 $ 50,411 Accounts payable
67,341 76,936 Claims payable 4,891 5,230 Amounts due to plan
sponsors 5,699 5,646 Accrued expenses and other current liabilities
� 9,607 � � 9,575 � Total current liabilities � 123,652 � � 147,798
� Deferred taxes 730 533 Income taxes payable � 3,229 � � 3,089 �
Total liabilities � 127,611 � � 151,420 �
Stockholders'
equity Common stock, $.0001 par value; 75,000,000 shares
authorized; shares issued: 41,763,194, and 41,622,629,
respectively; shares outstanding; 38,718,278 and 38,691,356,
respectively 4 4 Treasury stock, shares at cost: 2,642,260 and
2,624,186, respectively (10,320 ) (10,288 ) Additional paid-in
capital 249,217 248,441 Accumulated deficit � (139,335 ) � (142,620
)
Total stockholders' equity � 99,566 � � 95,537 �
Total
liabilities and stockholders' equity $ 227,177 � $ 246,957 �
Schedule 2 BIOSCRIP, INC � � CONSOLIDATED STATEMENTS OF OPERATIONS
(1) (in thousands, except per share amounts) (unaudited) Three
Months Ended March 31, 2009 2008 Revenue $ 325,749 $ 327,471 Cost
of revenue � 289,759 � � 295,099 � Gross profit 35,990 32,372 % of
Revenue 11.0 % 9.9 % Operating expenses Selling, general and
administrative expenses 30,327 31,537 Bad debt expense � 1,380 � �
650 � Total operating expense 31,707 32,187 % of Revenue 9.7 % 9.8
% Income from operations 4,283 185 Interest expense, net � (594 ) �
(585 ) Income (loss) before income taxes 3,689 (400 ) Tax provision
� 404 � � 77 � Net income (loss) $ 3,285 � $ (477 ) � Basic
weighted average shares � 38,709 � � 38,177 � Diluted weighted
average shares � 38,787 � � 38,177 � � Basic net income (loss) per
share $ 0.08 � $ (0.01 ) Diluted net income (loss) per share $ 0.08
� $ (0.01 ) �
(1)
�
Certain amounts have been
reclassified to conform to the current presentation. Such
classifications have had no impact on income from operations or net
income.
Schedule 3 BIOSCRIP, INC � � Reconciliation between GAAP and
Non-GAAP Measures (in thousands, except per share amounts)
(unaudited) Three Months Ended March 31, 2009 2008
Net income
(loss) $ 3,285 $ (477 ) Addback items: Depreciation &
Amortization 1,111 1,552 Net interest 594 585 Taxes 404 77
Stock-based compensation expense � 776 � 957 � Earnings before
interest, taxes, depreciation, amortization and share-based
compensation expense (EBITDAO) $ 6,170 $ 2,694 �
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