BioScrip, Inc. (NASDAQ: BIOS) today announced 2012 second
quarter financial results. Second quarter revenue, from continuing
operations, was $155.9 million and net loss, from continuing
operations, was $4.3 million, or $0.07 per diluted share.
Consolidated Adjusted EBITDA for the second quarter was $9.0
million.
As a result of the sale of the Company’s traditional and
specialty pharmacy mail operations and community retail pharmacy
stores on May 4, 2012 (the “Pharmacy Services Asset Sale”), the
Company’s financial statements reflect the discontinued operations’
results for the three months ended June 30, 2012 and 2011 and
assets transferred in the transaction as of June 30, 2012 and
December 31, 2011, separate from the continuing operations of the
business. The remaining assets and liabilities of the divested
business that were not transferred as a part of the Pharmacy
Services Asset Sale are included in continuing operations. The
Company anticipates the collection, payment or resolution of these
balances during the remainder of the year.
During the first quarter of 2012, the Company changed its
operating and reportable segments from “Infusion/Home Health
Services” and “Pharmacy Services” to its new operating and
reportable segments: “Infusion Services,” “Home Health Services,”
and “PBM Services.” As a result, prior period financial statements
and related disclosures have been reclassified to conform to the
current year presentation, and we have included the quarterly
financial statements for 2011 as part of this release.
Second Quarter
Highlights
- Revenue from continuing operations
increased $24.3 million or 18.5% compared to prior year;
- Gross profit from continuing operations
was $53.0 million or 34.0% of revenue, compared to $51.8 million or
39.4% of revenue in the prior year;
- Adjusted EBITDA from continuing
operations was $9.0 million, compared to $11.5 million in the prior
year and $8.4 million in the first quarter, a 7.5% sequential
quarter improvement; and
- The Company completed the Pharmacy
Services Asset Sale.
Acquisition of
InfuScience
On July 31, 2012, BioScrip acquired privately held InfuScience,
Inc. (“InfuScience”) for $38.0 million in cash. The purchase price
could increase an additional $3.0 million based on the results of
operations during the 24 month period following the closing.
Headquartered in Gurnee, IL, InfuScience acquires, develops and
operates businesses providing alternate site infusion pharmacy
services. InfuScience generates approximately $40.0 million in
annual revenue and has five infusion centers located in Eagan,
Minnesota; Omaha, Nebraska; Chantilly, Virginia; Charleston, South
Carolina; and Savannah, Georgia.
“The second quarter results demonstrate our progress in
executing on our strategic plan,” said Rick Smith, President and
Chief Executive Officer of BioScrip. “We were able to close on the
divestiture of the non-core pharmacy services assets and redeploy a
portion of the proceeds towards the acquisition of InfuScience,
while delivering sequential improvement on our Adjusted
EBITDA.”
Smith continued, “The InfuScience transaction is consistent with
our stated goal of building our infusion business through strategic
and opportunistic acquisitions, which meet our financial criteria
and build our national presence. We are pleased to have the
InfuScience team join us and believe their focus on clinical
excellence and high-touch service model are consistent with
BioScrip’s customer-centric approach.”
Results of Operations
Second Quarter 2012 versus Second Quarter 2011
Revenue from continuing operations for the second quarter of
2012 totaled $155.9 million, compared to $131.6 million for the
same period a year ago, an increase of $24.3 million or 18.5%.
Infusion Services segment revenue was $111.0 million in the second
quarter, compared to revenue of $89.9 million for the same period
in 2011, an increase of $21.1 million or 23.5%. This increase was
driven primarily by volume growth. Home Health Services segment
revenue for the second quarter of 2012 was $16.9 million compared
to revenue of $17.7 million in the prior year, a decrease of $0.8
million or 4.6%. This decrease was primarily the result of
reimbursement reductions from Medicare and the state of Tennessee
TennCare program. PBM Services segment revenue for the second
quarter of 2012 was $28.1 million, compared to $24.0 million for
the prior year period, an increase of $4.0 million or 16.7%.
Revenue in this segment benefitted from the addition of a new
Managed Medicare contract in late 2011.
Consolidated gross profit for the second quarter of 2012 was
$53.0 million, or 34.0% of revenue, compared to $51.8 million, or
39.4% of revenue, for the second quarter of 2011. The gross profit
margin was impacted primarily by therapy mix in the Infusion
Services segment. As previously anticipated, in connection with the
Pharmacy Services Asset Sale, the Company continued to provide
certain lower margin services on behalf of key customers during the
second quarter. Additionally, there was a substantial decrease in
cross referrals of certain therapies from the specialty sales
personnel affiliated with the divested business. The Company
believes the impact of these factors is short-term in nature.
During the second quarter of 2012, BioScrip generated $15.5
million of segment Adjusted EBITDA, or 9.9% of total revenue,
compared to $16.9 million, or 12.8% of total revenue in the same
period last year. The Infusion Services Segment Adjusted EBITDA was
$8.0 million, or 7.2% of segment revenue, compared to $8.3 million,
or 9.3% of segment revenue, in the prior year. These results were
also affected by the Pharmacy Services Asset Sale as gross profit
was impacted by the factors highlighted above and by an increased
cost allocation to the Infusion Segment of certain retained
corporate resources that are being redirected to grow and support
the Infusion business.
The Home Health Services Segment Adjusted EBITDA in the second
quarter of 2012 was $1.1 million, or 6.4% of segment revenue. This
compares to Segment Adjusted EBITDA of $1.8 million, or 10.1% of
segment revenue in the comparable prior year period. The PBM
Services Segment Adjusted EBITDA was $6.4 million, or 22.7% of
segment revenue, for the second quarter of 2012 compared to $6.8
million, or 28.1% of segment revenue, in the prior year.
On a consolidated basis, BioScrip reported $9.0 million of
Adjusted EBITDA during the second quarter of 2012, or 5.8% of total
revenue, compared to $11.5 million, or 8.8% of total revenue, in
the same period last year. On a sequential basis, Adjusted EBITDA
has increased by $0.6 million, or 7.5%, and Adjusted EBITDA as a
percent of revenue from continuing operations has increased 0.4%
from 5.4% to 5.8%.
Interest expense in the second quarter of 2012 was $6.8 million
compared to $6.2 million in the prior year.
Income tax expense for continuing operations in the second
quarter was $0.4 million compared to income tax benefit of $0.1
million in the second quarter of 2011. Income tax expense in Q2
2012 relates to state taxes and alternative minimum tax.
Net loss from continuing operations for the second quarter of
2012 was $4.3 million, or $0.07 per diluted share, compared to a
net loss of $1.6 million, or $0.03 per diluted share, in the
comparable prior year period.
Six Months Ended 2012 versus Six Months Ended 2011
Revenue from continuing operations for the six months ended June
30, 2012 totaled $311.5 million, compared to $262.4 million for the
same period a year ago, an increase of $49.1 million or 18.7%.
Infusion Services segment revenue was $220.0 million for the six
months ended June 30, 2010, compared to revenue of $181.6 million
for the same period in 2011, an increase of $38.4 million or 21.2%.
This increase was driven primarily by volume growth. Home Health
Services segment revenue for the six months ended June 30, 2012 was
$33.6 million compared to revenue of $34.9 million in the prior
year, a decrease of $1.3 million or 3.8%. This decrease was
primarily the result of reimbursement reductions from Medicare and
the state of Tennessee TennCare program. PBM Services segment
revenue for the six months ended June 30, 2012 was $57.9 million,
compared to $46.0 million for the prior year period, an increase of
$12.0 million or 26.1%. The performance in this segment was
impacted by the addition of a new Managed Medicare contract in late
2011.
Consolidated gross profit for the six months ended June 30, 2012
was $106.6 million, or 34.2% of revenue, compared to $103.2
million, or 39.3% of revenue, in the comparable prior year period.
The gross profit margin was impacted primarily by therapy mix in
the Infusion Services segment. As previously anticipated, in
connection with the Pharmacy Services Asset Sale, the Company
continued to provide certain lower margin services on behalf of key
customers during the first half of the year. Additionally, there
was a substantial decrease in cross referrals of certain therapies
from the specialty sales personnel affiliated with the divested
business. The Company believes the impact of these factors is
short-term in nature.
During the six months ended June 30, 2012, BioScrip generated
$30.4 million of segment Adjusted EBITDA, or 9.8% of total revenue,
compared to $33.3 million, or 12.7% of total revenue in the same
period last year. The Infusion Services Segment Adjusted EBITDA was
$15.8 million, or 7.2% of segment revenue, compared to $17.6
million, or 9.7% of segment revenue, in the prior year. These
results were also affected by the Pharmacy Services Asset Sale as
gross profit was impacted by the factors highlighted above and by
an increased cost allocation to the Infusion Segment of certain
retained corporate resources that are being redirected to grow and
support the Infusion business.
The Home Health Services Segment Adjusted EBITDA for the six
months ended June 30, 2012 was $2.2 million, or 6.4% of segment
revenue. This compares to Segment Adjusted EBITDA of $2.8 million,
or 8.0% of segment revenue in the comparable prior year period. The
PBM Services Segment Adjusted EBITDA was $12.5 million, or 21.5% of
segment revenue, for the six months ended June 30, 2012 compared to
$12.9 million, or 28.0% of segment revenue, in the prior year.
On a consolidated basis, BioScrip reported $17.4 million of
Adjusted EBITDA for the six months ended June 30, 2012, or 5.6% of
total revenue, compared to $21.3 million, or 8.1% of total revenue,
in the same period last year.
Interest expense for the six months ended June 30, 2012 was
$13.4 million compared to $12.8 million in the prior year.
Income tax benefit for continuing operations for the six months
ended June 30, 2012 was $0.1 million compared to income tax benefit
of $0.5 million in 2011.
Net loss from continuing operations for the six months ended
June 30, 2012 was $6.3 million, or $0.11 per diluted share,
compared to a net loss of $2.7 million, or $0.05 per diluted share,
in the comparable prior year period.
2011 Quarterly Financial Data, Restated
for Discontinued Operations
A summary of quarterly financial information, restated to
exclude discontinued operations, for the year ended December 31,
2011 is as follows (in thousands):
First Quarter Second Quarter
Third Quarter Fourth Quarter Results of
Operations: Revenue: Infusion Services $ 91,725 $ 89,853 $ 90,246 $
102,458 Home Health Services 17,208 17,673 17,548 17,206 PBM
Services 21,904 24,049 26,036
38,600 Total revenue $ 130,837 $
131,575 $ 133,830 $ 158,264 Adjusted
EBITDA by Segment before corporate overhead: Infusion Services $
9,284 $ 8,340 $ 7,557 $ 9,947 Home Health Services 1,006 1,787
1,663 1,498 PBM Services 6,123 6,764
7,961 9,274 Total Segment Adjusted
EBITDA 16,413 16,891 17,181 20,719 Corporate overhead (6,650
) (5,362 ) (5,443 ) (5,853 ) Consolidated
Adjusted EBITDA 9,763 11,529 11,738 14,866 Interest expense, net
(6,612 ) (6,235 ) (6,528 ) (6,167 ) Income tax benefit (expense)
417 127 1,862 (2,841 ) Depreciation (1,333 ) (1,647 ) (1,784 )
(1,827 ) Amortization of intangibles (819 ) (819 ) (858 ) (880 )
Stock-based compensation expense (1,132 ) (1,120 ) (1,731 ) (484 )
Acquisition, integration, severance and other employee costs - -
(1,284 ) (190 ) Restructuring expense (1,299 ) (3,475
) (1,750 ) 89 Income (loss) from continuing
operations, net of income taxes $ (1,015 ) $ (1,640 ) $ (335 ) $
2,566
Liquidity and Capital
Resources
For the six months ended June 30, 2012, BioScrip generated $42.8
million in net cash from continuing operating activities compared
to $9.5 million generated from operating activities during the
first six months of 2011, an increase of $33.3 million. This
increase was due to the collection of accounts receivable retained
after the Pharmacy Services Asset Sale, net of accounts payable
paid related to those businesses. The Company’s cash balance at the
end of the second quarter was $138.4 million.
The Company’s outstanding debt as of June 30, 2012 was comprised
of $30.0 million under its revolving credit facility and $225.0
million of senior unsecured notes. The Company continues to
evaluate options to deploy its capital resources, taking into
account its cost of capital as well as growth opportunities in
support of its strategic plan.
Outlook
The Company is increasing its target annualized revenue from
$600-$620 million to $620-$650 million, and reiterating its
annualized Adjusted EBITDA of $62-65 million in the fourth quarter
of 2012. As previously disclosed, the Company anticipates certain
short-term factors and additional costs during the third quarter of
2012 will impact near-term financial results.
Conference Call
BioScrip will host a conference call to discuss its second
quarter 2012 financial results on August 9, 2012 at 9:00 a.m.
Eastern Time. Interested parties may participate in the conference
call by dialing 800-750-5857 (US), or 212-231-2921 (International),
5-10 minutes prior to the start of the call. A replay of the
conference call will be available for two weeks after the call's
completion by dialing 800-633-8284 (US) or 402-977-9140
(International) and entering conference call ID number 21600696. An
audio webcast and archive will also be available under the
“Investor Relations” section of the BioScrip website at
www.bioscrip.com for a period of 30 days following the conference
call.
About BioScrip, Inc.
BioScrip, Inc. provides comprehensive infusion and home care
solutions. By partnering with patients, physicians, healthcare
payors, government agencies and pharmaceutical manufacturers we are
able to provide access to infusible medications and management
solutions. Our goal is to optimize outcomes for chronic and other
complex healthcare conditions and enhance the quality of patient
life. BioScrip brings unsurpassed clinical competence in providing
high-touch, comprehensive infusion and nursing services to patients
in the most convenient ways possible. Through our customer services
and treatments we aim to ensure the best possible therapy
outcome.
Forward Looking Statements – Safe Harbor
This press release includes statements that may constitute
"forward-looking statements," including projections of certain
measures of the Company's results of operations, projections
of certain charges and expenses, and other statements
regarding the Company's goals, regulatory approvals and
strategy. These statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
You can identify these statements by the fact that they do not
relate strictly to historical or current facts. In some cases,
forward-looking statements can be identified by words such as
"may," "should," "could," "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," "predict," "potential,"
"continue" or comparable terms. Because such statements inherently
involve risks and uncertainties, actual future results may differ
materially from those expressed or implied by such forward-looking
statements. 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 or
contribute to such differences include but are not limited to
risks associated with: the Company’s ability to grow its Infusion
segment organically or through acquisitions and obtain financing in
connection therewith; its ability to reduce operating costs while
sustaining growth; reductions in federal, state and commercial
payor reimbursement for the Company’s products and services;
increased government regulation related to the health care and
insurance industries; as well as the risks described in the
Company's periodic filings with the Securities and Exchange
Commission, including the Company’s annual report on Form 10-K for
the year ended December 31, 2012. The Company does not undertake
any duty to update these forward-looking statements after the date
hereof, even though the Company’s situation may change in the
future. All of the forward-looking statements herein are qualified
by these cautionary statements.
Reconciliation to Non-GAAP Financial Measures
In addition to reporting all financial information required in
accordance with generally accepted accounting principles (GAAP),
the Company is also reporting EBITDA and Adjusted EBITDA, which are
non-GAAP financial measures. EBITDA and Adjusted EBITDA
are not measurements of financial performance under GAAP and
should not be used in isolation or as a substitute or
alternative to net income, operating income or any other
performance measure derived in accordance with GAAP, or as a
substitute or alternative to cash flow from operating
activities or a measure of our liquidity. In addition, the
Company's definitions of EBITDA and Adjusted EBITDA may not be
comparable to similarly titled non-GAAP financial measures reported
by other companies. EBITDA represents net income before net
interest expense, income tax expense, depreciation and
amortization. Adjusted EBITDA, as defined by the
Company, represents net income before net interest expense,
income tax expense, depreciation and amortization, stock-based
compensation expense, acquisition, integration, severance and other
employee costs, and restructuring-related expenses. As part of
restructuring, the Company may incur significant charges such as
the write down of certain long−lived assets, temporary redundant
expenses, retraining expenses, potential cash bonus payments and
potential accelerated payments or terminated costs for certain of
its contractual obligations. Management believes these non-GAAP
financial measures provide additional important insight into the
Company’s ongoing operations and meaningful metrics to
evidence the Company's continuing profitability trend. For a full
reconciliation of EBITDA and Adjusted EBITDA to the most comparable
GAAP financial measures, please see the attachments to this
earnings release.
Schedule 1
BIOSCRIP, INC CONSOLIDATED BALANCE SHEETS (in
thousands, except for share amounts)
June 30, December 31,
2012 2011 (unaudited)
ASSETS Current
assets Cash and cash equivalents $ 138,423 $ - Receivables,
less allowance for doubtful accounts of $22,719 and $22,728 at June
30, 2012 and December 31, 2011, respectively 146,469 225,412
Inventory 21,242 17,997 Prepaid expenses and other current assets
5,725 10,184 Current assets from discontinued operations -
38,876 Total current assets 311,859
292,469 Property and equipment, net 20,857
26,951 Goodwill 312,387 312,387 Intangible assets, net 18,058
19,622 Deferred financing costs 3,353 3,992 Investments in and
advances to unconsolidated affiliate 6,949 - Other non-current
assets 1,455 1,552 Non-current assets from discontinued operations
- 20,129
Total assets $ 674,918
$ 677,102
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities Current portion of long-term debt $
31,230 $ 66,161 Accounts payable 28,842 79,155 Claims payable
10,906 11,766 Amounts due to plan sponsors 25,681 25,219 Accrued
interest 5,845 5,825 Accrued expenses and other current liabilities
36,493 32,648 Total current liabilities
138,997 220,774 Long-term debt, net of
current portion 226,216 227,298 Deferred taxes 9,008 10,295 Other
non-current liabilities 5,798 3,456
Total liabilities 380,019 461,823
Stockholders' equity Preferred stock, $.0001 par
value; 5,000,000 shares authorized; no shares issued or outstanding
- - Common stock, $.0001 par value; 125,000,000 shares authorized;
shares issued: 59,115,499 and 57,800,791, respectively; shares
outstanding: 56,534,396 and 55,109,038, respectively 6 6 Treasury
stock, shares at cost: 2,582,520 and 2,638,421, respectively
(10,311 ) (10,461 ) Additional paid-in capital 385,931 375,525
Accumulated deficit (80,727 ) (149,791 )
Total
stockholders' equity 294,899 215,279
Total liabilities and stockholders' equity $ 674,918
$ 677,102
Schedule 2
BIOSCRIP, INC CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited and in thousands, except per share
amounts)
Three Months
Ended Six Months Ended June
30, June 30, 2012
2011 2012 2011 Product
revenue $ 108,557 $ 87,717 $ 215,360 $ 177,499 Service revenue
47,344 43,858 96,174
84,913 Total revenue 155,901 131,575 311,534 262,412
Cost of product revenue 75,120 56,667 147,446 114,276 Cost
of service revenue 27,740 23,078
57,525 44,954 Total cost of revenue
102,860 79,745 204,971
159,230 Gross profit 53,041 51,830 106,563 103,182 % of
revenue 34.0 % 39.4 % 34.2 % 39.3 % Operating expenses Selling,
general and administrative expenses 44,692 40,430 89,354 81,829 Bad
debt expense 3,772 2,638 7,237 5,293 Acquisition and integration
expenses 636 - 808 - Restructuring expense 202 3,475 502 4,774
Amortization of intangibles 878 819
1,757 1,638 Total operating expense
50,180 47,362 99,658 93,534 % of revenue 32.2 % 36.0 % 32.0 % 35.6
% Income from continuing operations 2,861 4,468 6,905 9,648
Interest expense, net 6,790 6,235
13,359 12,847 Loss from continuing
operations before income taxes (3,929 ) (1,767 ) (6,454 ) (3,199 )
Income tax expense (benefit) 364 (127 )
(138 ) (544 ) Loss from continuing operations, net of income
taxes (4,293 ) (1,640 ) (6,316 ) (2,655 ) Income (loss) from
discontinued operations, net of income taxes 76,059
(686 ) 75,379 3,270 Net income
(loss) $ 71,766 $ (2,326 ) $ 69,063 $ 615
Basic weighted average shares 55,746
54,298 55,143 54,216 Diluted
weighted average shares 55,746 54,298
55,143 54,216 Basic loss per
share from continuing operations $ (0.07 ) $ (0.03 ) $ (0.11 ) $
(0.05 ) Basic income (loss) per share from discontinued operations
1.36 (0.01 ) 1.36 0.06
Basic net income (loss) per share $ 1.29 $ (0.04 ) $
1.25 $ 0.01 Diluted loss per share from
continuing operations $ (0.07 ) $ (0.03 ) $ (0.11 ) $ (0.05 )
Diluted income (loss) per share from discontinued operations
1.36 (0.01 ) 1.36 0.06
Diluted net income (loss) per share $ 1.29 $ (0.04 ) $ 1.25
$ 0.01
Schedule 3 BIOSCRIP,
INC CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
Six Months Ended June 30, 2012
2011 Cash flows from operating activities: Net
income $ 69,063 $ 615 Less: income from discontinued operations,
net of income taxes 75,379 3,270 Loss
from continuing operations, net of income taxes (6,316 ) (2,655 )
Adjustments to reconcile loss from continuing operations, net of
income taxes to net cash provided by operating activities:
Depreciation 3,981 2,980 Amortization of intangibles 1,757 1,638
Amortization of deferred financing costs 576 503 Change in deferred
income tax 1,404 (167 ) Compensation under stock-based compensation
plans 2,711 2,252 Loss on disposal of fixed assets 45 64 Changes in
assets and liabilities: Receivables, net of bad debt expense 78,925
(7,905 ) Inventory (3,104 ) 2,337 Prepaid expenses and other assets
4,769 (63 ) Accounts payable (50,313 ) (803 ) Claims payable (860 )
2,161 Amounts due to plan sponsors 462 4,062 Accrued expenses and
other liabilities 8,797 5,144 Net cash
provided by operating activities from continuing operations 42,834
9,548 Net cash (used in) provided by operating activities from
discontinued operations (21,195 ) 28,950 Net
cash provided by operating activities 21,639
38,498
Cash flows from investing activities:
Purchases of property and equipment, net (3,682 ) (4,422 ) Cash
consideration paid for acquisitions, net of cash acquired (466 ) -
Cash consideration paid to DS Pharmacy (2,935 ) - Cash
consideration paid for unconsolidated affiliate, net of cash
acquired (7,100 ) - Net cash used in investing
activities from continuing operations (14,183 ) (4,422 ) Net cash
provided by (used in) investing activities from discontinued
operations 161,499 (1,447 ) Net cash provided
by (used in) investing activities 147,316
(5,869 )
Cash flows from financing activities: Borrowings on
line of credit 848,633 841,200 Repayments on line of credit
(882,455 ) (874,301 ) Repayments of capital leases (2,211 ) (59 )
Deferred and other financing costs - (22 ) Net proceeds from
exercise of employee stock compensation plans 5,675 691 Surrender
of stock to satisfy minimum tax withholding (174 )
(138 ) Net cash used in financing activities (30,532 )
(32,629 ) Net change in cash and cash equivalents 138,423 -
Cash and cash equivalents - beginning of period -
-
Cash and cash equivalents - end of
period $ 138,423 $ -
DISCLOSURE OF CASH
FLOW INFORMATION: Cash paid during the period for interest $
13,641 $ 14,020 Cash paid during the period for
income taxes $ 313 $ 682
DISCLOSURE OF
NON-CASH TRANSACTIONS: Capital lease obligations incurred to
acquire property and equipment $ 20 $ -
Schedule 4 BIOSCRIP, INC Reconciliation
between GAAP and Non-GAAP Measures (unaudited and in thousands)
Three Months Ended
Six Months Ended June 30, June
30, 2012 2011 2012
2011 Results of Operations:
Revenue: Infusion Services -
product revenue $ 108,557 $ 87,717 $ 215,360 $ 177,499 Infusion
Services - service revenue 2,416 2,136
4,667 4,079 Total Infusion Services
revenue 110,973 89,853 220,027 181,578 Home Health Services
- service revenue 16,860 17,673 33,571 34,881 PBM Services -
service revenue 28,068 24,049 57,936 45,953
Total revenue $ 155,901 $ 131,575 $ 311,534
$ 262,412 Adjusted EBITDA by Segment before
corporate overhead: Infusion Services $ 8,026 $ 8,340 $ 15,809 $
17,624 Home Health Services 1,075 1,787 2,155 2,793 PBM Services
6,364 6,764 12,462
12,887 Total Segment Adjusted EBITDA 15,465 16,891 30,426
33,304 Corporate overhead (6,458 ) (5,362 )
(13,040 ) (12,012 ) Consolidated Adjusted EBITDA
9,007 11,529 17,386 21,292 Interest expense, net (6,790 )
(6,235 ) (13,359 ) (12,847 ) Income tax (expense) benefit (364 )
127 138 544 Depreciation (2,050 ) (1,647 ) (3,981 ) (2,980 )
Amortization of intangibles (878 ) (819 ) (1,757 ) (1,638 )
Stock-based compensation expense (1,745 ) (1,120 ) (2,711 ) (2,252
) Acquisition, integration, severance and other employee costs
(1,271 ) - (1,530 ) - Restructuring expense (202 )
(3,475 ) (502 ) (4,774 ) Loss from continuing
operations, net of income taxes $ (4,293 ) $ (1,640 ) $ (6,316 ) $
(2,655 )
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