ELMSFORD, N.Y., May 8, 2014 /PRNewswire/ -- BioScrip, Inc.
(NASDAQ: BIOS) today announced 2014 first quarter financial
results. First quarter revenue from continuing operations was
$239.6 million and the net loss from
continuing operations was $25.4
million, or $0.37 per basic
and diluted share. Non-GAAP adjusted loss from continuing
operations per basic and diluted share was $0.13.
As a result of the completed sale of BioScrip's Home Health
business on March 31, 2014, the
Company's prior period financial statements have been
reclassified to include the Home Health business as
"discontinued operations" in the Consolidated Financial
Statements.
First Quarter Highlights
- Revenue from continuing operations increased by $58.5 million, or 32.3%, as compared to the prior
year period. Revenue from the Infusion Services segment increased
by $67.0 million, or 43.4%, as
compared to the prior year period. Organic revenue growth for the
Infusion Services segment remained in the double digits
year-over-year.
- Gross profit from continuing operations was $65.1 million, or 27.2% of revenue, as compared
to $56.0 million, or 30.9% of
revenue, in the prior year period. The decline in gross profit
margin percentage was driven primarily by the decline in the
higher-margin PBM Services segment.
- Adjusted EBITDA from continuing operations was $9.1 million, a decrease of $1.1 million over the prior year period. Adjusted
EBITDA from the Infusion Services segment increased by $2.9 million, or 24.7%, as compared to the prior
year and corporate overhead decreased by $0.4 million, or 5.6%, offset by a $4.5 million, or 73.0%, decrease in the PBM
Services segment. Adjusted EBITDA also included a $2.2 million favorable adjustment to the fair
value of contingent consideration relating to the Company's
Infusion acquisitions, offset by a $2.0
million increase in the bad debt provision relating to
acquisition integration disruption. Additionally, Adjusted EBITDA
included $1.4 million of increased
investment in reimbursement resources in the form of overtime,
temporary labor, collection incentives and third-party professional
fees.
- As a result of the focus on cash collections, BioScrip has made
meaningful progress with monthly average collections growing from
$55.7 million in the third quarter of
2013 to $70.0 million in the first
quarter of 2014. Consolidated collections grew from $53.0 million in September of 2013 to
$79.8 million in April of 2014.
- On March 31 BioScrip completed
its previously announced sale of substantially all of its Home
Health business to LHC Group, Inc. for a total purchase price of
approximately $60 million. BioScrip
used the net proceeds to pay down a portion of its outstanding
debt.
"Our first-quarter results reflect our success in achieving our
two strategic priorities of building a leadership position in the
home infusion industry and generating strong cash collections. We
are pleased to deliver double-digit organic growth in Infusion
Services, and expect to continue driving growth through our
enhanced scale and expanded physician and payor relationships
across our operating footprint. We also completed the integration
of all of our Infusion locations onto a single operating platform.
As one team, one company, we are already realizing greater
efficiencies in our business and optimizing our productivity. At
the same time, our cash collection efforts are yielding positive
results and providing us with greater financial flexibility to
execute our long-term plans," said Rick
Smith, President and Chief Executive Officer of
BioScrip.
"We remain focused on advancing each of our initiatives to drive
organic growth in our core business, while continuing to provide
outstanding clinical care to patients across our network. Our team
members across the organization are highly focused on our continued
success, and we look forward to continuing our momentum to drive
results and create value for our shareholders," concluded
Smith.
Results of Operations
First Quarter 2014 versus First Quarter 2013
Revenue
from continuing operations for the first quarter of 2014 totaled
$239.6 million, compared to
$181.1 million for the same period a
year ago, an increase of $58.5
million or 32.3%. Infusion Services segment revenue was
$221.4 million in the first quarter
as compared to $154.4 million for the
same period in 2013. The 43.4% increase was driven primarily by the
acquisitions of HomeChoice and CarePoint, as well as continued
strong double-digit organic growth.
Consolidated gross profit for the first quarter of 2014 was
$65.1 million, or 27.2% of revenue,
compared to $55.9 million, or 30.9%
of revenue, for the first quarter of 2013. The increase in gross
profit was the result of the acquisitions of HomeChoice and
CarePoint and organic growth, offset by the decline in the PBM
Services segment. The decline in gross profit margin percentage was
driven primarily by the decline in the higher-margin PBM Services
segment.
During the first quarter of 2014, Infusion Services segment
Adjusted EBITDA was $14.9 million, or
6.7% of segment revenue, compared to $11.9
million, or 7.7% of segment revenue, in the prior year
quarter. The 24.7% improvement in Adjusted EBITDA in the Infusion
Services segment resulted primarily from organic revenue growth and
the HomeChoice and CarePoint acquisitions. Infusion Services
segment Adjusted EBITDA also included a $2.2
million favorable adjustment to the fair value of contingent
consideration relating to our infusion acquisitions, offset by a
$2.0 million increase in the bad debt
provision relating to acquisition integration disruption.
PBM Services segment revenue was $18.2
million for the first quarter of 2014, compared to
$26.8 million for the prior year
period. The decline was related to the termination of a large but
low-margin client during the first quarter of 2013, and declines in
discount card revenue. PBM Services segment Adjusted EBITDA was
$1.7 million, or 9.2% of segment
revenue, for the first quarter of 2014 compared to $6.2 million, or 23.2% of segment revenue, in the
prior year quarter.
On a consolidated basis, BioScrip reported $9.1 million of Adjusted EBITDA during the first
quarter of 2014, or 3.8% of total revenue, compared to $10.2 million, or 5.6% of total revenue, in the
same period last year. Adjusted EBITDA included $1.4 million of increased investment in
reimbursement resources in the form of overtime, temporary labor,
collection incentives and third-party professional fees.
Interest expense in the first quarter of 2014 was $10.5 million compared to $6.5 million in the prior year period.
Income tax expense for continuing operations in the first
quarter of 2014 was $3.5 million
compared to an income tax benefit of $0.2
million in the prior year period.
The loss from continuing operations, net of taxes, for the first
quarter of 2014 was $25.4 million, or
a loss of $0.37 per basic and diluted
share, compared to a net loss of $8.4
million, or $0.15 per basic
and diluted share, in the prior year period.
Liquidity and Capital Resources
For the three months ended March 31,
2014, BioScrip used $24.5
million in net cash from continuing operating activities,
compared to cash used of $14.1
million during the first quarter of 2013. The increase in
cash used in operating activities was primarily due to increase in
working capital to support the growth of the business and an
increase in accounts receivable primarily due to the integration of
the Infusion acquisitions. As of March 31,
2014, the Company's cash balance was $9.3 million, and it had $418.7 million of outstanding debt and an undrawn
$75 million revolving credit
facility. On March 31, 2014, the
Company completed its previously announced sale of substantially
all of its Home Health business to LHC Group, Inc. for a total
purchase price of approximately $60
million. The Company used the net proceeds to pay down a
portion of its outstanding debt. Capital expenditures for the first
quarter of 2014 were $3.1
million.
Outlook
The Company believes its 2014 revenue will be in a range of
$940.0 million to $980.0 million and
believes its 2014 Adjusted EBITDA will be in a range of
$55.0 million to $60.0 million. This
reflects the Company's current assessment of the business and
assumes:
- Infusion Services segment is expected to continue to deliver
double-digit organic revenue growth;
- Infusion Services segment Adjusted EBITDA margin percentage is
expected to trend toward a 10% target by the fourth quarter of
2014; and
- Continued stability is expected in our PBM Services segment
from an adjusted EBITDA perspective consistent with first-quarter
performance.
Conference Call
BioScrip will host a conference call to discuss its first
quarter 2014 financial results on May 9,
2014 at 8:30 a.m. Eastern
Time. Interested parties may participate in the conference
call by dialing 800-896-0105 (US), or 212-231-2922 (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 21715187. An
audio webcast and archive will also be available for 30 days under
the "Investor Relations" section of the BioScrip website at
www.bioscrip.com.
About BioScrip, Inc.
BioScrip, Inc. is a leading national provider of infusion and
home care solutions. BioScrip partners with physicians, hospital
systems, healthcare payors, and pharmaceutical manufacturers to
provide patients access to post-acute care services. BioScrip
operates with a commitment to bring customer-focused pharmacy and
related healthcare infusion therapy services into the home or
alternate- site setting. By collaborating with the full spectrum of
healthcare professionals and the patient, BioScrip provides
cost-effective care that is driven by quality, customer service,
and values that promote positive outcomes and an enhanced quality
of life for those it serves. BioScrip provides its infusion and
home care services from over 80 locations across 29 states.
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 integrate the CarePoint business and other
acquisitions; the Company's ability to grow its Infusion Services
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
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, 2013. 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, Adjusted EBITDA, and Adjusted
EPS, which are non-GAAP financial measures. EBITDA, Adjusted EBITDA
and Adjusted EPS 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, Adjusted EBITDA and Adjusted EPS 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, loss on extinguishment of debt, income
tax expense, depreciation and amortization, stock-based
compensation expense, acquisition and integration expenses,
restructuring-related expenses and investments in start-up
operations. 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.
Adjusted EPS, as defined by the Company, represents earnings per
basic and diluted share, excluding the same elements in calculating
Adjusted EBITDA as well as the impact of acquisition-related
intangible amortization. Management believes that these non-GAAP
financial measures provide useful supplemental information
regarding the performance of our business operations and
facilitates comparisons to our historical operating results. For a
full reconciliation of EBITDA, Adjusted EBITDA and Adjusted EPS to
the most comparable GAAP financial measures, please see the
attachments to this earnings release.
(Financial Tables Follow)
Schedule
1
|
BIOSCRIP, INC. AND
SUBSIDIARIES
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands, except
for share amounts)
|
|
|
|
|
|
March
31,
2014
|
|
December 31,
2013
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
9,253
|
|
$
1,001
|
Receivables, less
allowance for doubtful accounts of $23,660 and $17,836 at March 31,
2014 and December 31, 2013, respectively
|
195,090
|
|
172,187
|
Inventory
|
34,754
|
|
34,341
|
Prepaid
expenses and other current assets
|
12,252
|
|
14,110
|
Current
assets of discontinued operations
|
-
|
|
15,316
|
Total current
assets
|
251,349
|
|
236,955
|
Property and
equipment, net
|
39,953
|
|
41,182
|
Goodwill
|
571,830
|
|
571,337
|
Intangible assets,
net
|
15,121
|
|
16,824
|
Deferred financing
costs
|
18,247
|
|
17,184
|
Other non-current
assets
|
3,576
|
|
3,733
|
Non-current assets of
discontinued operations
|
-
|
|
49,643
|
Total
assets
|
$
900,076
|
|
$
936,858
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Current portion of
long-term debt
|
$
431
|
|
60,257
|
Accounts
payable
|
68,288
|
|
63,575
|
Claims
payable
|
7,913
|
|
2,547
|
Amounts due to plan
sponsors
|
5,963
|
|
4,826
|
Accrued
interest
|
2,307
|
|
2,173
|
Accrued expenses and
other current liabilities
|
42,663
|
|
34,352
|
Current liabilities
of discontinued operations
|
-
|
|
6,576
|
Total current
liabilities
|
127,565
|
|
174,306
|
Long-term debt, net
of current portion
|
418,238
|
|
375,322
|
Deferred
taxes
|
12,677
|
|
8,954
|
Other non-current
liabilities
|
8,940
|
|
17,540
|
Other non-current
liabilities of discontinued operations
|
-
|
|
6,153
|
Total
liabilities
|
567,420
|
|
582,275
|
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: 70,784,560
and 70,711,439, respectively; shares outstanding: 68,202,040 and
68,128,919, respectively
|
8
|
|
7
|
Treasury stock,
shares at cost: 2,582,520 and 2,582,520, respectively
|
(10,311)
|
|
(10,311)
|
Additional paid-in
capital
|
523,011
|
|
519,625
|
Accumulated
deficit
|
(180,052)
|
|
(154,738)
|
Total
stockholders' equity
|
332,656
|
|
354,583
|
Total liabilities
and stockholders' equity
|
$
900,076
|
|
$
936,858
|
Schedule
2
|
BIOSCRIP, INC. AND
SUBSIDIARIES
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands, except
per share amounts)
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
|
|
2014
|
|
2013
|
Product
revenue
|
|
|
|
|
$
215,900
|
|
$
150,024
|
Service
revenue
|
|
|
|
|
23,743
|
|
31,105
|
Total
revenue
|
|
|
|
|
239,643
|
|
181,129
|
|
|
|
|
|
|
|
|
Cost of product
revenue
|
|
|
|
|
151,764
|
|
105,533
|
Cost of service
revenue
|
|
|
|
|
22,737
|
|
19,615
|
Total cost of
revenue
|
|
|
|
|
174,501
|
|
125,148
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
65,142
|
|
55,981
|
% of
revenues
|
|
|
|
|
27.2%
|
|
30.9%
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
|
|
|
59,384
|
|
47,005
|
Change in fair value
of contingent consideration
|
|
|
|
|
(2,209)
|
|
-
|
Bad debt
expense
|
|
|
|
|
6,605
|
|
3,180
|
Acquisition and
integration expenses
|
|
|
|
|
6,499
|
|
4,623
|
Restructuring and
other expenses
|
|
|
|
|
4,592
|
|
1,278
|
Amortization of
intangibles
|
|
|
|
|
1,703
|
|
2,082
|
Loss from continuing
operations
|
|
|
|
|
(11,432)
|
|
(2,187)
|
Interest expense,
net
|
|
|
|
|
10,499
|
|
6,478
|
Loss from
continuing operations, before income taxes
|
|
|
|
|
(21,931)
|
|
(8,665)
|
Income tax expense
(benefit)
|
|
|
|
|
3,491
|
|
(224)
|
Loss from
continuing operations, net of income taxes
|
|
|
|
|
(25,422)
|
|
(8,441)
|
Income from
discontinued operations, net of income taxes
|
|
|
|
|
108
|
|
313
|
Net
loss
|
|
|
|
|
$
(25,314)
|
|
$
(8,128)
|
|
|
|
|
|
|
|
|
Loss per common
share:
|
|
|
|
|
|
|
|
Loss from continuing
operations, basic and diluted
|
|
|
|
|
$
(0.37)
|
|
$
(0.15)
|
Income (loss) from
discontinued operations, basic and diluted
|
|
|
|
|
0.00
|
|
0.01
|
Net loss, basic
and diluted
|
|
|
|
|
$
(0.37)
|
|
$
(0.14)
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding, basic and diluted
|
|
|
|
|
68,171
|
|
57,047
|
Schedule
3
|
BIOSCRIP, INC. AND
SUBSIDIARIES
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
Three Months Ended
March 31,
|
|
2014
|
|
2013
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
(25,314)
|
|
$
(8,128)
|
Less: Income from
discontinued operations, net of income taxes
|
108
|
|
313
|
Loss from continuing
operations, net of income taxes
|
(25,422)
|
|
(8,441)
|
Adjustments to
reconcile (loss) from continuing operations, net of income taxes to
net cash provided by (used in) operating activities:
|
|
|
|
Depreciation
|
3,836
|
|
2,418
|
Amortization of
intangibles
|
1,703
|
|
2,082
|
Amortization of
deferred financing costs and debt discount
|
1,943
|
|
356
|
Change in fair value
of contingent consideration
|
(2,209)
|
|
-
|
Change in deferred
income tax
|
2,708
|
|
457
|
Compensation under
stock-based compensation plans
|
2,886
|
|
1,973
|
Loss on disposal of
fixed assets
|
-
|
|
13
|
Changes in assets and
liabilities, net of acquired business:
|
|
|
|
Receivables, net of
bad debt expense
|
(22,903)
|
|
(17,554)
|
Inventory
|
(413)
|
|
13,199
|
Prepaid expenses and
other assets
|
1,475
|
|
2,501
|
Accounts
payable
|
4,644
|
|
(2,777)
|
Claims
payable
|
5,365
|
|
187
|
Amounts due to plan
sponsors
|
1,138
|
|
(4,152)
|
Accrued
interest
|
134
|
|
5,772
|
Accrued expenses and
other liabilities
|
634
|
|
(10,173)
|
Net cash provided by
(used in) operating activities from continuing
operations
|
(24,481)
|
|
(14,139)
|
Net cash provided by
(used in) operating activities from discontinued
operations
|
(1,505)
|
|
1,291
|
Net cash provided
by (used in) operating activities
|
(25,986)
|
|
(12,848)
|
Cash flows from
investing activities:
|
|
|
|
Purchases of property
and equipment, net
|
(3,060)
|
|
(3,623)
|
Cash consideration
paid for acquisitions, net of cash acquired
|
-
|
|
(72,325)
|
Cash consideration
paid for unconsolidated affiliate, net of cash acquired
|
-
|
|
(900)
|
Net cash provided by
(used in) investing activities from continuing
operations
|
(3,060)
|
|
(76,848)
|
Net cash provided by
(used in) investing activities from discontinued
operations
|
56,616
|
|
(32)
|
Net cash provided
by (used in) investing activities
|
53,556
|
|
(76,880)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from new
senior notes due 2021, net of fees paid to lenders
|
193,810
|
|
-
|
Deferred and other
financing costs
|
(1,211)
|
|
-
|
Borrowings on line of
credit
|
64,600
|
|
214,145
|
Repayments on line of
credit
|
(104,603)
|
|
(187,092)
|
Principal payments on
long-term debt
|
(172,243)
|
|
-
|
Repayments of capital
leases
|
(98)
|
|
(68)
|
Net proceeds from
exercise of employee stock compensation plans
|
427
|
|
642
|
Net cash provided
by (used in) financing activities from continuing
operations
|
(19,318)
|
|
27,627
|
Net change in cash
and cash equivalents
|
8,252
|
|
(62,101)
|
Cash and cash
equivalents - beginning of period
|
1,001
|
|
62,101
|
Cash and cash
equivalents - end of period
|
$
9,253
|
|
$
-
|
DISCLOSURE OF CASH
FLOW INFORMATION:
|
|
|
|
Cash paid during the
period for interest
|
$
8,476
|
|
$
322
|
Cash paid during the
period for income taxes
|
$
(314)
|
|
$
(6)
|
DISCLOSURE OF
NON-CASH TRANSACTIONS:
|
|
|
|
Capital lease
obligations incurred to acquire property and equipment
|
$
-
|
|
$
-
|
Schedule
4
|
BIOSCRIP,
INC.
|
|
Reconciliation
between GAAP and Non-GAAP Measures
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
|
|
2014
|
|
2013
|
Results of
Operations:
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Infusion Services -
product revenue
|
|
|
|
|
$
215,900
|
|
$
150,024
|
Infusion Services -
service revenue
|
|
|
|
|
5,519
|
|
4,353
|
Total Infusion
Services revenue
|
|
|
|
|
221,419
|
|
154,377
|
PBM Services -
service revenue
|
|
|
|
|
18,224
|
|
26,752
|
Total
revenue
|
|
|
|
|
$
239,643
|
|
$
181,129
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by
Segment before corporate overhead:
|
|
|
|
|
|
|
|
Infusion
Services
|
|
|
|
|
$
14,853
|
|
$
11,909
|
PBM
Services
|
|
|
|
|
1,675
|
|
6,195
|
Total Segment
Adjusted EBITDA
|
|
|
|
|
16,528
|
|
18,104
|
|
|
|
|
|
|
|
|
Corporate
overhead
|
|
|
|
|
(7,476)
|
|
(7,916)
|
|
|
|
|
|
|
|
|
Consolidated Adjusted
EBITDA
|
|
|
|
|
9,052
|
|
10,188
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
|
|
(10,499)
|
|
(6,478)
|
Income tax (expense)
benefit
|
|
|
|
|
(3,491)
|
|
224
|
Depreciation
|
|
|
|
|
(3,836)
|
|
(2,418)
|
Amortization of
intangibles
|
|
|
|
|
(1,703)
|
|
(2,082)
|
Stock-based
compensation expense
|
|
|
|
|
(2,886)
|
|
(1,973)
|
Acquisition and
integration expenses
|
|
|
|
|
(6,499)
|
|
(4,623)
|
Restructuring and
other expenses and investments (1)
|
|
|
|
|
(5,560)
|
|
(1,279)
|
Loss from
continuing operations, net of income taxes
|
|
|
|
|
$
(25,422)
|
|
$
(8,441)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Data
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
2014
|
|
2013
|
Total
Assets:
|
|
|
|
|
|
|
|
Infusion
Services
|
|
|
|
|
$
808,871
|
|
$
794,006
|
PBM
Services
|
|
|
|
|
31,475
|
|
25,239
|
Corporate
unallocated
|
|
|
|
|
59,714
|
|
52,632
|
Assets from
discontinued operations
|
|
|
|
|
-
|
|
64,965
|
Assets
associated with discontinued operations, not sold
|
|
|
|
|
16
|
|
16
|
Total
Assets
|
|
|
|
|
$
900,076
|
|
$
936,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Restructuring and other expenses and
investments include costs associated with restructuring such as
employee severance, third party consulting costs and facility
closure costs; training and transitional costs as well as redundant
salaries; and, losses in the short-term investment of the
unconsolidated affiliate and investment in start-up branch
locations.
|
Schedule
5
|
BIOSCRIP,
INC.
|
|
Reconciliation
between GAAP and Non-GAAP Earnings Per Share
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
2014
1
|
|
2013
2
|
Net income from
continuing operations, net of income taxes
|
|
|
|
|
$
(25,422)
|
|
$
(8,441)
|
|
Non-GAAP adjustments,
net of income tax:
|
|
|
|
|
|
|
|
|
|
Restructuring and
other expenses and investments 3
|
|
|
|
|
5,472
|
|
1,242
|
|
|
Acquisition and
integration expenses
|
|
|
|
|
6,396
|
|
4,492
|
|
|
Amortization of
intangibles
|
|
|
|
|
1,676
|
|
2,023
|
|
|
Compensation under
stock-based compensation plans
|
|
|
|
|
2,840
|
|
1,917
|
Non-GAAP net income
from continuing operations
|
|
|
|
|
$
(9,038)
|
|
$
1,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
from continuing operations, basic and diluted
|
|
|
|
|
$
(0.37)
|
|
$
(0.15)
|
|
Non-GAAP adjustments,
net of income tax:
|
|
|
|
|
|
|
|
|
|
Restructuring and
other expenses and investments3
|
|
|
|
|
0.08
|
|
0.02
|
|
|
Acquisition and
integration expenses
|
|
|
|
|
0.10
|
|
0.08
|
|
|
Amortization of
intangibles
|
|
|
|
|
0.02
|
|
0.04
|
|
|
Compensation under
stock-based compensation plans
|
|
|
|
|
0.04
|
|
0.03
|
Non-GAAP earnings per
share from continuing operations, basic and diluted
|
|
|
|
|
$
(0.13)
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding, basic and diluted
|
|
|
|
|
68,171
|
|
57,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
For the three months
ended March 31, 2014, non-GAAP net loss from continuing operations
adjustments are net of tax, calculated using the year to date
effective tax rate method. The tax benefit expense netted
against restructuring and other expenses and investments,
acquisition and integration expenses, amortization of intangibles,
and stock-based compensation expense for the three months ended
March 31, 2014 was $88, $103, $27 and $46. The tax effect
of these adjustments on a per share basis is not meaningful.
|
|
|
2
|
For the three months
ended March 31, 2013, non-GAAP net loss from continuing operations
adjustments are net of tax, calculated using the year to date
effective tax rate method. The tax benefit netted against
restructuring and other expenses and investments, acquisition and
integration expenses, amortization of intangibles, and stock-based
compensation expense for the three months ended March 31, 2013 was
$36, $131, $59 and $56, respectively. The tax effect of these
adjustments on a per share basis is not meaningful.
|
|
|
3
|
Restructuring and
other expenses and investments include costs associated with
restructuring such as employee severance, third party consulting
costs and facility closure costs; training and transitional costs
as well as redundant salaries; losses in the short-term investment
in the unconsolidated affiliate; and investments in start-up branch
locations.
|
Contact:
Hai Tran, Chief Financial
Officer
BioScrip
952-979-3768
or
Lisa Wilson
In-Site Communications, Inc.
212-759-3929
SOURCE BioScrip, Inc.