BioScrip Comments on Implementation of Medicare Home Infusion Transition Benefit
01 Novembre 2018 - 1:00PM
-- Reaffirming Guidance for 2019 Adjusted
EBITDA of at least $75 million --
BioScrip, Inc. (NASDAQ: BIOS) ("BioScrip" or the "Company"),
the largest independent national provider of infusion and home care
management solutions, today announced that the Centers for Medicare
and Medicaid Services (“CMS”) published a final rule yesterday
afternoon for the implementation of a transitional benefit payment,
beginning January 1, 2019, for Medicare Part B home infusion
services (the “Cures Fix”).
“The Cures Fix is only one of many positive drivers for our
business in 2019 and beyond. While the Company disagrees with
CMS’s interpretation of the law, we now have clarity on the final
rule, and can reaffirm our guidance for Adjusted EBITDA of at least
$75 million in 2019, reflecting our confidence in BioScrip’s
underlying business and successful execution across the four key
pillars of our Vision 2020 strategy. We are making
significant progress in the areas of revenue cycle management,
supply chain savings, managed care relationships and core revenue
growth,” said Dan Greenleaf, President and Chief Executive Officer
of Bioscrip. “Based on CMS’s final rule, we are evaluating
the future treatment of Medicare beneficiaries, while also
considering possible next steps to ensure this new transitional
benefit is implemented as Congress intended.”
About BioScrip, Inc.
BioScrip, Inc. is the largest independent
national provider of infusion and home care management solutions,
with approximately 2,100 teammates and nearly 70 service locations
across the U.S. BioScrip partners with physicians, hospital
systems, payors, pharmaceutical manufacturers and skilled nursing
facilities 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 clinical excellence,
customer service, and values that promote positive outcomes and an
enhanced quality of life for those it serves.
Forward-Looking Statements – Safe
Harbor
This press release includes statements that may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, including the
statements regarding guidance, projections of certain measures of
the Company's results of operations, projections of future levels
of certain charges and expenses, incremental cost structure
improvements and other statements regarding the Company's financial
improvement plan and strategy and anticipated effects of the Cures
Act. 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," "outlook," "aim," "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 actual results to differ
materially from those in the forward-looking statement include but
are not limited to risks associated with: the Company’s ability to
make principal and interest payments on our debt and unsecured
notes and satisfy the other covenants contained in its debt
agreements; the Company’s ability to grow its core Infusion
revenues; the Company's ability to continue to execute its
financial improvement plan to reduce operating costs and focus its
business on its Infusion Services segment; the Company’s ability to
evaluate opportunities for improvement and implement solutions as
part of its strategic review process; the success of the Company’s
initiatives to mitigate the impact of the Cures Act on its
business; 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. 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.
Note Regarding Use of Non-GAAP Financial
Measures
The Company is providing guidance for 2019
Adjusted EBITDA, which is a non-GAAP (generally accepted accounting
principles) financial measure. Adjusted EBITDA is not a measurement
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 the Company’s
liquidity. In addition, the Company's definition of Adjusted EBITDA
may not be comparable to similarly titled non-GAAP financial
measures reported by other companies. Adjusted EBITDA, as defined
by the Company, represents net income before net interest expense,
income tax expense, depreciation and amortization, impairment of
goodwill, stock-based compensation expense, and restructuring,
integration and other 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 that Adjusted EBITDA provides
useful supplemental information regarding the performance of
BioScrip’s business operations and facilitates comparisons to the
Company’s historical operating results. A reconciliation of the
Company’s guidance for 2019 Adjusted EBITDA to net income (loss),
the most directly comparable GAAP financial measure, is omitted
from this press release because the Company is unable to provide
such reconciliation without unreasonable effort. This
inability results from the inherent difficulty in quantifying
certain projected amounts that are necessary for such
reconciliation. In particular, sufficient information is not
available to calculate certain items required for such
reconciliation without unreasonable effort, including interest
expense, provision for (benefit from) income taxes and other
adjustments that would be necessary to prepare a forward-looking
statement of net income (loss) in accordance with GAAP. For the
same reasons, the Company is unable to address the probable
significance of the unavailable information.
Investor Contacts:
Stephen Deitsch
Chief Financial Officer
& Treasurer
T: (720) 697-5200
stephen.deitsch@bioscrip.com
Kalle Ahl, CFAThe Equity GroupT: (212)
836-9614kahl@equityny.com
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