Owens & Minor, Inc. (NYSE: OMI) has reported its financial results for the fourth quarter and full year 2023, showing strong operating margin improvement and significant debt reduction. The company posted consolidated revenue of $10.3 billion for the full year, generating $741 million of operating cash flow and reducing total debt by $403 million. The net loss per common share was $(0.54), while adjusted net income per common share stood at $1.36.
Edward A. Pesicka, President and Chief Executive Officer of Owens & Minor, remarked, "We once again delivered on our commitments and had a strong finish to 2023, demonstrated by our top-line growth across both business segments, robust profit growth, and exceptional operating cash flow which allowed us to further strengthen our balance sheet."
In the fourth quarter of 2023, the company achieved consolidated revenue of $2.7 billion, representing a 4% increase compared to the same period in 2022. The patient direct segment saw revenue of $664 million, up 8% year-over-year, while the products & healthcare services segment recorded nearly $2 billion in revenue, up 3% year-over-year.
Regarding the 2024 financial outlook, Owens & Minor expects revenue to be in the range of $10.5 billion to $10.9 billion, with adjusted EBITDA projected to be in the range of $550 million to $590 million, and adjusted EPS in the range of $1.40 to $1.70. The company's outlook for 2024 includes assumptions about general economic conditions, gross margin rate, interest expense, adjusted effective tax rate, diluted weighted average shares, capital expenditures, stable commodity prices, and FX rates.
The company's shares have moved 7.6%, and are now trading at a price of $22.83.
Owens & Minor's full 8-K submission is available here.
