Option Care Health Q1 2024 – Revenue Up 12.8%

By Bobby Samwell • Tuesday, April 23 10:31 • Permanent Link

Option Care Health, Inc. (NASDAQ: OPCH) has reported its financial results for the first quarter ended March 31, 2024. The company's net revenue for the first quarter of 2024 stood at $1,146.1 million, marking a significant increase of 12.8% compared to $1,015.8 million in the first quarter of 2023.

In terms of gross profit, Option Care Health reported $238.5 million, which accounted for 20.8% of net revenue. This represents a 4.1% increase over the gross profit of $229.0 million, which accounted for 22.5% of net revenue in the first quarter of 2023.

The company's net income for the first quarter of 2024 was $44.8 million, or $0.26 earnings per share, reflecting a robust 14.2% increase compared to the net income of $39.2 million, or $0.21 diluted earnings per share, in the first quarter of 2023.

Option Care Health also reported adjusted EBITDA of $98.3 million, up 4.8% compared to $93.8 million in the first quarter of 2023.

However, the company reported a change in cash flow from operations, recording $(68.8) million compared to $89.8 million in the first quarter of 2023, primarily driven by the change healthcare cybersecurity incident.

The cash and cash equivalents balance at the end of the first quarter of 2024 was $219.5 million, and the company completed stock repurchases of approximately $40.0 million.

Looking ahead, for the full year 2024, Option Care Health expects net revenue of $4.65 billion to $4.8 billion, adjusted EBITDA of $430 million to $450 million, and cash flow from operations of at least $300 million, consistent with previous guidance.

John C. Rademacher, Chief Executive Officer, expressed his pride in the company's resilient enterprise and the team's commitment to providing extraordinary patient care in the post-acute and ambulatory setting.

Option Care Health will host a conference call to discuss its first-quarter 2024 financial results at 8:30 a.m. ET. The conference call can be accessed via a live audio webcast available online at https://investors.optioncarehealth.com. As a result of these announcements, the company's shares have moved 1.6% on the market, and are now trading at a price of $30.9. For more information, read the company's full 8-K submission here.

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