BioScrip, Inc. (Nasdaq: BIOS) today announced 2011 fourth quarter and year-end financial results. Fourth quarter revenue was $483.3 million and net income was $6.7 million, or $0.12 per share. Adjusted EBITDA for the fourth quarter was $19.8 million. For the year ended December 31, 2011, revenue was $1.8 billion and net income was $7.9 million, or $0.14 per share. Adjusted EBITDA for the year ended December 31, 2011 was $73.5 million.
Fourth Quarter Highlights
- Revenue increased $32.9 million or 7.3% compared to prior year;
- Gross profit was $81.8 million or 16.9% of revenue, compared to $72.6 million or 16.1% of revenue in the prior year;
- Adjusted EBITDA generated by the segments before allocation of corporate expenses was $27.2 million, compared to $21.4 million last year;
- Adjusted EBITDA was $19.8 million, compared to $10.0 million in the prior year;
- Net income was $6.7 million or $0.12 per diluted share, compared to prior year net loss of $67.1 million or $1.25 per share.
“We are pleased with our fourth quarter results driven by solid organic growth and significant momentum in our key businesses. Infusion revenue was strong on both a sequential and year-over-year basis driven by the depth of our managed care contracts, growing patient census, and the focused and productive efforts of our sales team and regional management who continue to focus on our targeted therapies,” said Rick Smith, President and Chief Executive Officer of BioScrip.
“With the pending sale of our community specialty pharmacies and centralized specialty and mail service pharmacy businesses, we are positioning BioScrip as a leaner company focused on those areas where we have key strengths, in
market awareness and offer distinct competitive advantages. This includes leveraging our geographic reach, building upon our reputation for clinical excellence, deepening our relationships with national and local managed care customers and strategically expanding our national infusion service footprint both organically and through tuck-in acquisitions. As we move through 2012, we will continue to take action to further rationalize corporate overhead, improve operating performance and profitability, and maximize overall operating cash flow generation,” concluded Smith.
Results of Operations
Fourth Quarter 2011 versus Fourth Quarter 2010
Revenue for the fourth quarter of 2011 totaled $483.3 million, compared to $450.4 million for the same period a year ago, an increase of $32.9 million or 7.3%. Infusion/Home Health Services revenue for the fourth quarter of 2011 was $121.6 million compared to $112.6 million in the prior year, an increase of $9.1 million or 8.0%. Pharmacy Services revenue for the fourth quarter of 2011 was $361.7 million, compared to $337.8 million for the prior year period, an increase of $23.9 million or 7.1%.