BioScrip, Inc. (NASDAQ: BIOS) today announced 2012 second quarter financial results. Second quarter revenue, from continuing operations, was $155.9 million and net loss, from continuing operations, was $4.3 million, or $0.07 per diluted share. Consolidated Adjusted EBITDA for the second quarter was $9.0 million.
As a result of the sale of the Company’s traditional and specialty pharmacy mail operations and community retail pharmacy stores on May 4, 2012 (the “Pharmacy Services Asset Sale”), the Company’s financial statements reflect the discontinued operations’ results for the three months ended June 30, 2012 and 2011 and assets transferred in the transaction as of June 30, 2012 and December 31, 2011, separate from the continuing operations of the business. The remaining assets and liabilities of the divested business that were not transferred as a part of the Pharmacy Services Asset Sale are included in continuing operations. The Company anticipates the collection, payment or resolution of these balances during the remainder of the year.
During the first quarter of 2012, the Company changed its operating and reportable segments from “Infusion/Home Health Services” and “Pharmacy Services” to its new operating and reportable segments: “Infusion Services,” “Home Health Services,” and “PBM Services.” As a result, prior period financial statements and related disclosures have been reclassified to conform to the current year presentation, and we have included the quarterly financial statements for 2011 as part of this release.
Second Quarter Highlights
Acquisition of InfuScience
- Revenue from continuing operations increased $24.3 million or 18.5% compared to prior year;
- Gross profit from continuing operations was $53.0 million or 34.0% of revenue, compared to $51.8 million or 39.4% of revenue in the prior year;
- Adjusted EBITDA from continuing operations was $9.0 million, compared to $11.5 million in the prior year and $8.4 million in the first quarter, a 7.5% sequential quarter improvement; and
- The Company completed the Pharmacy Services Asset Sale.
On July 31, 2012, BioScrip acquired privately held InfuScience, Inc. (“InfuScience”) for $38.0 million in cash. The purchase price could increase an additional $3.0 million based on the results of operations during the 24 month period following the closing. Headquartered in Gurnee, IL, InfuScience acquires, develops and operates businesses providing alternate site infusion pharmacy services. InfuScience generates approximately $40.0 million in annual revenue and has five infusion centers located in Eagan, Minnesota; Omaha, Nebraska; Chantilly, Virginia; Charleston, South Carolina; and Savannah, Georgia.