BioScrip, Inc. (NASDAQ: BIOS) today announced 2012 third quarter financial results. Third quarter revenue from continuing operations was $170.4 million and the net loss from continuing operations was $0.6 million, or $0.01 per diluted share. Consolidated Adjusted EBITDA for the third quarter was $11.6 million versus $11.7 million for the third quarter of 2011.
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 September 30, 2012 and 2011, and assets transferred in the transaction as of September 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.
Third Quarter Highlights
- Revenue from continuing operations increased $36.5 million, or 27.3%, as compared to the prior year period;
- Gross profit from continuing operations was $58.0 million, or 34.0% of revenue, as compared to $53.6 million, or 40.1% of revenue, in the prior year period;
- Adjusted EBITDA from continuing operations was $11.6 million, compared to $11.7 million in the prior year and $9.0 million in the second quarter, a 28.9% sequential quarter improvement; and,
- Acquired privately held InfuScience, Inc. (“InfuScience) for $38.3 million in cash.
“We are pleased to report strong third quarter results, reflecting continued growth in our infusion business and another quarter of sequential improvement in our Adjusted EBITDA,” said Rick Smith, President and Chief Executive Officer of BioScrip. “Our business is tracking with our strategic plan and we are making solid operational progress.”