BioScrip CEO Discusses Q3 2010 Results - Earnings Call Transcript
BioScrip Inc. (
)
Q3 2010 Earnings Call
November 3, 2010 8:30 AM ET
Executives
Lisa Wilson – Investor Relations
Richard Friedman – Chairman and CEO
Stanley Rosenbaum – Executive Vice President and CFO
Rick Smith – President and Chief Operating Officer
Analysts
Brooks O'Neil – Dougherty & Company
Kyle Smith – Jefferies & Company
Mark Arnold – Piper Jaffray
Glenn Garmont – ThinkEquity
Brandon Osten – Venator Capital Management
Mike Petusky – Noble Research
Pat Pace – Citadel Securities
Presentation
Operator
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BioScrip Inc. Q3 2009 Earnings Call Transcript
Ladies and gentlemen, thank you for standing by. And welcome to the BioScrip 2010 Third Quarter Results Conference Call. During the presentation, all participants will be in a listen-only mode and afterwards we will conduct a question-and-answer session. (Operator instructions)
As a reminder, this conference is being recorded, Tuesday, November 2, 2010. And now I would now like to turn the conference over to Lisa Wilson, Investor Relations. Please go ahead.
Lisa Wilson
Good morning and thank you for joining us today. By now, you should have received a copy of our press release issued this morning. If you have not received it, you may access it through the investor relations section at our web site. Richard Friedman, Chairman and Chief Executive Officer; Stanley Rosenbaum, Executive Vice President and Chief Financial Officer; Rick Smith, President and Chief Operating Officer and Phil Keller, Senior Vice President and Principal Accounting Officer, will host this morning's call.
The call is expected to last about 45 minutes and may be accessed through our website at bioscrip.com. A replay will be available shortly after the call. Interested parties can access by dialing 800-633-8284 in the U.S. or 402-977-9140 internationally and enter access code 21485382.
Before we get started, I’d like to remind everyone that any statements made on the call today or in our press release that express a belief, expectation or intent as well as those that are historical facts are considered forward-looking statements and are protected under the Safe Harbor of the Private Securities Litigation and Reform Act. These forward-looking statements are based on information available to BioScrip today and the company assumes no obligation to update statements as circumstances change.
These forward-looking statements may involve a number of risks and uncertainties, which may cause the company's results to differ materially from such statements. Forward-looking statements are qualified by inherent on risks and uncertainties surrounding future expectations generally and may differ materially from any actual future experience. Risks and uncertainties that could affect forward-looking statements include the failure to realize synergies as a result of operation efficiencies or revenue opportunities, the failure to successfully integrate the CHS and drugstore.com acquisitions, failure to successfully execute on our succession plans, our ability to maintain or increase our gross margins by, among other things, improving therapy mix and improvements in our strategic purchasing and the risks described from time to time in BioScrip's reports filed with the SEC, including BioScrip's annual report on Form 10-K for the year ended December 31, 2009.
Also, the company urges caution in considering any trends and guidance that may be disclosed and discussed on the conference call. The Pharmacy Services/Home Infusion/Home Health industries are competitive and trends and guidance are subject to various factors, risks and influences which are described in the company's periodic reports filed with the SEC. In addition, as required by Regulation G, reconciliation of non-GAAP financial measures mentioned during our call today most comparable to GAAP financial finance measures can be found in Schedule B of today's press release. That schedule is available on our website under the link to news found in the Us -- about Us section of our home page at bioscrip.com.
And now, I would like to turn the call over to Rich Friedman. Rich.
Richard Friedman
Thank you, Lisa and welcome to BioScrip's third quarter 2010 earnings call. This morning, we issued a press release covering our results for the quarter, which we will discuss later during the call. We also issued a separate release announcing Rick Smith's appointment as CEO. So I’d like to take the first few moments to reflect on my time as CEO of BioScrip and what this transition means for the company.
It has been a pleasure spending the last 14 years leading this company. Not only was I fortunate to have worked with some outstanding and motivated individuals, I was able to watch BioScrip evolve into a key player in the specialty pharmacy and home infusion industry. BioScrip has significant resources, deep capabilities and a strong commitment to our patients and the healthcare community we serve.
With the addition of CHS, I feel very confident that this company is headed in the right strategic direction. We now have over 110 points of service, 1000-plus managed care relationships, direct contact with over 80,000 prescribing physicians and a patient census of over 125,000. Furthermore, our improved position in the Infusion/Home Health segment will strengthen our margins in the long-term and provide us with a solid platform for growth.
I know that our company is strong. We have solid growth prospects, a diverse business mix and a well-positioned and promising healthcare sectors. So it's disappointing that we haven't been able to consistently meet our guidance. We know that improvements are needed in this area, which is one of the reasons why we have withdrawn our previous financial guidance as set forth in our press release.
Rick will provide more insight into this during his prepared remarks. We also recognize that consistent execution is required for this company to realize its full potential. And even though I'm proud of what has been accomplished during the last 14 years, I also know that this is the right time to turn BioScrip over to someone who can lead this company into a new period of growth and that person is Rick Smith.
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