NEW YORK (TheStreet) -- Shares of BioScrip(BIOS) - Get Report sank 13.26% to $5.30 in afternoon trading today after the company reported fourth quarter results that missed analysts' estimates.

The Elmsford, NY-based company reported a fourth quarter non-gaap adjusted loss from continuing operations of 69 cents per diluted share on revenue of $253.7 million. The average of analysts' estimates had expected earnings of 1 cent on revenue of $259.62 million, according to Reuters.

"We have taken a number of actions to align our cost structure and focus our resources in support of core infusion therapies, which we believe will continue to drive profitable growth and shareholder value. In addition, following an in-depth review of our bad debt reserve, we recorded a charge this quarter that we feel appropriately reserves older account receivables," CEO Rick Smith said.

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Non-GAAP loss per share from continuing operations for 2014 was a loss of $1.30 on revenue of $984.1 million. Analysts expected a loss of 19 cents on revenue of $988.38 million.

Looking to 2015, the company said that among its strategic priorities, it is looking to increase EBITDA margins. Specifically, the company said it will pursue higher margin core infusion therapies and review a strategic fit of non-core and lower margin businesses. They now project total gross savings of $24 million for 2015, $15 million of which have already been executed effective December 31, 2014.

BioScrip is a provider of infusion and home care management solutions. BioScrip partners with physicians, hospital systems, skilled nursing facilities, and pharmaceutical manufacturers to provide patients access to post-acute care services.

The stock is trading on heavy volume with more than 3.26 million shares changing hands by 12:52 p.m. in New York, compared to the average of 704,568.

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