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Anchor Capital Calls on BioScrip Board to Pursue Cost Reductions While Exploring Strategic Sale to Unlock Shareholder Value
Date:4/27/2009

lief that much of the reduction relates to customer losses announced in 2008).(1) Instead of paring expenses, Management has attempted to increase total revenue to drive operating margin and absolute operating profit improvement through economies of scale, which has not worked. BIOS generated FY2003 EBITDA of $22.6 million from revenue of $589 million (3.8% margin), but only $16.8 million of EBITDA in FY2008 from 2.4x more revenue of $1.4 billion (1.2% margin). Further, management's attempts to generate revenue growth despite weak margins have required funding from BIOS's credit facility due November 2010 of $50 million as of 12/31/08 at an average cost of 5.0%; not inexpensive LIBOR-based funding in the present environment. Paying down its debt and self-funding operations is another excellent reason to reduce costs aggressively. We believe significant opportunities exist to cut meaningful costs (which are detailed below) and that such reductions are the key to unlocking BIOS's significant value. The fact that the Company has not aggressively tackled its expense line has negatively impacted operating results, which we believe has generated substantial shareholder dissatisfaction. In spite of recent volatility in the healthcare sector, BIOS's share price decline has been deeper, -67.4%, and preceded the general market decline by five months; see Appendix 1.

We fear that the market has lost confidence in the current management's ability to cut costs and operate BIOS's assets at a reasonable level of profitability. Therefore, we believe shareholders' best option for value creation is a sale to a strategic buyer that is willing and able to operate BIOS's assets efficiently. Based upon publicly available information pertaining to BIOS and its competitors (specifically, data pertaining to Express Scripts' recent acquisition of WellPoint's NextRx PBM assets), and discussions we have held with industry experts and investment bankers focuse
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SOURCE Anchor Capital
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