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BioScrip Reports First Quarter 2013 Financial Results
Date:5/8/2013

  • Acquired HomeChoice Partners, Inc. ("HomeChoice"), formerly a majority-owned subsidiary of DaVita HealthCare Partners Inc. (NYSE: DVA); and
  • Initiated a review of the Company's capital structure to support its growth strategy.
  • "We are pleased to report another quarter of solid performance.  Our results reflect the continued execution of our strategic plan, growing organically and targeting opportunistic acquisitions that enable us to expand our national infusion footprint. Our site of service initiatives are providing us with increased access to patient census and the opportunity for continued growth as patient care moves to lower-cost settings, such as the home or alternate sites of administration," said Rick Smith, President and Chief Executive Officer of BioScrip.

    Results of OperationsFirst Quarter 2013 versus First Quarter 2012
    Revenue from continuing operations for the first quarter of 2013 totaled $199.1 million, compared to $155.6 million for the same period a year ago, an increase of $43.4 million or 27.9%.  Infusion Services segment revenue was $154.4 million in the first quarter, as compared to $109.1 million for the same period in 2012.  The 41.5% increase was driven primarily by overall volume growth as well as additional revenue related to acquisitions.  Home Health Services segment revenue was $17.9 million for the first quarter of 2013, as compared to $16.7 million in the prior year quarter.  The 7.4% increase was primarily the result of growth in volume from private duty nursing activity.  PBM Services segment revenue was $26.8 million for the first quarter of 2013, compared to $29.9 million for the prior year period.  The decrease was due primarily to a reduction in discount card volume.

    Consolidated gross profit for the first quarter of 2013 was $63.2 million, or 31.8% of revenue, compared to $53.5 million, or 34.4% of revenue, for the first quarter of 2012.  The increa
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    SOURCE BioScrip, Inc.
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