- Consolidated annual revenues were $9.72
billion
- Operating earnings for 2016 were $200
million; adjusted operating earnings were $224 million
- Diluted EPS for the year was $1.76,
while adjusted diluted EPS was $2.05
- Company provides long-range financial
outlook
Owens & Minor, Inc. (NYSE:OMI) today reported financial
results for the year ended December 31, 2016, including
consolidated revenues of $9.72 billion, which declined 0.5% when
compared to the prior year. Net income for 2016 improved nearly
$5.4 million to $109 million, or $1.76 per diluted share. Adjusted
net income (non-GAAP) was $127 million, or $2.05 per diluted share.
Continued progress with transformation agenda initiatives,
including on-going cost reduction efforts, contributed positively
to results, largely offsetting the negative impact of the
previously discussed transition of a large customer during the
third quarter, as well as continuing margin pressure. A
reconciliation of reported results to adjusted (non-GAAP) measures
is included below.
Consolidated operating earnings for 2016 were $200 million, or
2.05% of revenues, essentially unchanged when compared to last
year’s operating earnings. Adjusted consolidated operating earnings
(non-GAAP) for the full year were $224 million, or 2.31% of
revenues, representing a decline of 1.3%, when compared to the
prior year period.
“We had a solid year in 2016, driven by focused execution and
the dedication of our teammates against a backdrop of challenging
industry dynamics,” said Cody Phipps, president & chief
executive officer of Owens & Minor. “As we have discussed, we
will continue to face headwinds throughout 2017. Our focus now is
on executing our strategic plan to reposition our company for
long-term success.”
Fourth Quarter 2016
Results
For the fourth quarter of 2016, consolidated revenues were $2.37
billion, representing a decline of 4.8%, when compared to revenues
in the fourth quarter of 2015. The revenue decline reflects the
previously discussed exit of a large West Coast customer during the
third quarter. In addition, there was one less selling day in the
fourth quarter of 2016 than in the prior year fourth quarter.
Quarterly net income was $27.1 million, or $0.45 per diluted share.
Adjusted net income (non-GAAP) for the quarter was $31.6 million,
or $0.52 per diluted share.
Consolidated operating earnings for the fourth quarter of 2016
declined $8.9 million to $49.0 million, when compared to the same
period last year. Adjusted consolidated operating earnings
(non-GAAP) for the fourth quarter of 2016 were $53.7 million, a
decrease of $9.4 million compared to last year. The quarterly
changes resulted from the same factors that affected the annual
results.
Asset Management
The balance of cash and cash equivalents was $185 million at
December 31, 2016, compared to cash of $161 million at December 31,
2015. For the year, the company reported operating cash flow of
$187 million, compared to $270 million in the prior year. The
decrease was driven primarily by changes in working capital. Asset
management metrics, as of the end of the year, included
consolidated days sales outstanding (DSO) of 23.1 compared to 21.0
days for 2015; consolidated inventory turns were 9.2 for 2016,
compared to 9.4 for 2015.
Segment Results
For the full year of 2016, Domestic segment revenue increased
slightly by 0.2% to $9.19 billion, when compared to the prior year.
Fourth quarter Domestic segment revenues were $2.24 billion,
representing a decrease of 3.8% from the prior year’s fourth
quarter. The decline resulted primarily from the previously
announced exit of a large customer and one less selling day in the
fourth quarter of 2016 when compared to the prior year.
For the full year, Domestic segment operating earnings were $165
million, an increase of $2.6 million when compared to the prior
year. For the fourth quarter of 2016, Domestic segment operating
earnings were $39.3 million, a decline of $5.2 million when
compared to the same period of 2015. Segment operating earnings
reflected a decline in income from manufacturer product price
changes and the customer exit in the third quarter, partially
offset by expense control initiatives.
For the International segment, full-year revenues decreased 7.8%
to $344 million, while quarterly revenues decreased 4.0% to $87.8
million. Revenues were affected by the unfavorable foreign currency
impacts of $10.6 million and $23.4 million for the quarter and full
year, respectively, as well as the previously discussed exit of a
U.K. customer in July 2015. Excluding these factors, revenues for
the quarter and full year were favorable when compared to the prior
year. For the year, the International segment reported operating
earnings of $5.6 million, which improved $2.4 million from the
prior year. The gains were derived primarily from steps taken to
reposition the business and improve operating costs and
efficiencies. For the fourth quarter of 2016, operating earnings
for the International segment improved to $2.2 million.
Clinical & Procedural Solutions (CPS) full-year revenues
decreased 4.0% to $540 million, while quarterly revenues decreased
14.4% to $131 million. For the year, operating earnings were $53.8
million, a decline of 13.1%, when compared to the same period last
year. As for the fourth quarter of 2016, operating earnings for the
CPS segment declined $6.4 million to $11.9 million. CPS results
reflect the impact of lower revenues in the third and fourth
quarters largely attributed to a short-term customer contract in
late 2015 which did not recur in the current year, as well as
certain production challenges in capacity and workforce
availability.
“Although 2016 was a challenging year, we achieved our goals
despite facing a variety of external market pressures,” said Randy
Meier, executive vice president & chief financial officer, and
president-International of Owens & Minor. “Looking ahead, we
believe the challenges will persist into 2017, even as we continue
to work on reducing our fixed costs. At the same time, we have
initiated our new strategic plan, which will enable us to modernize
our platform, invest in talent, and develop new growth
opportunities.”
Financial Guidance and
Outlook
Owens & Minor is providing the following financial guidance
and outlook. Based on the ongoing challenges within the Domestic
business, including the loss of a large Domestic customer, as well
as ongoing margin pressures resulting from changing market
dynamics, the company expects 2017 diluted earnings on an adjusted
basis (Non-GAAP) to be in the range of $1.75 to $1.85 per share.
Based on the initiatives in our new strategic plan and associated
investments, the company is providing guidance for 2018 of $2.05 to
$2.20 per diluted share on an adjusted basis (Non-GAAP). The
company believes that its strategic plan and the investments it is
making will enable Owens & Minor to achieve its stated
long-term goal of high single-digit growth rates in subsequent
years.
Although the company does provide guidance for adjusted earnings
per share (which is a Non-GAAP financial measure), it is not able
to forecast the most directly comparable measure calculated and
presented in accordance with GAAP. Certain elements of the
composition of the GAAP amounts are not predictable, making it
impractical for the company to forecast. Such elements include, but
are not limited to restructuring and acquisition charges. As a
result, no GAAP guidance is provided.
“We are keenly aware of the challenges and opportunities that
are part of repositioning our business in a rapidly changing
healthcare market,” said Phipps. “I am confident that the changes
we are making today will position Owens & Minor for the future
and enhance our ability to provide exceptional value to all of our
stakeholders.”
The outlook is based on certain assumptions that are subject to
the risk factors discussed in the company’s filings with the
Securities & Exchange Commission.
2017 Investor Day
The company will host its Investor Day on March 16, 2017, in New
York. Registration details are available on the company website. A
webcast of the presentation will be available on
www.owens-minor.com.
Investors Conference Call &
Supplemental Material
Conference Call: Company executives will host a
conference call, which will also be webcast, on Wednesday, February
15, 2017, at 8:30 a.m. EST. The access code for this event is
#61230570. The dial-in number for the live conference call is
866-393-1604; the international dial-in number is 224-357-2191; and
a replay of the call will be available for one week by calling
855-859-2056. A webcast of the event and a corresponding slide
presentation will be available on www.owens-minor.com under the
Investor Relations section.
Safe Harbor Statement
This release is intended to be disclosure through methods
reasonably designed to provide broad, non-exclusionary distribution
to the public in compliance with the Securities and Exchange
Commission's Fair Disclosure Regulation. This release contains
certain ''forward-looking'' statements, which are made pursuant to
the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995, including financial guidance for 2017 and 2018
and growth rates in subsequent years. Forward-looking statements
involve known and unknown risks and uncertainties that may cause
our actual results in future periods to differ materially from
those projected or contemplated in the forward-looking
statements. Investors should refer to our annual report on
Form 10-K for the year ended December 31, 2015, filed with the
Securities and Exchange Commission ("SEC") and subsequent quarterly
reports on Form 10-Q and current reports on Form 8-K filed with or
furnished to the SEC, for a discussion of certain known risk
factors that could cause our actual results to differ materially
from our current estimates. These filings are available at
www.owens-minor.com. Given these risks and uncertainties, we
can give no assurances that any forward-looking statements will, in
fact, transpire and, therefore, caution investors not to place
undue reliance on them. We specifically disclaim any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future developments or otherwise.
Owens & Minor uses its Web site, www.owens-minor.com, as a
channel of distribution for material company information, including
news releases, investor presentations and financial information.
This information is routinely posted and accessible under the
Investor Relations section.
Included with the press release financial tables are
reconciliations of the differences between the non-GAAP financial
measures presented in this news release, which exclude
acquisition-related and exit and realignment charges, and their
most directly comparable GAAP financial measures.
About Owens & Minor
Owens & Minor, Inc. (NYSE: OMI) is a global healthcare
services company dedicated to Connecting the World of Medical
Products to the Point of CareSM by providing vital supply chain
services to healthcare providers and manufacturers of healthcare
products. Owens & Minor provides logistics services across the
spectrum of medical products from disposable medical supplies to
devices and implants. With logistics platforms strategically
located in the United States and Europe, Owens & Minor serves
markets where three quarters of global healthcare spending occurs.
Owens & Minor’s customers span the healthcare market from
independent hospitals to large integrated healthcare networks, as
well as group purchasing organizations, healthcare products
manufacturers, and the federal government. A FORTUNE 500 company,
Owens & Minor is headquartered in Richmond, Virginia, and has
annualized revenues exceeding $9 billion. For more information
about Owens & Minor, visit owens-minor.com, follow @Owens_Minor
on Twitter, and connect on LinkedIn at www.linkedin.com/company/owens-&-minor.
Owens & Minor, Inc.
Consolidated Statements of Income
(unaudited)
(in thousands, except per share data)
Three Months Ended December 31, 2016
2015 Net revenue
$ 2,368,361 $
2,487,914 Cost of goods sold
2,073,381 2,175,632
Gross margin
294,980 312,282 Distribution, selling
and administrative expenses
243,480 250,171
Acquisition-related and exit and realignment charges
4,701
6,647 Other operating income, net
(2,209 ) (2,489 )
Operating earnings
49,008 57,953 Interest expense, net
6,733 6,845 Income before income taxes
42,275 51,108 Income tax provision
15,170
19,040
Net income $ 27,105 $
32,068
Net income per common share:
Basic $ 0.45 $ 0.51
Diluted $
0.45 $ 0.51
Twelve Months Ended December
31, 2016 2015 Net revenue
$
9,723,431 $ 9,772,946 Cost of goods sold
8,536,121
8,558,373 Gross margin
1,187,310 1,214,573
Distribution, selling and administrative expenses
970,424
993,783 Acquisition-related and exit and realignment charges
24,675 28,404 Other operating income, net
(7,388
) (7,973 ) Operating earnings
199,599 200,359
Interest expense, net
27,057 27,149 Income
before income taxes
172,542 173,210 Income tax provision
63,755 69,801
Net income $
108,787 $ 103,409
Net income per
common share: Basic $ 1.76 $ 1.65
Diluted $ 1.76 $ 1.65
Owens & Minor, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
December 31, December 31,
2016 2015
Assets Current
assets Cash and cash equivalents
$ 185,488 $
161,020 Accounts and notes receivable, net
606,084 587,935
Merchandise inventories
916,311 940,775 Other current assets
254,156 284,970
Total
current assets 1,962,039 1,974,700 Property and
equipment, net
191,718 208,930 Goodwill, net
414,936
419,619 Intangible assets, net
82,511 95,250 Other assets,
net
66,548 75,277
Total assets $ 2,717,752
$ 2,773,776
Liabilities and equity Current
liabilities Accounts payable
$ 750,750 $ 710,609
Accrued payroll and related liabilities
45,051 45,907 Other
current liabilities
238,837
307,073
Total current liabilities 1,034,638
1,063,589 Long-term debt, excluding current portion
564,583
568,495 Deferred income taxes
90,383 86,326 Other
liabilities
68,110 62,776
Total liabilities 1,757,714 1,781,186
Total
equity 960,038
992,590
Total liabilities and equity $
2,717,752 $ 2,773,776
Owens & Minor, Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Twelve Months Ended December 31,
2016 2015
Operating activities: Net income
$
108,787 $ 103,409 Adjustments to reconcile net income to
cash provided by operating activities: Depreciation and
amortization
55,393 65,982 Share-based compensation expense
12,042 11,306 Deferred income tax expense (benefit)
4,218 (6,101 ) Provision for losses on accounts and notes
receivable
377 (24 ) Changes in operating assets and
liabilities: Accounts and notes receivable
(25,244 )
18,333 Merchandise inventories
22,589 (69,727 ) Accounts
payable
43,430 114,011 Net change in other assets and
liabilities
(37,559 ) 30,177 Other, net
2,901 2,231
Cash provided by
operating activities 186,934
269,597
Investing activities: Additions
to computer software and intangible assets
(9,819 )
(16,085 ) Additions to property and equipment
(20,302
) (20,531 ) Proceeds from the sale of property and equipment
5,375 143
Cash
used for investing activities (24,746
) (36,473 )
Financing
activities: Proceeds from (repayment of) revolving credit
facility
— (33,700 ) Cash dividends paid
(63,382
) (63,651 ) Repurchases of common stock
(71,028
) (20,000 ) Excess tax benefits related to share-based
compensation
761 646 Other, net
(8,294
) (7,528 )
Cash used for financing
activities (141,943 )
(124,233 )
Effect of exchange rate changes on cash and cash equivalents
4,223 (4,643 )
Net increase in cash and cash equivalents 24,468
104,248
Cash and cash equivalents at beginning of period
161,020 56,772
Cash and cash equivalents at end of period
$ 185,488 $ 161,020
Owens & Minor, Inc.
Financial Statistics and GAAP/Non-GAAP
Reconciliations (unaudited)
(in thousands, except per share data)
Quarter Ended (in thousands,
except ratios and per share data)
12/31/2016
9/30/2016 6/30/2016
3/31/2016 12/31/2015
Consolidated operating results:
Net revenue
$ 2,368,361
$ 2,415,601 $ 2,483,676
$ 2,455,793 $ 2,487,914
Gross margin
$ 294,980 $ 296,275 $ 299,420 $ 296,636
$ 312,282 Gross margin as a percent of revenue
12.46 % 12.27 % 12.06 %
12.08 % 12.55 % Distribution,
selling & administrative expenses
$ 243,480 $
241,305 $ 242,914 $ 242,725 $ 250,172 Distribution, selling &
administrative expenses as a percent of revenue
10.28 % 9.99 % 9.78 %
9.88 % 10.06 % Operating
earnings, as reported (GAAP)
$ 49,008 $ 53,568 $
52,054 $ 44,970 $ 57,953 Acquisition-related charges (1)
286
597 730 (399 ) 4,048 Exit and realignment charges (2)
4,415
2,142 6,022 10,882 2,599 Other (3)
—
— — —
(1,500 ) Operating earnings, adjusted
(Non-GAAP)
$ 53,709 $ 56,307 $ 58,806 $ 55,453 $
63,100 Operating earnings as a percent of revenue (GAAP)
2.07 % 2.22 % 2.10 % 1.83 % 2.33 % Operating earnings
as a percent of revenue, adjusted (Non-GAAP)
2.27 % 2.33 % 2.37 %
2.26 % 2.54 % . Net income, as reported
(GAAP)
$ 27,105 $ 29,831 $ 27,716 $ 24,135 $ 32,068
Acquisition-related charges(1)
286 597 730 (399 ) 4,048
Income tax expense (benefit) (4)
67 (221 ) (164 ) 152 77
Exit and realignment charges (2)
4,415 2,142 6,022 10,882
2,599 Income tax expense (benefit) (4)
(289 ) (794 )
(2,081 ) (3,506 ) (2,163 ) Other (3)
— — — — (1,500 ) Income
tax expense (benefit) (4)
—
— — —
— Net income, adjusted (Non-GAAP)
$ 31,584 $ 31,555
$ 32,223 $ 31,264
$ 35,129 Net income per diluted common share,
as reported (GAAP)
$ 0.45 $ 0.48 $ 0.45 $ 0.39 $ 0.51
Acquisition-related charges, after-tax (1)
— 0.01 0.01 —
0.07 Exit and realignment charges, after-tax (2)
0.07 0.02
0.06 0.11 — Other, after-tax (3)
—
— — —
(0.02 ) Net income per diluted common share,
adjusted (Non-GAAP)
$ 0.52
$ 0.51 $ 0.52
$ 0.50 $ 0.56
Financing: Cash and cash equivalents
$ 185,488
$ 213,096 $ 138,951 $ 190,323 $ 161,020 Total interest-bearing debt
$ 569,387 $
570,263 $ 571,143 $
572,318 $ 573,521
Stock
information: Cash dividends per common share
$ 0.255 $ 0.255
$ 0.255 $ 0.255 $
0.2525 Stock price at quarter-end
$
35.29 $ 34.73 $
37.38 $ 40.42 $ 35.98
Owens & Minor, Inc.Financial Statistics and
GAAP/Non-GAAP Reconciliations (unaudited)
The following items in the current quarter have been excluded in
our non-GAAP financial measures:
(1) Acquisition-related charges in 2016 primarily related to
costs incurred to settle certain obligations and address other
on-going matters associated with the acquisitions of ArcRoyal and
Medical Action. The gain in the first quarter related to the sale
of property acquired with the Medical Action acquisition. Charges
in 2015 consisted primarily of costs to continue the integration of
Medical Action and ArcRoyal which were acquired in the fourth
quarter of 2014 including certain severance and contractual
payments to the former owner and costs to transition information
technology and other administrative functions.
(2) Charges in 2016 were associated with severance activities
(including our voluntary employee separation program in the first
quarter of 2016), and other costs associated with our strategic
organizational realignment which included asset write-downs,
certain professional fees and costs to streamline administrative
functions and processes in the United States and Europe. Similar
charges in 2015 also included the consolidation of distribution and
logistics centers and closure of offsite warehouses.
(3) The fourth quarter of 2015 included a partial recovery of
$1.5 million related to a contract settlement in the United Kingdom
for which $3.9 million was expensed in 2014. Both the 2015 recovery
and the 2014 settlement expense were recorded in other operating
income, net.
(4)These charges have been tax effected in the preceding table
by determining the income tax rate depending on the amount of
charges incurred in different tax jurisdictions and the
deductibility of those charges for income tax purposes.
Use of Non-GAAP
Measures
This earnings release contains financial measures that are not
calculated in accordance with U.S. generally accepted accounting
principles ("GAAP"). In general, the measures exclude items and
charges that (i) management does not believe reflect Owens &
Minor, Inc.'s (the "Company") core business and relate more to
strategic, multi-year corporate activities; or (ii) relate to
activities or actions that may have occurred over multiple or in
prior periods without predictable trends. Management uses these
non-GAAP financial measures internally to evaluate the Company's
performance, evaluate the balance sheet, engage in financial and
operational planning and determine incentive compensation.
Management provides these non-GAAP financial measures to investors
as supplemental metrics to assist readers in assessing the effects
of items and events on its financial and operating results and in
comparing the Company's performance to that of its competitors.
However, the non-GAAP financial measures used by the Company may be
calculated differently from, and therefore may not be comparable
to, similarly titled measures used by other companies. The non-GAAP
financial measures disclosed by the Company should not be
considered a substitute for, or superior to, financial measures
calculated in accordance with GAAP, and the financial results
calculated in accordance with GAAP and reconciliations to those
financial statements set forth above should be carefully
evaluated.
Owens & Minor, Inc.
Summary Segment Information
(unaudited)
(in thousands)
Three Months Ended December 31, 2016
2015 % of % of
consolidated consolidated
Amount net revenue
Amount net revenue
Net revenue: Segment net revenue Domestic
$ 2,236,887 94.45 % $ 2,326,124 93.50 %
International
87,813 3.71 % 91,493 3.68 % CPS
130,558 5.51 % 152,587 6.13 %
Total segment net revenue
2,455,258 2,570,204 Inter-segment
revenue CPS
(86,897 ) (3.67 )% (82,290
) (3.31 )% Total inter-segment revenue
(86,897 )
(82,290 ) Consolidated net revenue
$
2,368,361 100.00 % $ 2,487,914
100.00 %
% of segment % of segment
Operating
earnings (loss): net revenue net revenue Domestic
$ 39,293 1.76 % $ 44,466 1.91 %
International
2,193 2.50 % 706 0.77 % CPS
11,933 9.14 % 18,296 11.99 % Inter-segment
eliminations
290 (368 ) Acquisition-related and exit and
realignment charges (1)
(4,701 ) (6,647 ) Other (2)
— 1,500 Consolidated operating earnings
$ 49,008 2.07 % $ 57,953
2.33 %
Depreciation and amortization: Domestic
$ 7,070 $ 7,834 International
3,992 4,473 CPS
2,149 1,803
Consolidated depreciation and
amortization
$ 13,211 $ 14,110
Capital
expenditures: Domestic
$ 4,059 $ 3,911
International
4,820 133 CPS
478 375
Consolidated capital expenditures
$ 9,357 $
4,419
Owens & Minor, Inc.
Summary Segment Information
(unaudited)
(in thousands)
Twelve Months Ended December 31, 2016
2015 % of % of
consolidated
consolidated
Amount net revenue Amount net revenue
Net revenue: Segment net revenue Domestic
$
9,191,574 94.53 % $ 9,176,855 93.90 %
International
343,674 3.53 % 372,638 3.81 %
CPS
539,580 5.55 %
561,812 5.75 % Total segment net revenue
10,074,828
10,111,305 Inter-segment revenue CPS
(351,397
) (3.61 )% (338,359 ) (3.46 )% Total
inter-segment revenue
(351,397 )
(338,359 ) Consolidated net revenue
$
9,723,431 100.00 % $ 9,772,946
100.00 %
% of segment % of segment
Operating
earnings (loss): net revenue net revenue Domestic
$ 165,495 1.80 % $ 162,944 1.78 %
International
5,596 1.63 % 3,198 0.86 % CPS
53,799 9.97 % 61,932 11.02 % Inter-segment
eliminations
(616 ) (811 ) Acquisition-related and
exit and realignment charges (1)
(24,675 ) (28,404 )
Other (2)
— 1,500 Consolidated
operating earnings
$ 199,599 2.05
% $ 200,359 2.05 %
Depreciation and
amortization: Domestic
$ 29,469 $ 34,425
International
17,117 18,903 CPS
8,807
8,180 Consolidated depreciation and amortization
$ 55,393 $ 61,508
Capital
expenditures: Domestic
$ 14,333 $ 17,310
International
12,874 18,158 CPS
2,914
1,148 Consolidated capital expenditures
$
30,121 $ 36,616
December 31,
2016 December 31, 2015
Total assets: Domestic
$
1,778,481
$
1,785,676
International
352,898
406,787
CPS
400,885
420,293
Segment assets
2,532,264
2,612,756
Cash and cash equivalents
185,488
161,020
Consolidated total assets
$
2,717,752
$
2,773,776
(1) The year ended December 31, 2015 included $4.5
million in accelerated amortization related to an information
system that was replaced. (2) Contract settlement claim in 2014 of
which $1.5 million was recovered in 2015.
Owens & Minor, Inc.
Net Income Per Common Share
(unaudited)
(in thousands, except per share data)
Three Months Ended December 31, Twelve Months
Ended December 31, 2016 2015
2016 2015 Numerator: Net income
$ 27,105 $ 32,068
$ 108,787 $ 103,409
Less: income allocated to unvested restricted shares
(289
) (307 )
(1,147 ) (925 ) Net income
attributable to common shareholders - basic
26,816 31,761
107,640 102,484 Add: undistributed income attributable to
unvested restricted shares -basic
79 107
297 235
Less: undistributed income attributable to unvested restricted
shares -diluted
(79 ) (107 )
(297 )
(235 )
Net income attributable to common shareholders -
diluted $ 26,816 $ 31,761
$
107,640 $ 102,484 Denominator: Weighted
average shares outstanding — basic
60,259 61,771
61,093 62,116 Dilutive shares - stock options
—
—
— 1
Weighted average shares
outstanding — diluted 60,259 61,771
61,093 62,117 Net income per share
attributable to common shareholders: Basic
$ 0.45 $
0.51
$ 1.76 $ 1.65 Diluted
$ 0.45 $
0.51
$ 1.76 $ 1.65
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170214006473/en/
Owens & Minor, Inc.Truitt Allcott, 804-723-7555Director,
Investor & Media Relationstruitt.allcott@owens-minor.comorChuck
Graves, 804-723-7556Director, Finance & Investor
Relationschuck.graves@owens-minor.com
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