BioScrip Announces CFO Transition
April 20 2017 - 9:00AM
BioScrip, Inc. (NASDAQ:BIOS) ("BioScrip" or the "Company"), a
leading national provider of infusion and home care management
solutions, today announced the appointment of Stephen M. Deitsch to
the positions of Senior Vice President, Chief Financial Officer and
Treasurer, effective April 24, 2017. Mr. Deitsch succeeds
Jeffrey Kreger, who stepped down from his roles as Senior Vice
President, Chief Financial Officer and Treasurer. Mr. Kreger
will be working with the Company to ensure a smooth transition.
Mr. Deitsch joins BioScrip with extensive strategic and
operational financial leadership experience, including over twelve
years in the healthcare industry at Zimmer Biomet, Biomet (which
merged with Zimmer Holdings in 2015) and Lanx (which Biomet
acquired in October 2013). Mr. Deitsch served as the Chief
Financial Officer of the Zimmer Biomet Spine, Bone Healing, and
Microfixation business and as Vice President Finance, Biomet
Corporate Controller. Mr. Deitsch was the Chief Financial Officer
of Lanx from September 2009 until it was acquired by Biomet. From
2002 to 2009, Mr. Deitsch also served in various senior financial
leadership roles at Zimmer Holdings, Inc., including Vice President
Finance, Reconstructive and Operations, and Vice President Finance,
Europe. Most recently, since August of 2015, Mr. Deitsch has served
as Executive Vice President, Chief Financial Officer and Corporate
Secretary of Coalfire, Inc., a portfolio company of The Carlyle
Group, and a high growth leader in cyber risk advisory
services.
“On behalf of our board and management team, I am excited to
welcome Steve to BioScrip,” said Daniel E. Greenleaf, President and
Chief Executive Officer. “Steve has strong financial and
operational experience with both public and privately held
healthcare companies, and a proven track record of driving
profitable growth, achieving targeted metrics, and motivating
strong team performance. We appreciate Jeff’s leadership and
contributions over the past two years, and given the strength of
the finance organization he helped build, we anticipate a seamless
transition. Additionally, we reiterate our 2017 adjusted
EBITDA forecast of $45 million to $55 million.”
“I am committed to helping BioScrip achieve its financial and
operational goals,” said Stephen M. Deitsch. “BioScrip is
uniquely positioned in the growing home infusion market, and I am
looking forward to unlocking the profit potential of the business
and maximizing value for our shareholders.”
About BioScrip
BioScrip, Inc. is a leading national provider of infusion and
home care management solutions. BioScrip partners with physicians,
hospital systems, skilled nursing facilities, healthcare payors,
and pharmaceutical manufacturers to provide patients access to
post-acute care services. BioScrip operates with a commitment to
bring customer-focused pharmacy and related healthcare infusion
therapy services into the home or alternate-site setting. By
collaborating with the full spectrum of healthcare professionals
and the patient, BioScrip provides cost-effective care that is
driven by clinical excellence, customer service, and values that
promote positive outcomes and an enhanced quality of life for those
it serves.
Forward-Looking Statements - Safe Harbor
This press release includes statements that may constitute
"forward-looking statements,” that involve substantial risks and
uncertainties, including the statements regarding 2017 guidance and
other statements regarding the Company’s plans and strategies.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. You can
identify these statements by the fact that they do not relate
strictly to historical or current facts. In some cases,
forward-looking statements can be identified by words such as
"may," "should," "could," "anticipate," "estimate," "expect,"
"project," "outlook," "aim," "intend," "plan," "believe,"
"predict," "potential," "continue" or comparable terms. Because
such statements inherently involve risks and uncertainties, actual
future results may differ materially from those expressed or
implied by such forward-looking statements. Investors are cautioned
that any such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, and that
actual results may differ materially from those in the
forward-looking statements as a result of various factors.
Important factors that could cause or contribute to such
differences include but are not limited to risks associated with:
the Company's ability to integrate the acquisition of Home
Solutions, the Company's ability to grow its core Infusion
revenues, the Company's ability to continue to experience positive
results from its financial improvement plan to reduce operating
costs; the Company’s ability to comply with the covenants in its
debt agreements; the UnitedHealthcare contract termination,
including potential accounting charges and impacts on other
contract provisions and their associated revenue; the success of
the Company’s initiatives to mitigate the impact of the Cures Act
on its business; reductions in federal, state and commercial
reimbursement for the Company's products and services; increased
government regulation related to the health care and insurance
industries; as well as the risks described in the Company's
periodic filings with the Securities and Exchange Commission. The
Company does not undertake any duty to update these forward-looking
statements after the date hereof, even though the Company's
situation may change in the future. All of the forward-looking
statements herein are qualified by these cautionary statements.
Note Regarding Use of Non-GAAP Financial
Measures
This press release includes projected adjusted EBITDA, which is
a non-GAAP financial measure. Adjusted EBITDA is not a measurement
of financial performance under GAAP and should not be used in
isolation or as a substitute or alternative to net income,
operating income or any other performance measure derived in
accordance with GAAP, or as a substitute or alternative to cash
flow from operating activities or a measure of the Company’s
liquidity. In addition, the Company's definition of adjusted EBITDA
may not be comparable to similarly titled non-GAAP financial
measures reported by other companies. Adjusted EBITDA, as defined
by the Company, represents net income before net interest expense,
income tax expense, depreciation and amortization, impairment of
goodwill, stock-based compensation expense, and restructuring,
integration and other expenses. As part of restructuring, the
Company may incur significant charges such as the write down of
certain long−lived assets, temporary redundant expenses, retraining
expenses, potential cash bonus payments and potential accelerated
payments or terminated costs for certain of its contractual
obligations. Management believes that adjusted EBITDA provides
useful supplemental information regarding the performance of
BioScrip’s business operations and facilitates comparisons to the
Company’s historical operating results. The Company’s March 3, 2017
earnings release provides a reconciliation of projected adjusted
EBITDA to expected results.
For Further Information:
Investor Contacts
David Clair
ICR, Inc.
(646) 277-1266
david.clair@icrinc.com
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