BioScrip, Inc. (NASDAQ: BIOS) ("BioScrip" or the "Company"), the
largest independent national provider of infusion and home care
management solutions, today announced its preliminary 2017
financial results and provided financial guidance for 2018, subject
to the completion of the Company’s accounting review described
below.
4Q 2017 Preliminary
Highlights
- Net revenue of $182.6 million,
including core product mix of 75.7%, compared to 69.6% in the prior
year quarter
- Net loss from continuing operations of
$1.2 million, compared to $5.2 million in the prior year
quarter
- Adjusted EBITDA of $16.8 million, 77%
above the prior year quarter, driven by a 740 basis point
improvement in gross profit margin and a $11.6 million reduction in
operating expenses
- Operating cash flow of $10.1 million,
reflecting $15.2 million of operational and working capital
improvements over the prior year quarter, and $6.9 million of
interest payments
- Liquidity of $49.5 million at December
31, 2017, consisting of $39.5 million of cash and equivalents and
$10.0 million of senior credit facility availability, compared to
$9.6 million of total liquidity at December 31, 2016
2017 Preliminary
Highlights
- Net revenue of $817.2 million,
including core product mix of 73.8%, compared to 63.3% in the prior
year
- Net loss from continuing operations of
$61.3 million, compared to $34.4 million in the prior year
- Adjusted EBITDA of $45.0 million, 45%
above the prior year, driven by a 480 basis point improvement in
gross profit margin and a $10.3 million reduction in operating
expenses
- Operating cash flow of $5.8 million,
reflecting $51.6 million of operational and working capital
improvements over the prior year, and $45.4 million of interest
payments
“BioScrip concluded 2017 with strong fourth quarter financial
results, delivering significant year-over-year increases in core
revenue mix, gross profit margin, adjusted EBITDA and cash provided
by operating activities. Our fourth quarter adjusted EBITDA of
$16.8 million, a record amount, indicates our turnaround plan is
working,” said Daniel E. Greenleaf, President and Chief Executive
Officer. “The initiatives we launched in 2017 are producing strong
results and continuing to build momentum. We look forward to more
progress in 2018, growing our core business and expanding our
profitability, while making select investments in people,
technology, and infrastructure setting up BioScrip to have a break
out year in 2019. Our expectation for 2019 is to deliver a minimum
of $75 million of Adjusted EBITDA, resulting from core revenue
growth at or above market rates and continued gross margin
expansion and operating expense leverage, coupled with the benefit
of the Cures Fix. As the only independent national home infusion
pure play, we are uniquely positioned to benefit as patient care
increasingly migrates from higher-cost institutional settings to
the home, where better outcomes are also achieved."
Financial Guidance
For full year 2018, the Company is establishing revenue guidance
of $710 million to $720 million and adjusted EBITDA guidance of $54
million to $58 million. The Company expects to incur restructuring
expenses of between $5 million and $6 million in 2018, primarily
reflecting costs related to redesigning and optimizing its revenue
cycle management process. The Company expects capital expenditures
in 2018 to be between $12 million and $14 million, reflecting
continued maintenance capital expenditures as well anticipated
investments in select branches to support growth.
The above guidance does not reflect the adoption of ASC 606, a
new revenue accounting standard to be adopted in the first quarter
of 2018, that requires certain bad debt expenses to be reclassified
as a deduction to revenue. The adoption of ASC 606 is not expected
to impact the Company’s reported operating income or adjusted
EBITDA. The Company expects that, as a result of adopting ASC 606,
that a majority of its bad debt expense will be reclassified as a
deduction to revenue. The Company will provide updated revenue
guidance to reflect the adoption of ASC 606 when it releases its
first quarter 2018 financial results.
Company’s Internal Accounting
Review
As a result of the detailed review of the Company’s financial
statements performed by the Company’s CFO and interim-CAO during
the preparation of the Company’s financial statements for the full
year 2017, the Company identified internal control deficiencies in
connection with account reconciliations for certain asset and
liability accounts. The potential financial statement errors
discovered to date resulting from these internal control
deficiencies do not appear to be material, but the review is
ongoing. The Company, along with its external auditors, continues
to review the possible errors and, if required, will reflect any
necessary revisions and may report one or more internal control
material weaknesses in its upcoming Form 10-K filing. Depending on
the timing of the completion of this review, the Company may need
to delay the filing of the Form 10-K.
Separately, the Company has identified and will report a
material weakness related to certain spreadsheets used to calculate
periodic adjustments to accounts that do not impact Adjusted
EBITDA, including amortization of intangible assets, equity-linked
liabilities and the amortization of discounts and deferred issuance
costs of debt. The material weakness did not have any effect on the
Company’s 2017 financial statements.
Conference Call and
Presentation
BioScrip will host a conference call and live webcast on March
8, 2018, at 9:00 a.m. Eastern Time, to discuss its fourth quarter
and full year 2017 financial results. Interested parties may
participate by dialing 877-423-9820 (US) or by accessing a link
under the "Investors" section on the Company's website at
www.bioscrip.com.
An audio webcast and archive will be available within two hours
of the call’s completion under the “Investors" section of the
Company's website.
About BioScrip, Inc.
BioScrip, Inc. is the largest independent national provider of
infusion and home care management solutions, with approximately
2,200 teammates and nearly 80 service locations across the U.S.
BioScrip partners with physicians, hospital systems, payors,
pharmaceutical manufacturers and skilled nursing facilities 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" within the meaning of the Private
Securities Litigation Reform Act of 1995, including the statements
regarding 2017 guidance, projections of certain measures of the
Company's results of operations, projections of future levels of
certain charges and expenses, expectations of Home Solutions cost
synergies and incremental cost structure improvements and other
statements regarding the Company's financial improvement plan and
strategy and anticipated effects of the Cures Act and the
UnitedHealthcare contract. 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 actual results to
differ materially from those in the forward-looking statement
include but are not limited to risks associated with: the Company’s
ability to make principal and interest payments on our debt and
unsecured notes and satisfy the other covenants contained in its
debt agreements; the Company’s ability to grow its core Infusion
revenues; the Company's ability to continue to execute its
financial improvement plan to reduce operating costs and focus its
business on its Infusion Services segment; the Company’s ability to
evaluate opportunities for improvement and implement solutions as
part of its strategic review process; 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
In addition to reporting financial information in accordance
with generally accepted accounting principles (GAAP), the Company
is also reporting 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. For a
full reconciliation of Adjusted EBITDA to the most comparable GAAP
financial measure, please see the attachment to this earnings
release.
Schedule 1 BIOSCRIP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (in thousands, except for share
amounts) (unaudited)
December 31,
2017 2016 ASSETS
Current assets Cash and cash equivalents $ 39,457 $ 9,569
Restricted cash 4,950 - Receivables, less allowance for doubtful
accounts of $37,912 and $44,730 as of December 31, 2017 and 2016,
respectively 87,838 111,811 Inventory 37,271 36,165 Deferred taxes
868 - Prepaid expenses and other current assets 18,938
18,507
Total current assets 189,322
176,052 Property and equipment, net 27,569 32,535 Goodwill
367,198 365,947 Intangible assets, net 19,505 31,043 Other
non-current assets 2,289 2,163
Total assets
$ 605,883 $ 607,740 LIABILITIES AND
STOCKHOLDERS' DEFICIT Current liabilities Current
portion of long-term debt $ 1,722 $ 18,521 Accounts payable 57,447
59,134 Amounts due to plan sponsors 4,741 3,799 Accrued interest
6,706 6,705 Accrued expenses and other current liabilities
34,856 42,191
Total current liabilities
105,472 130,350 Long-term debt, net of current
portion 478,866 433,413 Deferred taxes - 2,281 Other non-current
liabilities 20,569 1,257
Total liabilities
604,907 567,301 Series A
convertible preferred stock, $.0001 par value; 825,000 shares
authorized; 21,645 shares issued and outstanding as of December 31,
2017 and 2016; and $2,916 and $2,603 liquidation preference as
December 31, 2017 and 2016, respectively 2,827 2,462 Series C
convertible preferred stock, $.0001 par value; 625,000 shares
authorized; 614,177 shares issued and outstanding; and $84,555 and
$75,491 liquidation preference as of December 31, 2017 and 2016,
respectively. 79,252 69,540
Stockholders' (deficit) equity
Preferred stock, $.0001 par value; 5,000,000 shares authorized; no
shares issued and outstanding as of December 31, 2017 and 2016,
respectively - - Common stock, $.0001 par value; 250,000,000 and
125,000,000 shares authorized; 127,634,012 and 117,682,543 shares
issued and outstanding as of December 31, 2017 and 2016,
respectively 13 12 Treasury stock, 5,106 shares outstanding, at
cost as of December 31, 2017 and no shares outstanding as of
December 31, 2016. (16) - Additional paid-in capital 624,924
611,844 Accumulated deficit (706,024) (643,419)
Total stockholders' deficit (81,103)
(31,563) Total liabilities and stockholders' deficit
$ 605,883 $ 607,740
Schedule 2 BIOSCRIP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except
per share amounts) (unaudited)
Years Ended December 31, 2017 2016
Net revenue $ 817,190 $ 935,589
Cost of revenue (excluding depreciation expense)
545,859 669,958 Gross profit
271,331 265,631 % of revenues 33.2% 28.4%
Other operating expenses 163,621 170,718 Bad debt expense 24,107
26,799 General and administrative expenses 40,940 39,225 Change in
fair value of equity linked liabilities 2,795 (10,450)
Restructuring, acquisition, integration, and other expenses, net
12,356 15,859 Depreciation and amortization expense 26,306 21,551
Interest expense 52,357 38,235 Loss on extinguishment of debt
13,453 - Loss (gain) on dispositions 581 (3,954)
Loss from continuing operations, before income taxes
(65,185) (32,352) Income tax benefit (expense)
3,900 (2,015)
Loss from continuing operations, net of
income taxes (61,285) (34,367) Loss from
discontinued operations, net of income taxes (1,320)
(7,139)
Net loss $ (62,605) $
(41,506) Accrued dividends on preferred stock (9,376)
(8,392) Deemed dividend on preferred stock (701)
(692)
Loss attributable to common stockholders $
(72,682) $ (50,590) Denominator -
Basic and Diluted: Weighted average number of common shares
outstanding 123,791 93,740
Loss from
continuing operations, basic and diluted $ (0.58) $ (0.46)
Income from discontinued operations, basic and diluted
(0.01) (0.08)
Loss per common share, basic and
diluted $ (0.59) $ (0.54)
Schedule 3 BIOSCRIP,
INC. AND SUBSIDIARIES QUARTERLY RECONCILIATION BETWEEN GAAP
AND NON-GAAP MEASURES (in thousands)
Three
Months Ended Twelve Months Ended 3/31/2017
6/30/2017 9/30/2017 12/31/2017
12/31/2017 Loss from continuing operations, net of
income taxes (18,991) (28,695) (12,404)
(1,195) (61,285) Interest expense (12,744)
(12,715) (13,175) (13,723) (52,357) Loss on extinguishment of debt
- (13,453) - - (13,453) (Loss) gain on dispositions - (685) 33 71
(581) Income tax benefit (expense) (619) (718) (60) 5,297 3,900
Depreciation and amortization expense (6,988) (6,789) (6,552)
(5,977) (26,306) Stock-based compensation expense (594) (433) (545)
(788) (2,360) Change in fair value of equity linked liabilities - -
(1,080) (1,715) (2,795) Restructuring, acquisition, integration,
and other expenses, net (1) (3,223) (3,911)
(4,037) (1,185) (12,356)
Consolidated Adjusted
EBITDA $ 5,177 $ 10,009 $
13,012 $ 16,825 $ 45,023 (1)
Restructuring, acquisition, integration and other expenses, net
include costs associated with restructuring, acquisition, and
integration initiatives such as employee severance costs, certain
legal and professional fees, redundant wage costs, impacts recorded
from the change in contingent consideration obligations, and other
costs related to contract terminations and closed locations.
Schedule 4 BIOSCRIP, INC. AND SUBSIDIARIES
QUARTERLY RECONCILIATION BETWEEN GAAP AND NON-GAAP MEASURES
(in thousands)
Three Months Ended Twelve
Months Ended 3/31/2016 6/30/2016 9/30/2016
12/31/2016 12/31/2016 Loss from continuing
operations, net of income taxes (9,770) (8,309)
(11,090) (5,198) (34,367) Interest
expense (9,412) (9,469) (9,331) (10,023) (38,235) (Loss) gain on
dispositions 939 - 3,015 - 3,954 Income tax benefit (expense) (23)
(149) (421) (1,422) (2,015) Depreciation and amortization expense
(4,538) (4,252) (4,166) (8,595) (21,551) Stock-based compensation
expense (1,474) (519) (1,358) 1,388 (1,963) Change in fair value of
equity linked liabilities - - - 10,450 10,450 Restructuring,
acquisition, integration, and other expenses, net (1)
(2,667) (4,291) (2,368) (6,533)
(15,859)
Consolidated Adjusted EBITDA $ 7,405
$ 10,371 $ 3,539 $ 9,537
$ 30,852 (1) Restructuring, acquisition, integration
and other expenses, net include costs associated with
restructuring, acquisition, and integration initiatives such as
employee severance costs, certain legal and professional fees,
redundant wage costs, impacts recorded from the change in
contingent consideration obligations, and other costs related to
contract terminations and closed locations.
Schedule
5 BIOSCRIP, INC AND SUBSIDIARIES CONSOLIDATED
CONDENSED CASH FLOWS (in thousands) (unaudited)
Three
Months Ended Twelve Months Ended 3/31/2017
6/30/2017 9/30/2017 12/31/2017 2017
Cash flows from operating activities: Net loss
$
(19,428) $ (29,198) $ (12,517)
$ (1,462) $ (62,605) Less: (Loss)
income from discontinued operations, net of income taxes
(437) (503) (113) (267) (1,320) Loss
from continuing operations, net of income taxes (18,991) (28,695)
(12,404) (1,195) (61,285) Adjustments to reconcile net loss from
continuing operations, net of income taxes to net cash provided by
(used in) operating activities: Depreciation and amortization 6,988
6,789 6,552 5,977 26,306 Amortization of deferred financing costs
and debt discount 1,318 1,557 1,737 2,386 6,998 Change in fair
value of equity linked liabilities - - 1,080 1,715 2,795 Change in
deferred income taxes 619 604 646 (5,016) (3,147) Compensation
under stock-based compensation plans 521 506 546 787 2,360 Loss
(gain) on dispositions - 685 (33) (71) 581 Loss on extinguishment
of debt - 13,453 - - 13,453 Changes in assets and liabilities:
Receivables, net of bad debt expense 2,333 6,388 13,875 1,378
23,974 Inventory 5,616 1,727 (346) (8,769) (1,772) Prepaid expenses
and other assets 3,601 1,868 (2,436) (3,590) (557) Accounts payable
(11,688) (1,065) (4,539) 14,752 (2,540) Amounts due to plan
sponsors 645 382 64 (149) 942 Accrued interest (1,157) 1,188
(3,538) 3,507 - Accrued expenses and other liabilities (401)
1,115 (1,453) (1,601) (2,340) Net cash
(used in) provided by operating activities from continuing
operations (10,596) 6,502 (249) 10,111 5,768 Net cash used in
operating activities from discontinued operations (437)
(503) (5,613) (267) (6,820)
Net cash
(used in) provided by operating activities
(11,033) 5,999 (5,862)
9,844 (1,052) Cash flows from investing
activities: Purchases of property and equipment (1,684) (2,608)
(753) (3,345) (8,390) Investment in restricted cash (5,132)
77 105 - (4,950)
Net cash used in
investing activities (6,816)
(2,531) (648) (3,345)
(13,340) Cash flows from financing activities:
Proceeds from priming credit agreement, net 23,060 - - - 23,060
Proceeds from private placement, net of issuance costs 5,052 15,724
- 1 (20,777) Fees attributable to extinguishment of debt - (311)
(669) - (980) Borrowings on revolving credit facility 563 - - - 563
Repayments on revolving credit facility (1,000) (54,863) - -
(55,863) Borrowing of long-term debt - 294,446 - - 294,446
Principal payments of long-term debt (3,137) (233,633) - -
(236,770) Repayments of capital leases (238) (163) (391) (280)
(1,072) Net proceeds from exercise of employee stock compensation
plans (51) (104) 50 224 119
Net cash provided by financing activities
24,249 21,096 (1,010)
(55) 2,726 Net change in cash and cash
equivalents 6,400 24,564 (7,520) 6,444 29,888
Cash and cash
equivalents - beginning of period 9,569 15,969
40,533 33,013 9,569
Cash and cash
equivalents - end of period $ 15,969 $
40,533 $ 33,013 $ 39,457
$ 39,457
Schedule 6 BIOSCRIP,
INC AND SUBSIDIARIES CONSOLIDATED CONDENSED CASH FLOWS
(in thousands) (unaudited)
Three Months Ended
Twelve Months Ended 3/31/2016 6/30/2016
9/30/2016 12/31/2016 2016 Cash flows from
operating activities: Net loss
$ (9,536) $
(8,234) $ (11,265) $ (12,471)
$ (41,506) Less: Income (loss) from discontinued
operations, net of income taxes 233 75 (174)
(7,273) (7,139) Loss from continuing operations, net
of income taxes (9,769) (8,309) (11,091) (5,198) (34,367)
Adjustments to reconcile net loss from continuing operations, net
of income taxes to net cash (used in) operating activities:
Depreciation and amortization 4,538 4,252 4,166 8,595 21,551
Amortization of deferred financing costs and debt discount 1,003
986 1,016 1,037 4,042 Change in fair value of contingent
consideration 51 51 (4,699) - (4,597) Change in fair value of
equity linked liabilities - - - (10,450) (10,450) Change in
deferred income taxes 174 178 184 1,509 2,045 Compensation under
stock-based compensation plans 1,474 516 1,357 (1,384) 1,963 Loss
(gain) on dispositions (939) - (3,015) - (3,954) Changes in assets
and liabilities: Receivables, net of bad debt expense (4,417) 3,136
8,001 (9,222) (2,502) Inventory 13,867 (3,330) 2,265 (2,786) 10,016
Prepaid expenses and other assets 7,897 (7,575) 8,839 (10,053)
(892) Accounts payable (11,995) (4,195) (15,058) 10,731 (20,517)
Amounts due to plan sponsors 321 (259) 399 (153) 308 Accrued
interest (4,630) 4,438 (4,437) 4,436 (193) Accrued expenses and
other liabilities (2,548) (592) (4,701)
10,185 2,344 Net cash used in operating activities from
continuing operations (4,973) (10,703)
(16,774) (2,753) (35,203) Net cash used in operating
activities from discontinued operations (5,989) 76
(175) (1,478) (7,566)
Net cash used in
operating activities (10,962)
(10,627) (16,949) (4,231)
(42,769) Cash flows from investing activities: Cash
consideration paid for acquisition, net of cash acquired -
(67,516) - (67,516) Purchases of property and equipment (2,429)
(3,037) (2,578) (1,598) (9,642) Proceeds from sale of property and
equipment 1,106 26 3,045 - 4,177
Net cash used in investing activities (1,323)
(3,011) (67,049) (1,598)
(72,981) Cash flows from financing activities:
Proceeds from equity offering, net of $7,133 in offering costs -
83,267 - - 83,267 Deferred and other financing costs - - - - -
Borrowings on revolving credit facility 21,000 24,000 39,000 20,300
104,300 Repayments on revolving credit facility (13,000) (47,000) -
(4,000) (64,000) Borrowing of long-term debt - - - - - Principal
payments of long-term debt (3,137) (3,137) (3,137) (3,139) (12,550)
Repayments of capital leases (51) (78) (396) (548) (1,073) Net
proceeds from exercise of employee stock compensation plans
(53) (40) (59) (50) (202)
Net cash
provided by financing activities 4,759
57,012 35,408 12,563
109,742 Net change in cash and cash equivalents (7,526)
43,374 (48,590) 6,734 (6,008)
Cash and cash equivalents -
beginning of period 15,577 8,051 51,425
2,835 15,577
Cash and cash equivalents - end of
period $ 8,051 $ 51,425 $
2,835 $ 9,569 $ 9,569
Schedule 7
BIOSCRIP, INC AND SUBSIDIARIES FULL YEAR 2018
GUIDANCE (dollars in millions, except EPS)
Low End
High End of Range of Range Revenues $
710.0 $ 720.0 Loss from continuing operations, net of income
tax (51.9) (43.4) Stock Compensation 5.4 4.9 Depreciation
& Amortization 27.0 26.0 Interest Expense, net 55.0 54.0
Restructuring Costs 6.0 5.0 Income Tax Expense 2.0 1.0 Preferred
Stock Dividends 10.5 10.5 Adjusted EBITDA $ 54.0 $ 58.0
Adjusted
EBITDA Margin 7.6% 8.1% Diluted Loss
Per Common Share $ (0.41) $ (0.34)
Weighted-Average Diluted Shares 128,000 128,000
Schedule
8 BIOSCRIP, INC. AND SUBSIDIARIES QUARTERLY
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per
share amounts) (unaudited)
Three Months Ended
Twelve Months Ended 3/31/2017 6/30/2017
9/30/2017 12/31/2017 12/31/2017 Net
revenue $ 217,810 $ 218,106
$ 198,692 $ 182,582 $
817,190 Cost of revenue (excluding depreciation
expense) 152,226 149,796
131,516 112,321 545,859 Gross
profit 65,584 68,310 67,176 70,261
271,331 % of revenues 30.1% 31.3% 33.8% 38.5% 33.2%
Other operating expenses 44,358 42,486 38,325 38,452 163,621 Bad
debt expense 7,164 6,223 6,600 4,120 24,107 General and
administrative expenses 9,478 10,025 9,784 11,653 40,940
Restructuring, acquisition, integration, and other expenses, net
3,223 3,911 4,037 1,185 12,356 Change in fair value of equity
linked liabilities - - 1,080 1,715 2,795 Depreciation and
amortization expense 6,988 6,789 6,552 5,977 26,306 Interest
expense, net 12,745 12,715 13,175 13,722 52,357 Loss on
extinguishment of debt - 13,453 - - 13,453 Loss on dispositions
- 685 (33) (71) 581
Loss from
continuing operations, before income taxes (18,372)
(27,977) (12,344) (6,492) (65,185)
Income tax expense (619) (718) (60)
5,297 3,900
Loss from continuing operations, net of
income taxes (18,991) (28,695) (12,404)
(1,195) (61,285) Loss from discontinued operations,
net of income taxes (437) (503) (113)
(267) (1,320)
Net loss $ (19,428)
$ (29,198) $ (12,517) $
(1,462) $ (62,605) Accrued dividends on
preferred stock (2,214) (2,303) (2,394) (2,465) (9,376) Deemed
dividends on preferred stock (175) (175) (175)
(176) (701)
Loss attributable to common
stockholders $ (21,817) $ (31,676)
$ (15,086) $ (4,103) $
(72,682) Loss per common share: Denominator
- Basic and Diluted: Weighted average number of common shares
outstanding
118,783 121,189
127,488 127,488 123,791
Loss from continuing operations, basic and diluted $ (0.18)
$ (0.26) $ (0.12) $ (0.02) $ (0.58) Income from discontinued
operations, basic and diluted - - -
(0.01) (0.01)
Net loss per common share, basic and
diluted $ (0.18) $ (0.26) $ (0.12) $ (0.03) $ (0.59)
Schedule 9 BIOSCRIP, INC. AND SUBSIDIARIES
QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS (in
thousands, except per share amounts) (unaudited)
Three Months Ended Twelve Months Ended
3/31/2016 6/30/2016 9/30/2016
12/31/2016 12/31/2016 Net revenue
$ 238,462 $ 232,462 $
224,542 $ 240,123 $ 935,589
Cost of revenue (excluding depreciation expense)
174,230 168,298 161,957
165,473 669,958 Gross profit
64,232 64,164 62,585 74,650
265,631 % of revenues 26.9% 27.6% 27.9% 31.1% 28.4%
Other operating expenses 39,658 40,619 42,729 47,712 170,718 Bad
debt expense 7,592 4,279 7,727 7,201 26,799 General and
administrative expenses 11,051 9,414 9,948 8,812 39,225 Change in
fair value of equity linked liabilities - - - (10,450) (10,450)
Restructuring, acquisition, integration, and other expenses, net
2,667 4,291 2,368 6,533 15,859 Depreciation and amortization
expense 4,538 4,252 4,166 8,595 21,551 Interest expense, net 9,412
9,469 9,331 10,023 38,235 (Gain) on dispositions (939)
- (3,015) - (3,954)
Loss from
continuing operations, before income taxes (9,747)
(8,160) (10,669) (3,776) (32,352)
Income tax expense (23) (149) (421)
(1,422) (2,015)
Loss from continuing operations, net of
income taxes (9,770) (8,309) (11,090)
(5,198) (34,367) Income (loss) from discontinued
operations, net of income taxes 233 75 (174)
(7,273) (7,139)
Net loss $
(9,537) $ (8,234) $ (11,264)
$ (12,471) $ (41,506) Accrued dividends
on preferred stock (1,998) (2,056) (2,138) (2,200) (8,392) Deemed
dividends on preferred stock (172) (173) (173)
(174) (692)
Loss attributable to common
stockholders $ (11,707) $ (10,463)
$ (13,575) $ (14,845) $
(50,590) Loss per common share: Denominator
- Basic and Diluted: Weighted average number of common shares
outstanding
68,771 73,186
114,826 117,683 93,740
Loss from continuing operations, basic and diluted $ (0.17)
$ (0.14) $ (0.12) $ (0.06) $ (0.46) Income from discontinued
operations, basic and diluted - - -
(0.06) (0.08)
Net loss per common share, basic and
diluted $ (0.17) $ (0.14) $ (0.12) $ (0.12) $ (0.54)
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180308005540/en/
InvestorsBioScrip,
Inc.Stephen Deitsch, 720-697-5200Chief Financial Officer &
Treasurerstephen.deitsch@bioscrip.comorThe Equity GroupKalle Ahl,
CFA, 212-836-9614kahl@equityny.com
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