– Net revenue of $198.7 million, including core product mix
of 75.0%, compared to 65.8% in the prior year– Net revenue and
adjusted EBITDA reduced $10.0 million and $3.0 million,
respectively, due to sales disruption from Hurricane Irma,
Hurricane Harvey, and completion of the UnitedHealthcare contract
transition– Net loss from continuing operations of $12.4
million, compared to $11.1 million in the prior year– Adjusted
EBITDA of $13.0 million, more than three times the prior year,
driven by a 590 basis point improvement in gross profit margin and
a $4.8 million reduction in operating expenses– Operating cash
use of $0.3 million, reflecting $15.8 million of interest,
including $8.9 million of bi-annual bond interest payments, and
$19.6 million of operational and working capital improvements over
the prior year– Discontinued operations cash use of $5.6
million, inclusive of settlement payment accrued in the fourth
quarter of 2016– Liquidity of $43.0 million, including $33.0
million of cash– Full year revenue guidance updated to $805
million to $810 million and full year adjusted EBITDA guidance
updated to $42 million to $44 million
BioScrip, Inc. (NASDAQ:BIOS) ("BioScrip" or the "Company"), the
largest independent national provider of infusion and home care
management solutions, today announced its third quarter 2017
financial results. For the third quarter, the Company reported
revenue from continuing operations of $198.7 million, net loss from
continuing operations of $12.4 million, and adjusted EBITDA of
$13.0 million.
“BioScrip delivered adjusted EBITDA of $13.0
million during the third quarter of 2017, while completing the
UnitedHealthcare contract transition and enduring disruption from
both Hurricane Harvey and Hurricane Irma, which impacted 12 of our
branches,” said Daniel E. Greenleaf, President and Chief Executive
Officer. “I am extremely proud of the significant progress
the team has made on the turnaround plan since I joined the company
just over a year ago. The turnaround plan is on schedule, driven by
success in our CORE initiatives which has driven much improved and
sustainable profitability and cash flow. With the UnitedHealthcare
contract transition complete, we look forward to Core revenue
acceleration.”
2017 Guidance
The Company has updated its revenue guidance for
the full year 2017 to a range of $805.0 million to $810.0 million,
reflecting the disruption from the hurricanes and the
UnitedHealthcare contract transition during the third quarter, and
the resulting lower patient census to begin the fourth quarter. The
Company has also updated its adjusted EBITDA guidance to a range of
$42.0 million to $44.0 million for full-year 2017, reflecting the
third quarter results and the impact of updated revenue guidance
for 2017. The Company expects to incur restructuring expenses in a
range of $11.5 million to $12.0 million in 2017.
Conference Call and
Presentation
BioScrip will host a conference call and live
webcast, November 2, 2017, at 9:00 a.m. Eastern Time, to discuss
its third quarter 2017 financial results. Interested parties may
participate by dialing 888-372-9592 (US) or by accessing a link
under the "Investors" section on the Company's website at
www.bioscrip.com.
A replay of the conference call will be available
two hours after the call's completion by dialing 855-859-2056 (US)
and entering conference call ID number 1115410. An audio
webcast and archive will also be available two hours after 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.
Investor Contacts:
Stephen DeitschChief Financial Officer &
TreasurerT: (720) 697-5200stephen.deitsch@bioscrip.com
David ClairICR, Inc.T: (646)
277-1266david.clair@icrinc.com
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 successfully integrate the Home Solutions
business into its existing businesses; 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
Company’s ability to comply with the covenants in its debt
agreements or obtain amendments to such covenants; 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
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) |
|
|
September 30, 2017 |
|
December 31, 2016 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Current
assets |
|
|
|
|
Cash and
cash equivalents |
$ |
33,013 |
|
|
$ |
9,569 |
|
|
Restricted cash |
|
4,950 |
|
|
|
- |
|
|
Receivables, less allowance for doubtful accounts of $46,820 and
$44,730 |
|
|
|
|
as of
September 30, 2017 and December 31, 2016, respectively |
|
89,215 |
|
|
|
111,811 |
|
|
Inventory |
|
27,775 |
|
|
|
36,165 |
|
|
Prepaid
expenses and other current assets |
|
15,222 |
|
|
|
18,507 |
|
|
Total current assets |
|
170,175 |
|
|
|
176,052 |
|
|
Property and equipment,
net |
|
28,726 |
|
|
|
32,535 |
|
|
Goodwill |
|
367,198 |
|
|
|
365,947 |
|
|
Intangible assets,
net |
|
21,734 |
|
|
|
31,043 |
|
|
Other non-current
assets |
|
2,415 |
|
|
|
2,163 |
|
|
Total assets |
$ |
590,248 |
|
|
$ |
607,740 |
|
|
LIABILITIES AND
STOCKHOLDERS' DEFICIT |
|
|
|
|
Current
liabilities |
|
|
|
|
Current
portion of long-term debt |
$ |
1,828 |
|
|
$ |
18,521 |
|
|
Accounts
payable |
|
42,691 |
|
|
|
59,134 |
|
|
Amounts
due to plan sponsors |
|
4,890 |
|
|
|
3,799 |
|
|
Accrued
interest |
|
3,198 |
|
|
|
6,705 |
|
|
Accrued
expenses and other current liabilities |
|
36,419 |
|
|
|
42,191 |
|
|
Total current liabilities |
|
89,026 |
|
|
|
130,350 |
|
|
Long-term debt, net of
current portion |
|
476,753 |
|
|
|
433,413 |
|
|
Deferred taxes |
|
4,150 |
|
|
|
2,281 |
|
|
Other non-current
liabilities |
|
18,879 |
|
|
|
1,257 |
|
|
Total liabilities |
|
588,808 |
|
|
|
567,301 |
|
|
|
|
|
|
|
Series A
convertible preferred stock, $.0001 par value; 825,000 shares
authorized; |
|
|
|
|
21,645
shares issued and outstanding as of September 30, 2017 and December
31, 2016; |
|
|
|
|
and
$2,833 and $2,603 liquidation preference as of September 30, 2017
and |
|
|
|
|
December
31, 2016, respectively |
|
2,732 |
|
|
|
2,462 |
|
|
Series C
convertible preferred stock, $.0001 par value; 625,000 shares
authorized; |
|
|
|
|
614,177
shares issued and outstanding as of September 30, 2017 and December
31, 2016; |
|
|
|
|
and
$82,173 and $75,491 liquidation preference as of September 30, 2017
and |
|
|
|
|
December
31, 2016, respectively |
|
76,706 |
|
|
|
69,540 |
|
|
Stockholders'
(deficit) equity |
|
|
|
|
Preferred stock, $.0001 par value; 5,000,000 shares
authorized; no shares issued and |
|
|
|
|
outstanding as of September 30, 2017 and December 31, 2016,
respectively |
|
- |
|
|
|
- |
|
|
Common
stock, $.0001 par value; 250,000,000 shares authorized; 127,520,628
and |
|
|
|
|
117,682,543 shares issued and outstanding as of September 30, 2017
and |
|
|
|
|
December
31, 2016, respectively |
|
13 |
|
|
|
12 |
|
|
Treasury
stock, 5,106 and no shares outstanding as of September 30, 2017
and |
|
|
|
|
December
31, 2016, respectively |
|
(16 |
) |
|
|
- |
|
|
Additional paid-in capital |
|
626,567 |
|
|
|
611,844 |
|
|
Accumulated deficit |
|
(704,562 |
) |
|
|
(643,419 |
) |
|
Total stockholders' deficit |
|
(77,998 |
) |
|
|
(31,563 |
) |
|
Total liabilities and stockholders' deficit |
$ |
590,248 |
|
|
$ |
607,740 |
|
|
|
|
|
|
|
Schedule 2 |
BIOSCRIP, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ending September
30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Net
revenue |
|
|
$ |
198,692 |
|
|
$ |
224,542 |
|
|
$ |
634,608 |
|
|
$ |
695,466 |
|
Cost of revenue
(excluding depreciation expense) |
|
|
|
131,516 |
|
|
|
161,957 |
|
|
|
433,538 |
|
|
|
504,485 |
|
Gross
profit |
|
|
|
67,176 |
|
|
|
62,585 |
|
|
|
201,070 |
|
|
|
190,981 |
|
% of
revenues |
|
|
|
33.8 |
% |
|
|
27.9 |
% |
|
|
31.7 |
% |
|
|
27.5 |
% |
|
|
|
|
|
|
|
|
|
|
Other operating
expenses |
|
|
|
38,325 |
|
|
|
42,729 |
|
|
|
125,169 |
|
|
|
123,006 |
|
Bad debt expense |
|
|
|
6,600 |
|
|
|
7,727 |
|
|
|
19,987 |
|
|
|
19,598 |
|
General and
administrative expenses |
|
|
|
9,784 |
|
|
|
9,948 |
|
|
|
29,287 |
|
|
|
30,413 |
|
Restructuring,
acquisition, integration, and other expenses, net |
|
|
|
4,037 |
|
|
|
2,368 |
|
|
|
11,171 |
|
|
|
9,326 |
|
Change in fair value of
equity linked liabilities |
|
|
|
1,080 |
|
|
|
- |
|
|
|
1,080 |
|
|
|
- |
|
Depreciation and
amortization expense |
|
|
|
6,552 |
|
|
|
4,166 |
|
|
|
20,329 |
|
|
|
12,956 |
|
Interest expense |
|
|
|
13,175 |
|
|
|
9,331 |
|
|
|
38,635 |
|
|
|
28,212 |
|
Loss on extinguishment
of debt |
|
|
|
- |
|
|
|
- |
|
|
|
13,453 |
|
|
|
- |
|
(Gain) loss on
dispositions |
|
|
|
(33 |
) |
|
|
(3,015 |
) |
|
|
652 |
|
|
|
(3,954 |
) |
Loss from continuing
operations, before income
taxes |
|
|
|
(12,344 |
) |
|
|
(10,669 |
) |
|
|
(58,693 |
) |
|
|
(28,576 |
) |
Income
tax expense |
|
|
|
60 |
|
|
|
421 |
|
|
|
1,397 |
|
|
|
593 |
|
Loss from continuing operations, net of income
taxes |
|
|
|
(12,404 |
) |
|
|
(11,090 |
) |
|
|
(60,090 |
) |
|
|
(29,169 |
) |
(Loss)
income from discontinued operations, net of income taxes |
|
|
|
(113 |
) |
|
|
(174 |
) |
|
|
(1,053 |
) |
|
|
134 |
|
Net loss |
|
|
$ |
(12,517 |
) |
|
$ |
(11,264 |
) |
|
$ |
(61,143 |
) |
|
$ |
(29,035 |
) |
Accrued dividends on
preferred stock |
|
|
|
(2,394 |
) |
|
|
(2,138 |
) |
|
|
(6,911 |
) |
|
|
(6,192 |
) |
Deemed dividend on
preferred stock |
|
|
|
(175 |
) |
|
|
(173 |
) |
|
|
(525 |
) |
|
|
(518 |
) |
Loss
attributable to common stockholders |
|
|
$ |
(15,086 |
) |
|
$ |
(13,575 |
) |
|
$ |
(68,579 |
) |
|
$ |
(35,745 |
) |
|
|
|
|
|
|
|
|
|
|
Denominator - Basic and
Diluted: |
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding |
|
|
|
127,488 |
|
|
|
114,826 |
|
|
|
122,519 |
|
|
|
85,701 |
|
|
|
|
|
|
|
|
|
|
|
Loss from
continuing operations, basic and diluted |
|
|
$ |
(0.12 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.55 |
) |
|
$ |
(0.42 |
) |
Income from
discontinued operations, basic and diluted |
|
|
|
- |
|
|
|
- |
|
|
|
(0.01 |
) |
|
|
- |
|
Loss per common
share, basic and diluted |
|
|
$ |
(0.12 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.42 |
) |
|
|
|
|
|
|
|
|
|
|
Schedule 3 |
BIOSCRIP, INC. AND SUBSIDIARIES |
QUARTERLY
RECONCILIATION BETWEEN GAAP AND NON-GAAP MEASURES |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
9/30/2017 |
|
9/30/2016 |
|
9/30/2017 |
|
9/30/2016 |
|
|
|
|
|
|
|
|
|
Loss from
continuing operations, net of income taxes |
|
|
(12,404 |
) |
|
|
(11,090 |
) |
|
|
(60,090 |
) |
|
|
(29,169 |
) |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(13,175 |
) |
|
|
(9,331 |
) |
|
|
(38,635 |
) |
|
|
(28,212 |
) |
Change in fair value of
equity linked liabilities |
|
|
(1,080 |
) |
|
|
- |
|
|
|
(1,080 |
) |
|
|
- |
|
Gain (loss) on
dispositions |
|
|
33 |
|
|
|
3,015 |
|
|
|
(652 |
) |
|
|
3,954 |
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
- |
|
|
|
(13,453 |
) |
|
|
- |
|
Income tax expense |
|
|
(60 |
) |
|
|
(421 |
) |
|
|
(1,397 |
) |
|
|
(593 |
) |
Depreciation and
amortization expense |
|
|
(6,552 |
) |
|
|
(4,166 |
) |
|
|
(20,329 |
) |
|
|
(12,956 |
) |
Stock-based
compensation expense |
|
|
(545 |
) |
|
|
(1,358 |
) |
|
|
(1,573 |
) |
|
|
(3,347 |
) |
Restructuring,
acquisition, integration, and other expenses, net (1) |
|
|
(4,037 |
) |
|
|
(2,368 |
) |
|
|
(11,171 |
) |
|
|
(9,326 |
) |
Consolidated
Adjusted EBITDA |
|
$ |
13,012 |
|
|
$ |
3,539 |
|
|
$ |
28,200 |
|
|
$ |
21,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
CONSOLIDATED CONDENSED CASH
FLOWS |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
Three Months Ended |
|
Nine Months Ended |
|
|
3/31/2017 |
|
6/30/2017 |
|
9/30/2017 |
|
9/30/2017 |
|
3/31/2016 |
|
6/30/2016 |
|
9/30/2016 |
|
9/30/2016 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations |
$ |
(18,991 |
) |
|
$ |
(28,695 |
) |
|
$ |
(12,404 |
) |
|
$ |
(60,090 |
) |
|
$ |
(9,770 |
) |
|
$ |
(8,309 |
) |
|
$ |
(11,090 |
) |
|
$ |
(29,169 |
) |
|
Receivables, net of bad debt expense |
|
2,333 |
|
|
|
6,388 |
|
|
|
13,875 |
|
|
|
22,596 |
|
|
|
(4,417 |
) |
|
|
3,136 |
|
|
|
8,001 |
|
|
|
6,720 |
|
|
Inventory |
|
5,616 |
|
|
|
1,727 |
|
|
|
(346 |
) |
|
|
6,997 |
|
|
|
13,867 |
|
|
|
(3,330 |
) |
|
|
2,265 |
|
|
|
12,802 |
|
|
Prepaid
expenses and other assets |
|
3,601 |
|
|
|
1,868 |
|
|
|
(2,436 |
) |
|
|
3,033 |
|
|
|
7,897 |
|
|
|
(7,575 |
) |
|
|
8,839 |
|
|
|
9,161 |
|
|
Accounts
payable |
|
(11,688 |
) |
|
|
(1,065 |
) |
|
|
(4,539 |
) |
|
|
(17,292 |
) |
|
|
(11,995 |
) |
|
|
(4,195 |
) |
|
|
(15,058 |
) |
|
|
(31,248 |
) |
|
Accrued
interest |
|
(1,157 |
) |
|
|
1,188 |
|
|
|
(3,538 |
) |
|
|
(3,507 |
) |
|
|
(4,630 |
) |
|
|
4,438 |
|
|
|
(4,437 |
) |
|
|
(4,629 |
) |
|
Accrued
expenses and other liabilities |
|
244 |
|
|
|
1,497 |
|
|
|
(1,389 |
) |
|
|
352 |
|
|
|
(2,227 |
) |
|
|
(851 |
) |
|
|
(4,302 |
) |
|
|
(7,380 |
) |
|
Non-Cash Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
6,988 |
|
|
|
6,789 |
|
|
|
6,552 |
|
|
|
20,329 |
|
|
|
4,538 |
|
|
|
4,252 |
|
|
|
4,166 |
|
|
|
12,956 |
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
13,453 |
|
|
|
- |
|
|
|
13,453 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Deferred
taxes |
|
619 |
|
|
|
604 |
|
|
|
646 |
|
|
|
1,869 |
|
|
|
174 |
|
|
|
178 |
|
|
|
184 |
|
|
|
536 |
|
|
Other
Non-Cash |
|
1,839 |
|
|
|
2,748 |
|
|
|
3,330 |
|
|
|
7,917 |
|
|
|
1,589 |
|
|
|
1,554 |
|
|
|
(5,342 |
) |
|
|
(2,199 |
) |
|
Operating Cash
Flow (Use) |
|
(10,596 |
) |
|
|
6,502 |
|
|
|
(249 |
) |
|
|
(4,343 |
) |
|
|
(4,974 |
) |
|
|
(10,702 |
) |
|
|
(16,774 |
) |
|
|
(32,450 |
) |
|
Discontinued operations |
|
(437 |
) |
|
|
(503 |
) |
|
|
(5,613 |
) |
|
|
(6,553 |
) |
|
|
(5,989 |
) |
|
|
76 |
|
|
|
(175 |
) |
|
|
(6,088 |
) |
|
Cash
consideration paid for acquisition |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(67,516 |
) |
|
|
(67,516 |
) |
|
Capital
expenditures |
|
(1,684 |
) |
|
|
(2,608 |
) |
|
|
(753 |
) |
|
|
(5,045 |
) |
|
|
(2,429 |
) |
|
|
(3,037 |
) |
|
|
(2,578 |
) |
|
|
(8,044 |
) |
|
Investment in restricted cash |
|
(5,132 |
) |
|
|
77 |
|
|
|
105 |
|
|
|
(4,950 |
) |
|
|
- |
|
|
|
27 |
|
|
|
(27 |
) |
|
|
- |
|
|
Proceeds
from dispositions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,105 |
|
|
|
- |
|
|
|
3,072 |
|
|
|
4,177 |
|
|
Proceeds
from equity offering, net |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
83,267 |
|
|
|
- |
|
|
|
83,267 |
|
|
Proceeds
from priming credit agreement, net of expenses |
|
23,060 |
|
|
|
- |
|
|
|
- |
|
|
|
23,060 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Fees
attributable to extinguishment of debt |
|
- |
|
|
|
(311 |
) |
|
|
(669 |
) |
|
|
(980 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net
proceeds from equity issuance, net of issuance costs |
|
5,052 |
|
|
|
15,724 |
|
|
|
- |
|
|
|
20,776 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Proceeds
from borrowing on long-term debt |
|
563 |
|
|
|
293,883 |
|
|
|
- |
|
|
|
294,446 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Principal
payments of long-term debt |
|
(3,137 |
) |
|
|
(233,633 |
) |
|
|
- |
|
|
|
(236,770 |
) |
|
|
(3,137 |
) |
|
|
(3,137 |
) |
|
|
(3,137 |
) |
|
|
(9,411 |
) |
|
Revolver
borrowings (repayments) |
|
(1,000 |
) |
|
|
(54,300 |
) |
|
|
- |
|
|
|
(55,300 |
) |
|
|
8,000 |
|
|
|
(23,000 |
) |
|
|
39,000 |
|
|
|
24,000 |
|
|
Other |
|
(289 |
) |
|
|
(267 |
) |
|
|
(341 |
) |
|
|
(897 |
) |
|
|
(104 |
) |
|
|
(118 |
) |
|
|
(455 |
) |
|
|
(677 |
) |
|
Total All Cash
Flow |
$ |
6,400 |
|
|
$ |
24,564 |
|
|
$ |
(7,520 |
) |
|
$ |
23,444 |
|
|
$ |
(7,528 |
) |
|
$ |
43,376 |
|
|
$ |
(48,590 |
) |
|
$ |
(12,742 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule
5 |
|
|
|
|
BIOSCRIP, INC AND SUBSIDIARIES |
FULL YEAR 2017
GUIDANCE |
(dollars in millions, except EPS) |
|
Low
End |
|
High
End |
|
of
Range |
|
of
Range |
|
|
|
|
Revenues |
$ |
805.0 |
|
|
$ |
810.0 |
|
|
|
|
|
Adjusted EBITDA |
|
44.0 |
|
|
|
46.0 |
|
adjusted ebitda margin |
|
4.9 |
% |
|
|
5.8 |
% |
|
|
|
|
Stock Compensation |
|
2.5 |
|
|
|
2.0 |
|
Depreciation &
Amortization |
|
27.0 |
|
|
|
25.0 |
|
Interest Expense,
net |
|
53.0 |
|
|
|
52.0 |
|
Restructuring
Costs |
|
12.0 |
|
|
|
11.5 |
|
Change in Fair Value of
Equity Linked Liabilities |
|
2.5 |
|
|
|
2.0 |
|
Loss on Extinguishment
of Debt |
|
13.5 |
|
|
|
13.5 |
|
Income Tax Expense |
|
3.0 |
|
|
|
2.0 |
|
Preferred Stock
Dividends |
|
9.4 |
|
|
|
9.4 |
|
Net Loss
- Continuing Ops |
$ |
(78.9 |
) |
|
$ |
(71.4 |
) |
|
|
|
|
Diluted Loss
Per Common Share |
$ |
(0.64 |
) |
|
$ |
(0.58 |
) |
|
|
|
|
weighted-average
diluted shares |
|
123,000 |
|
|
|
123,000 |
|
Schedule 6 |
BIOSCRIP, INC. AND SUBSIDIARIES |
QUARTERLY CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Nine Months Ended |
|
|
3/31/2017 |
|
6/30/2017 |
|
9/30/2017 |
|
9/30/2017 |
|
|
|
|
|
|
|
|
|
Net
revenue |
|
$ |
217,810 |
|
|
$ |
218,106 |
|
|
$ |
198,692 |
|
|
$ |
634,608 |
|
Cost of revenue
(excluding depreciation expense) |
|
|
152,226 |
|
|
|
149,796 |
|
|
|
131,516 |
|
|
|
433,538 |
|
Gross
profit |
|
|
65,584 |
|
|
|
68,310 |
|
|
|
67,176 |
|
|
|
201,070 |
|
% of
revenues |
|
|
30.1 |
% |
|
|
31.3 |
% |
|
|
33.8 |
% |
|
|
31.7 |
% |
|
|
|
|
|
|
|
|
|
Other operating
expenses |
|
|
44,358 |
|
|
|
42,486 |
|
|
|
38,325 |
|
|
|
125,169 |
|
Bad debt expense |
|
|
7,164 |
|
|
|
6,223 |
|
|
|
6,600 |
|
|
|
19,987 |
|
General and
administrative expenses |
|
|
9,478 |
|
|
|
10,025 |
|
|
|
9,784 |
|
|
|
29,287 |
|
Restructuring,
acquisition, integration, and other expenses, net |
|
|
3,223 |
|
|
|
3,911 |
|
|
|
4,037 |
|
|
|
11,171 |
|
Change in fair value of
equity linked liabilities |
|
|
- |
|
|
|
- |
|
|
|
1,080 |
|
|
|
1,080 |
|
Depreciation and
amortization expense |
|
|
6,988 |
|
|
|
6,789 |
|
|
|
6,552 |
|
|
|
20,329 |
|
Interest expense,
net |
|
|
12,745 |
|
|
|
12,715 |
|
|
|
13,175 |
|
|
|
38,635 |
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
13,453 |
|
|
|
- |
|
|
|
13,453 |
|
Loss on
dispositions |
|
|
- |
|
|
|
685 |
|
|
|
(33 |
) |
|
|
652 |
|
Loss from continuing
operations, before income
taxes |
|
|
(18,372 |
) |
|
|
(27,977 |
) |
|
|
(12,344 |
) |
|
|
(58,693 |
) |
Income
tax expense |
|
|
619 |
|
|
|
718 |
|
|
|
60 |
|
|
|
1,397 |
|
Loss from continuing operations, net of income
taxes |
|
|
(18,991 |
) |
|
|
(28,695 |
) |
|
|
(12,404 |
) |
|
|
(60,090 |
) |
Loss from
discontinued operations, net of income taxes |
|
|
(437 |
) |
|
|
(503 |
) |
|
|
(113 |
) |
|
|
(1,053 |
) |
Net loss |
|
$ |
(19,428 |
) |
|
$ |
(29,198 |
) |
|
$ |
(12,517 |
) |
|
$ |
(61,143 |
) |
Accrued dividends on
preferred stock |
|
|
(2,214 |
) |
|
|
(2,303 |
) |
|
|
(2,394 |
) |
|
|
(6,911 |
) |
Deemed dividends on
preferred stock |
|
|
(175 |
) |
|
|
(175 |
) |
|
|
(175 |
) |
|
|
(525 |
) |
Loss
attributable to common stockholders |
|
$ |
(21,817 |
) |
|
$ |
(31,676 |
) |
|
$ |
(15,086 |
) |
|
$ |
(68,579 |
) |
|
|
|
|
|
|
|
|
|
Loss per common
share: |
|
|
|
|
|
|
|
|
Denominator - Basic and
Diluted: |
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding |
|
|
118,783 |
|
|
|
121,189 |
|
|
|
127,488 |
|
|
|
122,519 |
|
|
|
|
|
|
|
|
|
|
Loss from
continuing operations, basic and diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.55 |
) |
Income from
discontinued operations, basic and diluted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.01 |
) |
Net loss per
common share, basic and diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.56 |
) |
|
|
|
|
|
|
|
|
|
Schedule 7 |
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
BioPlus Acquisition (NASDAQ:BIOS)
Historical Stock Chart
From Mar 2024 to May 2024
BioPlus Acquisition (NASDAQ:BIOS)
Historical Stock Chart
From May 2023 to May 2024