OM’s Patient Direct segment continues to boost biz

RICHMOND, Va. – Owens & Minor reported consolidated revenue of $2.56 billion in the second quarter of 2023, an increase of 2.5% compared to the second quarter of 2022. 

Of that, the company’s Patient Direct division had revenue of $633 million, up 10.5%. 

“The second quarter of 2023 shows a continuation of our Patient Direct segment’s exceptional performance, with another quarter of double-digit growth and strength across the major categories that we serve,” said Edward Pesicka, president & CEO. “In addition, the progress we have made in the Operating Model Realignment Program is encouraging, and we are beginning to see financial benefits from the work already completed.” 

During the quarter, the company paid down $49.3 million in debt. Adjusted EBITDA was $112.8 million compared to $163.4 million the previous year. 

OM revised its outlook for 2023 to revenues in the range of $10.2 billion to $10.5 billion and adjusted EBITDA in the range of $535 million to $575 million.