Tag: Option Care Health

BANNOCKBURN, Ill. – After a “sluggish” start in the first quarter of 2022, the rest of the year looks to be “productive” for Option Care Health, says CEO John Rademacher.  “As we entered the year, we were in the midst of the COVID resurgence related to the omicron variant,” said Rademacher on a recent earnings call. “This had a very disruptive impact on our referral patterns and local pharmacy operation. Given the resilience of our teams in...

HARTFORD, Conn. – Lifeway Mobility has acquired Accessible Systems, Inc., expanding its presence in the Rocky Mountain and Southwest regions.  ASI, a full-service dealer of stairlifts, wheelchair lifts, residential elevators, ramps, step-in tubs and overhead lifts, was co-founded more than 22 years ago by John Bixenman, Marty Twaddell and Nathan Colburn.   “We are proud of the reputation we have earned in our mission to serve families who want to stay in their own home...

BANNOCKBURN, Ill. – Option Care Health reported revenue of $915.8 million for the first quarter of 2022, an increase of 20.6% compared to the same period in 2021.  Gross profit was $200.9 million, an increase of 21.4% compared to the same quarter in 2021. Adjusted EBITDA was $77.8 million and cash flow from operations was $32.7 million.  “Despite a dynamic start to the year and ongoing pandemic disruption, the Option Care Health team executed exceptionally to ensure high...

BANNOCKBURN, Ill. – Option Care Health has completed its acquisition of Specialty Pharmacy Nursing Network for $60 million in an all-cash transaction. SPNN will maintain its current operations and continue to serve a broad array of infusion providers, specialty pharmacies and biopharmaceutical manufacturers as a separate enterprise within Option Care Health. “I am thrilled to welcome the entire SPNN team to the Option Care Health family,” said CEO Joh Rademacher. “SPNN’s...

BANNOCKBURN, Ill. – Option Care Health in 2021 invested more than $100 million, including both a recent acquisition and a planned acquisition, as it seeks to build out a “critical” national nursing network, said CEO John Rademacher.  On a Feb. 24 earnings call, the company said it had acquired Salt Lake City, Utah-based Wasatch Infusion, with four infusion centers, for $18 million in December. It also announced that it has entered into an agreement to acquire Sarasota, Fla.-based...

BANNOCKBURN, Ill. – Option Care Health reported net revenue of $927.2 million for the fourth quarter of 2021 and gross profit of $212.2 million, increases of just over 15% compared to the fourth quarter of 2020. Net revenue for the full year was about $3.4 billion, an increase of about 13.4% and gross profit was $779.6 million, or 22.7% of revenue, an increase of 14.2% over 2020. Adjusted EBITDA was $289.8 million. The company also announced that it acquired Wasatch Infusion LLC, an infusion...

BANNOCKBURN, Ill. – Option Care Health has an obligation to increase the exchange of health care data across the health care system, says Brett Michalak, CIO.  In January, Option Care Health and WellSky announced plans to launch CommonWell Health Alliance services in all 50 states in the second quarter of 2022 to help improve access to health data.   “We’re going to be looking at how we try to set the standard around how we can provide that interoperability...

OVERLAND PARK, Kan. – WellSky Health and Option Care Health will launch CommonWell Health Alliance services in all 50 states in the second quarter of 2022 to help facilitate health information exchange.  Option Care Health will join CommonWell through WellSky I/O, accessible within WellSky’s electronic health record system.  “Option Care Health is a pioneer in the infusion therapy space and WellSky is proud to partner with them to further their interoperability initiatives,”...

BANNOCKBURN, Ill. – Option Care Health reported net revenue of $891.9 million and gross profit of $203 million for third quarter of 2021, compared to $781.6 million and $174.2 million, respectively, in the same quarter last year.  Net income was $35.5 million vs. $1.7 million. Adjusted EBITDA was $78 million vs. $59.2 million.  “The third quarter results reflect the dedication of the entire team and our ability to generate profitable growth and significant cash flow,”...

BANNOCKBURN, Ill. – Option Care Health has released preliminary financial results for the third quarter ending Sept. 30, including net revenue of about $888 million to $893 million, representing 14% growth compared to the same period last year. The company expects net income of about $33 million to $36 million. Option Care also expects to report adjusted EBITDA of about $76 million to $79 million, representing 28% to 34% growth; cash flow from operations of about $50 million to $52 million;...