Q4 Consolidated Adjusted EBITDA of $9.0
Million
BioScrip, Inc. (NASDAQ:BIOS) (“BioScrip” or the “Company”) today
announced financial results for the fourth quarter and full year
2015. For the fourth quarter, the Company reported revenue from
continuing operations of $243.8 million, net loss from continuing
operations of ($19.1) million and diluted EPS of ($0.28) loss per
share. Excluding restructuring costs, the Company reported
normalized net loss from continuing operations for the quarter of
($9.2) million and normalized diluted EPS of ($0.13) loss per
share.
Fourth Quarter Highlights
- Same store revenue growth (excluding closed locations) for the
quarter grew $10.3 million or 4.4% year over year on the strength
of same store patient census growth of 8.4% for the same year over
year period;
- Accounts receivable agings improved significantly year over
year through increased cash collections. Days sales
outstanding improved 10 net days year over year from 51 net days in
Q4 2014 down to 41 net days in Q4 2015;
- Consolidated Adjusted EBITDA was $9.0 million for the fourth
quarter 2015, sequentially up $2.8 million from the third quarter
2015 Adjusted EBITDA of $6.2 million. The sequential quarter
increase was due primarily to the continued positive effects of the
Company’s Financial Improvement Plan (“FIP”) to reduce its costs
and focus on its core infusion business; and
- The Company generated $9.2 million of operating cash flow in
the fourth quarter of 2015 through solid management of its working
capital including strong cash collections which incorporated the
cash collection of a $6.8 million accounts receivable balance owed
by a former PBM service provider.
Rick Smith, President and Chief Executive Officer stated, “We
are pleased with the patient census growth experienced in the
quarter as well as the strong cash collections and significant
improvement in our accounts receivable balances. The
improvement in our Adjusted EBITDA results and the positive
operating cash flow generated by the Company in the fourth quarter
are both excellent leading indicators of our strengthening
operations. I am very proud of our outstanding clinical and
operating teams and believe as a Company we are poised for success
in 2016.”
Results of Operations
Fourth Quarter 2015 versus Sequential Third Quarter
2015
Revenue from continuing operations for the fourth quarter of
2015 was $243.8 million, compared to $247.2 million in the third
quarter of 2015, a decrease of $3.5 million or 1.4%. This revenue
decrease was due primarily to the Company’s planned shift in
revenue mix to greater core revenues from lower margin chronic.
Consolidated gross profit for the fourth quarter of 2015 was
$65.9 million, or 27.0% of revenue, compared sequentially to $65.2
million, or 26.4% of revenue, for the third quarter of 2015.
During the fourth quarter of 2015, consolidated Adjusted EBITDA
from continuing operations increased sequentially by $2.8 million
to $9.0 million. Infusion Services Adjusted EBITDA was $17.8
million during the fourth quarter, an increase of $3.1 million over
the third quarter of 2015. This increase was a direct result of the
continued operating improvements realized from the previously
announced FIP, including improvements realized in our accounts
receivable agings and related bad debt costs. Adjusted EBITDA
excludes, among other things, restructuring expenses such as
severance and retention costs associated with the FIP and certain
restructuring related consulting & professional fees.
Interest expense in the fourth quarter of 2015 was $9.6 million,
roughly consistent with $9.5 million in the third quarter.
Income tax expense for continuing operations in the fourth
quarter of 2015 was $1.0 million, compared sequentially to an
income tax benefit of $4.6 million in the third quarter.
Net loss from continuing operations for the fourth quarter of
2015 was ($19.1) million, or ($0.28) per diluted share, compared
sequentially to a net loss of ($26.3) million, or ($0.38) per
diluted share, in the third quarter of 2015.
After excluding restructuring costs and goodwill impairment
(both tax effected), fourth quarter 2015 normalized net loss from
continuing operations was ($9.2) million and normalized diluted EPS
was a ($0.13) loss per share, as compared sequentially to a third
quarter 2015 normalized net loss from continuing operations of
($12.2m) and normalized diluted EPS of ($0.18) loss per share.
Comparatively, the Company posted a normalized sequential
improvement in normalized net loss from continuing operations of
$3.0 million or $0.05 normalized EPS per diluted share.
Twelve Months Ended 2015 versus Twelve Months Ended
2014
For the full year 2015, revenue from continuing operations was
$982.2 million versus $922.7 million in 2014, an increase of
6.5%.
Consolidated gross profit for the full year was $260.9 million,
or 26.6% of revenue, compared to $250.8 million, or 27.2% of
revenue, in 2014.
On a consolidated basis, Adjusted EBITDA from continuing
operations for the full year 2015 was $15.9 million, compared to
the prior year Adjusted EBITDA loss of ($36.1) million in 2014.
Infusion Services Adjusted EBITDA was $53.9 million for the
year, versus Adjusted EBITDA of $4.7 million in 2014. This increase
in Adjusted EBITDA on both a consolidated and segment basis was a
direct result of the continued operating improvements realized from
the previously announced FIP, including improvements realized in
our accounts receivable agings and related bad debt costs.
Interest expense for the twelve months ended December 31,
2015 was $37.3 million, down $3.6 million from the prior
year interest expense of $40.9 million.
Income tax benefit from continuing operations was $21.5
million in 2015, compared to an income tax expense of $11.2
million in 2014.
For the full year 2015, net loss from continuing operations
was ($313.2) million, or ($4.56) loss per diluted
share, compared to a net loss of ($149.9) million,
or ($2.19) loss per diluted share, in the prior year
2014.
After excluding restructuring costs and goodwill impairment
(both tax effected), normalized net loss from continuing operations
for the full year 2015 was ($61.6) million and normalized diluted
EPS was a ($0.90) loss per share.
Liquidity and Capital Resources
As of December 31, 2015, the Company had $70.2 million of
liquidity, which is comprised of $15.6 million of cash and $54.6 of
undrawn capacity available on its revolving credit facility.
The Company improved its net Days Sales Outstanding (“DSO”) by ten
days from 51 net days at the end of 2014 to 41 net days at the end
of 2015. The Company was operating cash flow positive for the
fourth quarter of 2015 and expects to be operating cash flow
positive for the full 2016 fiscal year. In addition to being
operating cash flow positive in 2016, the Company also expects to
pay down more than $12 million of bank term debt in 2016
from cash flow generated by operations.
As of December 31, 2015 the Company is in compliance with its
bank covenants under the terms of the Amended Credit Facility.
FIP Update
As previously announced, the FIP represented the Company’s
initiative to accelerate long-term growth, reduce costs and
increase operating efficiencies. In connection with the Financial
Improvement Plan, we consolidated most corporate functions from our
Eden Prairie, Minnesota corporate office and our Elmsford, New York
executive office into our new executive and corporate office
located in Denver, Colorado. The Financial Improvement Plan was
substantially completed by the end of 2015. Since inception, the
Company has incurred approximately $14.3 million in total expenses
for the FIP, consisting of $7.8 million of employee severance and
other benefit-related costs related to workforce reductions and
$6.5 million of other consulting and professional fees in the year
ended December 31, 2015.
FY 2016 Guidance
The Company is providing financial guidance for full year 2016
on a consolidated income statement basis as shown below:
|
|
|
|
(dollars in millions,
except EPS) |
Low |
|
High |
|
|
|
|
Revenues |
$ |
875.0 |
|
|
$ |
900.0 |
|
|
|
|
|
Adjusted EBITDA |
|
50.0 |
|
|
|
60.0 |
|
adjusted ebitda
margin |
|
5.7 |
% |
|
|
6.7 |
% |
|
|
|
|
Stock Compensation |
|
5.0 |
|
|
|
4.5 |
|
Depreciation &
Amortization |
|
22.0 |
|
|
|
21.0 |
|
Interest Expense,
net |
|
37.0 |
|
|
|
36.0 |
|
Restructuring
Costs |
|
5.0 |
|
|
|
3.0 |
|
Income Tax
(Benefit) |
|
(1.1 |
) |
|
|
(0.3 |
) |
Preferred Stock
Dividends |
|
9.1 |
|
|
|
9.1 |
|
Net Loss - Continuing Ops |
$ |
(27.0 |
) |
|
$ |
(13.3 |
) |
|
|
|
|
Diluted Loss Per Common
Share |
$ |
(0.39 |
) |
|
$ |
(0.19 |
) |
|
|
|
|
|
|
|
|
Conference Call and Presentation
BioScrip will host a conference call and live webcast tomorrow,
March 3, 2016, at 8:30 a.m. Eastern Time, to discuss its fourth
quarter 2015 financial results. Interested parties may participate
by dialing 888-372-9592 (US) or 918-559-5628 (International) or by
accessing a link on the Company's website at www.bioscrip.com.
A replay of the conference call will be available for two weeks
after the call's completion by dialing 855-859-2056 (US) or
404-537-3406 (International) and entering conference call ID number
55165908. An audio webcast and archive will also be available for
30 days under the "Investor Relations" section of the Company's
website.
About BioScrip, Inc.
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 HarborThis
press release includes statements that may constitute
"forward-looking statements," including projections of certain
measures of the Company's results of operations, projections of
future levels of certain charges and expenses, and other statements
regarding the Company's financial improvement plan and strategy.
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 continue to execute its financial
improvement plan to reduce operating costs and focus its business
on its Infusion Services segment; 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.
Reconciliation to Non-GAAP Financial MeasuresIn
addition to reporting all financial information required 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.
TABLES TO FOLLOW
Schedule 1 |
|
BIOSCRIP, INC. AND SUBSIDIARIES |
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
|
(in thousands, except for share amounts) |
|
|
December 31, |
|
December 31, |
|
|
2015 |
|
2014 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
15,577 |
|
|
$ |
740 |
|
|
Receivables, less allowance for
doubtful accounts of $59,689 and $66,405 at December 31, 2015
and December 31, 2014, respectively |
|
108,365 |
|
|
|
131,656 |
|
|
Inventory |
|
42,983 |
|
|
|
37,215 |
|
|
Prepaid expenses and other current
assets |
|
20,046 |
|
|
|
9,054 |
|
|
Assets held for sale |
|
- |
|
|
|
9,550 |
|
|
Total current
assets |
|
186,971 |
|
|
|
188,215 |
|
|
Property and equipment, net |
|
31,939 |
|
|
|
38,171 |
|
|
Goodwill |
|
308,729 |
|
|
|
560,579 |
|
|
Intangible assets, net |
|
5,128 |
|
|
|
10,269 |
|
|
Deferred financing costs |
|
12,577 |
|
|
|
13,463 |
|
|
Other non-current assets |
|
1,161 |
|
|
|
1,272 |
|
|
Non-current assets held for sale |
|
- |
|
|
|
12,744 |
|
|
Total assets |
$ |
546,505 |
|
|
$ |
824,713 |
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Current portion of long-term
debt |
$ |
27,665 |
|
|
$ |
5,395 |
|
|
Accounts payable |
|
65,077 |
|
|
|
89,203 |
|
|
Amounts due to plan sponsors |
|
3,491 |
|
|
|
4,869 |
|
|
Accrued interest |
|
6,898 |
|
|
|
6,853 |
|
|
Accrued expenses and other current
liabilities |
|
52,918 |
|
|
|
46,957 |
|
|
Liabilities held for sale |
|
- |
|
|
|
9,976 |
|
|
Total current
liabilities |
|
156,049 |
|
|
|
163,253 |
|
|
Long-term debt, net of current
portion |
|
406,319 |
|
|
|
418,408 |
|
|
Deferred taxes |
|
236 |
|
|
|
18,118 |
|
|
Other non-current liabilities |
|
1,861 |
|
|
|
8,129 |
|
|
Total
liabilities |
|
564,465 |
|
|
|
607,908 |
|
|
Series A convertible preferred
stock, $.0001 par value; 825,000 shares authorized; 635,822 shares
issued and outstanding; and, $69,702 liquidation preference as of
December 31, 2015. No convertible preferred stock was authorized or
outstanding as of December 31, 2014. |
|
62,918 |
|
|
|
- |
|
|
Stockholders'
equity |
|
|
|
|
|
|
|
|
Preferred stock, $.0001 par
value; 4,175,000 and 5,000,000 shares authorized as of December 31,
2015 and 2014, respectively; no shares issued and outstanding as of
December 31, 2015 and 2014, respectively |
|
- |
|
|
|
- |
|
|
Common stock, $.0001 par value;
125,000,000 shares authorized; 71,421,664 and 71,274,064 shares
issued and 68,767,613 and 68,636,965 shares outstanding as of
December 31, 2015 and 2014, respectively |
|
8 |
|
|
|
8 |
|
|
Treasury stock, 2,654,051 and
2,637,099 shares, at cost, as of December 31, 2015 and 2014,
respectively |
|
(10,737 |
) |
|
|
(10,679 |
) |
|
Additional paid-in capital |
|
531,764 |
|
|
|
529,682 |
|
|
Accumulated deficit |
|
(601,913 |
) |
|
|
(302,206 |
) |
|
Total stockholders'
(deficit) equity |
|
(80,878 |
) |
|
|
216,805 |
|
|
Total liabilities and
stockholders' equity |
$ |
546,505 |
|
|
$ |
824,713 |
|
|
|
|
|
|
|
|
|
|
|
Schedule 2 |
|
BIOSCRIP, INC. AND SUBSIDIARIES |
|
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
Net
revenue |
|
|
|
$ |
982,223 |
|
|
$ |
922,654 |
|
|
Cost of revenue
(excluding depreciation expense) |
|
|
|
|
721,308 |
|
|
|
671,901 |
|
|
Gross
profit |
|
|
|
|
260,915 |
|
|
|
250,753 |
|
|
% of revenues |
|
|
|
|
26.6 |
% |
|
|
27.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating
expenses |
|
|
|
|
165,998 |
|
|
|
166,552 |
|
|
Bad debt expense |
|
|
|
|
41,042 |
|
|
|
79,547 |
|
|
General and
administrative expenses |
|
|
|
|
42,524 |
|
|
|
49,314 |
|
|
Impairment of
goodwill |
|
|
|
|
251,850 |
|
|
|
- |
|
|
Restructuring,
integration, and other expenses, net |
|
|
|
|
24,405 |
|
|
|
30,206 |
|
|
Depreciation and
amortization expense |
|
|
|
|
22,743 |
|
|
|
22,943 |
|
|
Loss from continuing
operations |
|
|
|
|
(287,647 |
) |
|
|
(97,809 |
) |
|
Interest expense,
net |
|
|
|
|
37,313 |
|
|
|
40,918 |
|
|
Loss from continuing
operations, before income
taxes |
|
|
|
|
(324,960 |
) |
|
|
(138,727 |
) |
|
Income tax expense (benefit) |
|
|
|
|
(21,532 |
) |
|
|
11,193 |
|
|
Loss from continuing
operations, net of income taxes |
|
|
|
|
(303,428 |
) |
|
|
(149,920 |
) |
|
Income from discontinued
operations, net of income taxes |
|
|
|
|
3,721 |
|
|
|
2,452 |
|
|
Net loss |
|
|
|
$ |
(299,707 |
) |
|
$ |
(147,468 |
) |
|
Accrued dividends on
preferred stock |
|
|
|
|
(6,120 |
) |
|
|
- |
|
|
Deemed dividend on
preferred stock |
|
|
|
|
(3,690 |
) |
|
|
- |
|
|
Loss
attributable to common stockholders |
|
|
|
$ |
(309,517 |
) |
|
$ |
(147,468 |
) |
|
|
|
|
|
|
|
|
|
Denominator - Basic and
Diluted: |
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding |
|
|
|
|
68,710 |
|
|
|
68,476 |
|
|
|
|
|
|
|
|
|
|
Loss from
continuing operations, basic and diluted |
|
|
|
$ |
(4.56 |
) |
|
$ |
(2.19 |
) |
|
Income from
discontinued operations, basic and diluted |
|
|
|
$ |
0.05 |
|
|
$ |
0.04 |
|
|
Net loss, basic
and diluted |
|
|
|
$ |
(4.51 |
) |
|
$ |
(2.15 |
) |
|
|
|
|
|
|
|
|
|
Schedule 3 |
|
BIOSCRIP, INC AND SUBSIDIARIES |
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(in
thousands) |
|
|
|
|
Twelve Months Ended December 31, |
|
|
|
2015 |
|
|
|
2014 |
|
|
Cash flows from operating
activities: |
|
|
|
|
Net loss |
$ |
(299,707 |
) |
|
$ |
(147,468 |
) |
|
Less: Income from discontinued
operations, net of income taxes |
|
3,721 |
|
|
|
2,452 |
|
|
Loss from continuing operations, net of
income taxes |
|
(303,428 |
) |
|
|
(149,920 |
) |
|
Adjustments to reconcile net loss from
continuing operations, net of income taxes to net cash (used in)
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
22,743 |
|
|
|
22,943 |
|
|
Impairment of goodwill |
|
251,850 |
|
|
|
- |
|
|
Amortization of deferred financing
costs and debt discount |
|
3,440 |
|
|
|
4,153 |
|
|
Change in fair value of contingent
consideration |
|
(30 |
) |
|
|
(7,364 |
) |
|
Change in deferred income tax |
|
(20,089 |
) |
|
|
9,359 |
|
|
Compensation under stock-based
compensation plans |
|
4,513 |
|
|
|
8,570 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
2,373 |
|
|
Changes in assets and liabilities, net
of acquired business: |
|
|
|
|
|
|
|
|
Receivables, net of bad debt
expense |
|
16,455 |
|
|
|
27,695 |
|
|
Inventory |
|
(5,769 |
) |
|
|
(2,952 |
) |
|
Prepaid expenses and other
assets |
|
170 |
|
|
|
5,474 |
|
|
Accounts payable |
|
(24,129 |
) |
|
|
27,093 |
|
|
Amounts due to plan sponsors |
|
(1,377 |
) |
|
|
562 |
|
|
Accrued interest |
|
44 |
|
|
|
4,681 |
|
|
Accrued expenses and other
liabilities |
|
(6,682 |
) |
|
|
7,310 |
|
|
Net cash used in operating
activities from continuing operations |
|
(62,289 |
) |
|
|
(40,023 |
) |
|
Net cash provided by (used in)
operating activities from discontinued operations |
|
(2,453 |
) |
|
|
8,607 |
|
|
Net cash (used in)
operating activities |
|
(64,742 |
) |
|
|
(31,416 |
) |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Purchases of property and
equipment, net |
|
(11,544 |
) |
|
|
(13,829 |
) |
|
Cash consideration paid for
acquisitions, net of cash acquired |
|
- |
|
|
|
(454 |
) |
|
Net cash proceeds from sale of
unconsolidated affiliate |
|
- |
|
|
|
852 |
|
|
Net cash used in investing
activities from continuing operations |
|
(11,544 |
) |
|
|
(13,431 |
) |
|
Net cash provided by investing
activities from discontinued operations |
|
24,565 |
|
|
|
57,688 |
|
|
Net cash provided by
investing activities |
|
13,021 |
|
|
|
44,257 |
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of
convertible preferred stock and warrants, net of issuance
costs |
|
59,691 |
|
|
|
- |
|
|
Proceeds from senior notes due
2021, net of discount, lenders' fees and other expenses |
|
- |
|
|
|
194,539 |
|
|
Deferred and other financing
costs |
|
(2,630 |
) |
|
|
(1,135 |
) |
|
Borrowings on revolving credit
facility |
|
203,663 |
|
|
|
244,700 |
|
|
Repayments on revolving credit
facility |
|
(193,663 |
) |
|
|
(279,703 |
) |
|
Principal payments of long-term
debt |
|
- |
|
|
|
(172,243 |
) |
|
Repayments of capital leases |
|
(395 |
) |
|
|
(360 |
) |
|
Net proceeds from exercise of
employee stock compensation plans |
|
(50 |
) |
|
|
1,468 |
|
|
Surrender of stock to satisfy
minimum tax withholding |
|
(58 |
) |
|
|
(368 |
) |
|
Net cash provided by (used
in) financing activities from continuing operations |
|
66,558 |
|
|
|
(13,102 |
) |
|
Net change in cash and cash
equivalents |
|
14,837 |
|
|
|
(261 |
) |
|
Cash and cash equivalents -
beginning of period |
|
740 |
|
|
|
1,001 |
|
|
Cash and cash equivalents - end
of period |
$ |
15,577 |
|
|
$ |
740 |
|
|
|
|
|
|
|
|
|
|
|
DISCLOSURE OF CASH FLOW
INFORMATION: |
|
|
|
|
|
|
|
|
Cash paid during the period for
interest |
$ |
34,302 |
|
|
$ |
34,133 |
|
|
Cash paid during the period for income
taxes |
$ |
114 |
|
|
$ |
1,651 |
|
|
Schedule 4 |
|
BIOSCRIP, INC. AND SUBSIDIARIES |
|
|
|
QUARTERLY CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve
Months Ended |
|
|
|
3/31/2015 |
|
6/30/2015 |
|
9/30/2015 |
|
12/31/2015 |
|
12/31/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue |
|
$ |
244,357 |
|
|
$ |
246,897 |
|
|
$ |
247,224 |
|
|
$ |
243,745 |
|
|
$ |
982,223 |
|
|
Cost of revenue
(excluding depreciation expense) |
|
|
179,402 |
|
|
|
182,079 |
|
|
|
181,991 |
|
|
|
177,836 |
|
|
|
721,308 |
|
|
Gross
profit |
|
|
64,955 |
|
|
|
64,818 |
|
|
|
65,233 |
|
|
|
65,909 |
|
|
|
260,915 |
|
|
% of revenues |
|
|
26.6 |
% |
|
|
26.3 |
% |
|
|
26.4 |
% |
|
|
27.0 |
% |
|
|
26.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating
expenses |
|
|
41,616 |
|
|
|
43,313 |
|
|
|
41,198 |
|
|
|
39,871 |
|
|
|
165,998 |
|
|
Bad debt expense |
|
|
8,346 |
|
|
|
15,165 |
|
|
|
9,321 |
|
|
|
8,210 |
|
|
|
41,042 |
|
|
General and
administrative expenses |
|
|
11,699 |
|
|
|
11,866 |
|
|
|
9,308 |
|
|
|
9,651 |
|
|
|
42,524 |
|
|
Impairment of
goodwill |
|
|
- |
|
|
|
238,000 |
|
|
|
13,850 |
|
|
|
- |
|
|
|
251,850 |
|
|
Restructuring,
integration, and other expenses, net |
|
|
3,704 |
|
|
|
5,969 |
|
|
|
5,369 |
|
|
|
9,363 |
|
|
|
24,405 |
|
|
Depreciation and
amortization expense |
|
|
5,794 |
|
|
|
6,247 |
|
|
|
5,471 |
|
|
|
5,231 |
|
|
|
22,743 |
|
|
Loss from continuing
operations |
|
|
(6,204 |
) |
|
|
(255,742 |
) |
|
|
(19,284 |
) |
|
|
(6,417 |
) |
|
|
(287,647 |
) |
|
Interest expense,
net |
|
|
9,163 |
|
|
|
9,080 |
|
|
|
9,507 |
|
|
|
9,563 |
|
|
|
37,313 |
|
|
Loss from continuing
operations, before income
taxes |
|
|
(15,367 |
) |
|
|
(264,822 |
) |
|
|
(28,791 |
) |
|
|
(15,980 |
) |
|
|
(324,960 |
) |
|
Income tax expense (benefit) |
|
|
1,928 |
|
|
|
(19,921 |
) |
|
|
(4,551 |
) |
|
|
1,012 |
|
|
|
(21,532 |
) |
|
Loss from continuing
operations, net of income taxes |
|
|
(17,295 |
) |
|
|
(244,901 |
) |
|
|
(24,240 |
) |
|
|
(16,992 |
) |
|
|
(303,428 |
) |
|
Income from discontinued
operations, net of income taxes |
|
|
(2,379 |
) |
|
|
94 |
|
|
|
7,457 |
|
|
|
(1,451 |
) |
|
|
3,721 |
|
|
Net loss |
|
$ |
(19,674 |
) |
|
$ |
(244,807 |
) |
|
$ |
(16,783 |
) |
|
$ |
(18,443 |
) |
|
$ |
(299,707 |
) |
|
Accrued dividends on
preferred stock |
|
|
(453 |
) |
|
|
(1,805 |
) |
|
|
(1,899 |
) |
|
|
(1,963 |
) |
|
|
(6,120 |
) |
|
Deemed dividend on
preferred stock |
|
|
(1,164 |
) |
|
|
(2,186 |
) |
|
|
(169 |
) |
|
|
(171 |
) |
|
|
(3,690 |
) |
|
Loss
attributable to common stockholders |
|
$ |
(21,291 |
) |
|
$ |
(248,798 |
) |
|
$ |
(18,851 |
) |
|
$ |
(20,577 |
) |
|
$ |
(309,517 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator - Basic and
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding |
|
|
68,637 |
|
|
|
68,698 |
|
|
|
68,742 |
|
|
|
68,760 |
|
|
|
68,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
continuing operations, basic and diluted |
|
$ |
(0.28 |
) |
|
$ |
(3.62 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.28 |
) |
|
$ |
(4.56 |
) |
|
Income from
discontinued operations, basic and diluted |
|
$ |
(0.03 |
) |
|
$ |
0.00 |
|
|
$ |
0.11 |
|
|
$ |
(0.02 |
) |
|
$ |
0.05 |
|
|
Net loss, basic
and diluted |
|
$ |
(0.31 |
) |
|
$ |
(3.62 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.30 |
) |
|
$ |
(4.51 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule 5 |
|
BIOSCRIP, INC. AND SUBSIDIARIES |
|
|
|
QUARTERLY CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(in thousands, except per share amounts) |
|
|
|
|
|
Three Months Ended |
|
Twelve
Months Ended |
|
|
|
3/31/2014 |
|
6/30/2014 |
|
9/30/2014 |
|
12/31/2014 |
|
12/31/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue |
|
$ |
221,341 |
|
|
$ |
230,111 |
|
|
$ |
231,458 |
|
|
$ |
239,744 |
|
|
$ |
922,654 |
|
|
Cost of revenue
(excluding depreciation expense) |
|
|
159,202 |
|
|
|
167,862 |
|
|
|
168,771 |
|
|
|
176,066 |
|
|
|
671,901 |
|
|
Gross
profit |
|
|
62,139 |
|
|
|
62,249 |
|
|
|
62,687 |
|
|
|
63,678 |
|
|
|
250,753 |
|
|
% of revenues |
|
|
28.1 |
% |
|
|
27.1 |
% |
|
|
27.1 |
% |
|
|
26.6 |
% |
|
|
27.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating
expenses |
|
|
41,373 |
|
|
|
41,089 |
|
|
|
42,079 |
|
|
|
42,011 |
|
|
|
166,552 |
|
|
Bad debt expense |
|
|
6,608 |
|
|
|
8,355 |
|
|
|
26,082 |
|
|
|
38,502 |
|
|
|
79,547 |
|
|
General and
administrative expenses |
|
|
12,844 |
|
|
|
10,767 |
|
|
|
11,726 |
|
|
|
13,977 |
|
|
|
49,314 |
|
|
Impairment of
goodwill |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Restructuring,
integration, and other expenses, net |
|
|
8,882 |
|
|
|
4,545 |
|
|
|
4,682 |
|
|
|
12,097 |
|
|
|
30,206 |
|
|
Depreciation and
amortization expense |
|
|
5,539 |
|
|
|
5,577 |
|
|
|
5,825 |
|
|
|
6,002 |
|
|
|
22,943 |
|
|
Loss from continuing
operations |
|
|
(13,107 |
) |
|
|
(8,084 |
) |
|
|
(27,707 |
) |
|
|
(48,911 |
) |
|
|
(97,809 |
) |
|
Interest expense,
net |
|
|
10,499 |
|
|
|
9,137 |
|
|
|
9,567 |
|
|
|
11,715 |
|
|
|
40,918 |
|
|
Loss from continuing
operations, before income
taxes |
|
|
(23,606 |
) |
|
|
(17,221 |
) |
|
|
(37,274 |
) |
|
|
(60,626 |
) |
|
|
(138,727 |
) |
|
Income tax expense (benefit) |
|
|
3,491 |
|
|
|
3,063 |
|
|
|
1,930 |
|
|
|
2,709 |
|
|
|
11,193 |
|
|
Loss from continuing
operations, net of income taxes |
|
|
(27,097 |
) |
|
|
(20,284 |
) |
|
|
(39,204 |
) |
|
|
(63,335 |
) |
|
|
(149,920 |
) |
|
Income from discontinued
operations, net of income taxes |
|
|
1,783 |
|
|
|
466 |
|
|
|
494 |
|
|
|
(291 |
) |
|
|
2,452 |
|
|
Net loss |
|
$ |
(25,314 |
) |
|
$ |
(19,818 |
) |
|
$ |
(38,710 |
) |
|
$ |
(63,626 |
) |
|
$ |
(147,468 |
) |
|
Accrued dividends on
preferred stock |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Deemed dividend on
preferred stock |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Loss
attributable to common stockholders |
|
$ |
(25,314 |
) |
|
$ |
(19,818 |
) |
|
$ |
(38,710 |
) |
|
$ |
(63,626 |
) |
|
$ |
(147,468 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator - Basic and
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding |
|
|
68,171 |
|
|
|
68,468 |
|
|
|
68,615 |
|
|
|
68,637 |
|
|
|
68,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
continuing operations, basic and diluted |
|
$ |
(0.40 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.57 |
) |
|
$ |
(0.92 |
) |
|
$ |
(2.19 |
) |
|
Income from
discontinued operations, basic and diluted |
|
$ |
0.03 |
|
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
(0.00 |
) |
|
$ |
0.04 |
|
|
Net loss, basic
and diluted |
|
$ |
(0.37 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.93 |
) |
|
$ |
(2.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule 6 |
|
BIOSCRIP, INC. AND SUBSIDIARIES |
|
|
|
QUARTERLY
RECONCILIATION BETWEEN GAAP AND NON-GAAP MEASURES |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve
Months Ended |
|
|
|
3/31/2015 |
|
6/30/2015 |
|
9/30/2015 |
|
12/31/2015 |
|
12/31/2015 |
|
Adjusted EBITDA
by Segment: |
|
|
|
|
|
|
|
|
|
|
|
Infusion services adjusted
EBITDA |
|
$ |
14,993 |
|
|
$ |
6,340 |
|
|
$ |
14,714 |
|
|
$ |
17,828 |
|
|
$ |
53,875 |
|
|
adjusted EBITDA margin % |
|
|
6.1 |
% |
|
|
2.6 |
% |
|
|
6.0 |
% |
|
|
7.3 |
% |
|
|
5.5 |
% |
|
Corporate overhead
adjusted EBITDA |
|
|
(10,042 |
) |
|
|
(10,704 |
) |
|
|
(8,476 |
) |
|
|
(8,789 |
) |
|
|
(38,011 |
) |
|
adjusted EBITDA margin % |
|
|
(4.1 |
%) |
|
|
(4.3 |
%) |
|
|
(3.4 |
%) |
|
|
(3.6 |
%) |
|
|
(3.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Adjusted EBITDA |
|
|
4,951 |
|
|
|
(4,364 |
) |
|
|
6,238 |
|
|
|
9,039 |
|
|
|
15,864 |
|
|
adjusted EBITDA
margin % |
|
|
2.0 |
% |
|
|
(1.8 |
%) |
|
|
2.5 |
% |
|
|
3.7 |
% |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net |
|
|
(9,163 |
) |
|
|
(9,080 |
) |
|
|
(9,507 |
) |
|
|
(9,563 |
) |
|
|
(37,313 |
) |
|
Income tax (expense)
benefit |
|
|
(1,928 |
) |
|
|
19,921 |
|
|
|
4,551 |
|
|
|
(1,012 |
) |
|
|
21,532 |
|
|
Depreciation and
amortization expense |
|
|
(5,794 |
) |
|
|
(6,247 |
) |
|
|
(5,471 |
) |
|
|
(5,231 |
) |
|
|
(22,743 |
) |
|
Impairment of
goodwill |
|
|
- |
|
|
|
(238,000 |
) |
|
|
(13,850 |
) |
|
|
- |
|
|
|
(251,850 |
) |
|
Stock-based
compensation expense |
|
|
(1,657 |
) |
|
|
(1,162 |
) |
|
|
(832 |
) |
|
|
(862 |
) |
|
|
(4,513 |
) |
|
Restructuring,
integration, and other expenses, net (1) |
|
|
(3,704 |
) |
|
|
(5,969 |
) |
|
|
(5,369 |
) |
|
|
(9,363 |
) |
|
|
(24,405 |
) |
|
Loss from
continuing operations, net of income taxes |
|
$ |
(17,295 |
) |
|
$ |
(244,901 |
) |
|
$ |
(24,240 |
) |
|
$ |
(16,992 |
) |
|
$ |
(303,428 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
Administrative Expense on Face of Income Statement: |
|
|
|
|
|
|
|
|
|
|
|
Corporate overhead
adjusted EBITDA |
|
$ |
(10,042 |
) |
|
$ |
(10,704 |
) |
|
$ |
(8,476 |
) |
|
$ |
(8,789 |
) |
|
$ |
(38,011 |
) |
|
Stock-based
compensation expense |
|
|
(1,657 |
) |
|
|
(1,162 |
) |
|
|
(832 |
) |
|
|
(862 |
) |
|
|
(4,513 |
) |
|
General and administrative
expenses |
|
$ |
(11,699 |
) |
|
$ |
(11,866 |
) |
|
$ |
(9,308 |
) |
|
$ |
(9,651 |
) |
|
$ |
(42,524 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Restructuring, integration and other expenses include
non-operating costs associated with restructuring and integration
initiatives such as employee severance costs, certain non-recurring
legal and professional fees, non-recurring training costs,
redundant wage costs, impacts recorded from the change in
contingent consideration obligations, and other non-recurring costs
related to contract terminations and closed branches/offices. |
|
Schedule 7 |
|
BIOSCRIP, INC. AND SUBSIDIARIES |
|
|
|
QUARTERLY
RECONCILIATION BETWEEN GAAP AND NON-GAAP MEASURES |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve
Months Ended |
|
|
|
3/31/2014 |
|
6/30/2014 |
|
9/30/2014 |
|
12/31/2014 |
|
12/31/2014 |
|
Adjusted EBITDA
by Segment: |
|
|
|
|
|
|
|
|
|
|
|
Infusion services adjusted
EBITDA |
|
$ |
14,158 |
|
|
$ |
12,805 |
|
|
$ |
(5,474 |
) |
|
$ |
(16,835 |
) |
|
$ |
4,654 |
|
|
adjusted EBITDA margin % |
|
|
6.4 |
% |
|
|
5.6 |
% |
|
|
(2.4 |
%) |
|
|
(7.0 |
%) |
|
|
0.5 |
% |
|
Corporate overhead
adjusted EBITDA |
|
|
(9,958 |
) |
|
|
(8,769 |
) |
|
|
(9,974 |
) |
|
|
(12,043 |
) |
|
|
(40,744 |
) |
|
adjusted EBITDA margin % |
|
|
(4.5 |
%) |
|
|
(3.8 |
%) |
|
|
(4.3 |
%) |
|
|
(5.0 |
%) |
|
|
(4.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Adjusted EBITDA |
|
|
4,200 |
|
|
|
4,036 |
|
|
|
(15,448 |
) |
|
|
(28,878 |
) |
|
|
(36,090 |
) |
|
adjusted EBITDA margin % |
|
|
1.9 |
% |
|
|
1.8 |
% |
|
|
(6.7 |
%) |
|
|
(12.0 |
%) |
|
|
(3.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net |
|
|
(10,499 |
) |
|
|
(9,137 |
) |
|
|
(9,567 |
) |
|
|
(11,715 |
) |
|
|
(40,918 |
) |
|
Income tax (expense)
benefit |
|
|
(3,491 |
) |
|
|
(3,063 |
) |
|
|
(1,930 |
) |
|
|
(2,709 |
) |
|
|
(11,193 |
) |
|
Depreciation and
amortization expense |
|
|
(5,539 |
) |
|
|
(5,577 |
) |
|
|
(5,825 |
) |
|
|
(6,002 |
) |
|
|
(22,943 |
) |
|
Impairment of
goodwill |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Stock-based
compensation expense |
|
|
(2,886 |
) |
|
|
(1,998 |
) |
|
|
(1,752 |
) |
|
|
(1,934 |
) |
|
|
(8,570 |
) |
|
Restructuring,
integration, and other expenses, net (1) |
|
|
(8,882 |
) |
|
|
(4,545 |
) |
|
|
(4,682 |
) |
|
|
(12,097 |
) |
|
|
(30,206 |
) |
|
Loss from
continuing operations, net of income taxes |
|
$ |
(27,097 |
) |
|
$ |
(20,284 |
) |
|
$ |
(39,204 |
) |
|
$ |
(63,335 |
) |
|
$ |
(149,920 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
Administrative Expense on Face of Income Statement: |
|
|
|
|
|
|
|
|
|
|
|
Corporate overhead
adjusted EBITDA |
|
$ |
(9,958 |
) |
|
$ |
(8,769 |
) |
|
$ |
(9,974 |
) |
|
$ |
(12,043 |
) |
|
$ |
(40,744 |
) |
|
Stock-based
compensation expense |
|
|
(2,886 |
) |
|
|
(1,998 |
) |
|
|
(1,752 |
) |
|
|
(1,934 |
) |
|
|
(8,570 |
) |
|
General and administrative
expenses |
|
$ |
(12,844 |
) |
|
$ |
(10,767 |
) |
|
$ |
(11,726 |
) |
|
$ |
(13,977 |
) |
|
$ |
(49,314 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Restructuring, integration and other expenses include
non-operating costs associated with restructuring and integration
initiatives such as employee severance costs, certain non-recurring
legal and professional fees, non-recurring training costs,
redundant wage costs, impacts recorded from the change in
contingent consideration obligations, and other non-recurring costs
related to contract terminations and closed branches/offices. |
|
Contact:
Lisa Wilson
In-Site Communications, Inc.
T: 212-452-2793
E: lwilson@insitecony.com
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