ELMSFORD, N.Y., Aug. 10, 2015 /PRNewswire/
-- BioScrip®, Inc. (NASDAQ: BIOS) (the "Company")
today announced 2015 second quarter financial results. Second
quarter revenue from continuing operations was $262.4 million and the net loss from continuing
operations was $243.2 million, or
$3.60 loss per diluted share, which
includes a $238.0 million pre-tax
goodwill impairment charge resulting from a decline in the
Company's common stock price and related market capitalization, as
well as an $8.6 million incremental
pre-tax bad debt charge predominately attributable to aged accounts
receivable balances over 365 days old.
Company Highlights During and Subsequent to the Second
Quarter:
- Total revenue increased by $15.2
million, or 6.2%, compared to the prior year period. Revenue
from the Infusion Services segment increased to $247.0 million, reflecting 7.1% growth
year-over-year, driven by revenue growth in our core infusion
business;
- Gross profit from continuing operations was $66.0 million, or 25.1% of revenue, compared to
$65.4 million, or 26.4% of revenue,
in the prior year period;
- Consolidated Adjusted EBITDA was a loss of $2.5 million, a $13.5
million decrease compared to Adjusted EBITDA of $11.0 million in the prior year period. The
decrease was primarily due to a lower gross margin revenue mix
shift as well as the increase of contractual and bad debt expense;
and
- In a separate press release, the Company also announced today
that it is implementing a financial improvement plan to reduce its
cost structure and enhance its financial flexibility to drive
shareholder value as a pure play infusion services provider.
Results of Operations
Second Quarter 2015 versus Second Quarter 2014
Revenue from continuing operations for the second quarter of
2015 totaled $262.4 million, compared
to $247.1 million for the same period
a year ago, an increase of $15.2
million or 6.2%. Infusion Services segment revenue was
$247.0 million in the second quarter
of 2015 as compared to $230.5 million
for the same period in 2014. The 7.1% increase was driven primarily
by continued strong organic growth particularly in chronic,
nutrition and other therapies.
Consolidated gross profit for the second quarter of 2015 was
$66.0 million, or 25.1% of revenue,
compared to $65.4 million, or 26.4%
of revenue, for the second quarter of 2014. The increase in gross
profit dollars was due to revenue growth in the Infusion Services
segment partially offset by lower PBM Services gross profit. The
decrease in gross margin percentage was primarily the result of an
Infusion Services segment mix shift from core therapies to more
chronic and other therapies.
During the second quarter of 2015, consolidated Adjusted EBITDA
from continuing operations declined by $13.5
million to a loss of $2.5
million. Infusion Services segment Adjusted EBITDA was
$4.1 million in the second quarter of
2015, compared to Adjusted EBITDA of $16.2
million in the prior year quarter. The decreases in both
consolidated Adjusted EBITDA and Infusion Services segment Adjusted
EBITDA were principally due to lower gross margin revenue mix shift
combined with the $8.6 million
incremental pre-tax bad debt charge, which was predominately
attributable to aged accounts receivable balances over 365 days
old.
PBM Services segment revenue was $15.4
million for the second quarter of 2015, compared to
$16.6 million for the prior year
period. PBM Services segment Adjusted EBITDA was $1.7 million for the second quarter of 2015,
compared to $1.8 million in the prior
year quarter.
Interest expense in the second quarter of 2015 was unchanged
from the prior year period at $9.1
million.
Income tax benefit for continuing operations in the second
quarter of 2015 was $19.9 million
compared to income tax expense of $3.1
million in the prior year period.
Net loss from continuing operations for the second quarter of
2015 was $243.2 million, or a
$3.60 loss per diluted share,
compared to a net loss of $18.6
million, or $0.27 loss per
diluted share in the prior year period, largely due to the
$238.0 million pre-tax goodwill
impairment charge and the $8.6
million incremental pre-tax bad debt charge.
Liquidity and Capital Resources
For the six months ended June 30,
2015, BioScrip used $42.1
million in net cash from continuing operating activities, as
compared to $26.7 million of net
cashed used in continuing operating activities in the prior year
period. As of June 30, 2015, the
Company had $1.2 million in cash and
$418.9 million of outstanding debt.
As of August 10, 2015, the Company
has approximately $54.4 million of
liquidity, which is comprised of $22.6
million of cash and $31.8
million of undrawn capacity available on its revolving
credit facility.
Events Subsequent to the End of the Second Quarter
In a separate press release issued today, BioScrip announced
steps to enhance shareholder value as a pure play infusion services
provider:
- Implementing $35 - $40 million in
total cost savings over the next 12 months to enhance financial
flexibility;
- Announcing sale of non-core PBM business;
- Retaining Jefferies to explore strategic alternatives; and
- Naming Chris Luthin as Chief
Operating Officer; Scott Davido as
Chief Implementation Officer and announces additional executive
appointments.
Conference Call and Presentation
BioScrip will host a conference call and live webcast today,
August 10, 2015 at 8:30 a.m. Eastern Time, to discuss its second
quarter 2015 financial results and its separately announced plan to
enhance shareholder value as a pure play infusion services
provider. Interested parties may participate by dialing
800-732-8470 (US), or 212-231-2902 (International) or accessing a
link on the Company's website at www.bioscrip.com. The Company is
also providing supplemental slides that will be posted prior to the
conference call and will be accessible through the "Investor
Relations" section of the BioScrip website at www.bioscrip.com.
A replay of the conference call will be available for two weeks
after the call's completion by dialing 800-633-8284 (US) or
402-977-9140 (International) and entering conference call ID number
21773453. 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 Harbor
This 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 implement 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 Measures
In addition to reporting all financial information required in
accordance with generally accepted accounting principles (GAAP),
the Company is also reporting Adjusted EBITDA (including segment
Adjusted EBITDA) and Adjusted EPS, which are non-GAAP financial
measures. Adjusted EBITDA and Adjusted EPS are not measurements 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 our liquidity. In
addition, the Company's definitions of Adjusted EBITDA and Adjusted
EPS 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,
loss on sale of assets, income tax expense, depreciation and
amortization, impairment of goodwill, stock-based compensation
expense, acquisition and integration expenses,
restructuring-related expenses and investments in start-up
operations. 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.
Adjusted EPS, as defined by the Company, represents earnings per
basic and diluted share, excluding stock-based compensation
expense, acquisition and integration expenses, impairment of
goodwill, loss on sale of assets, restructuring-related expenses
and investments in start-up operations as well as the impact of
acquisition-related intangible amortization. Management believes
that these non-GAAP financial measures provide useful supplemental
information regarding the performance of our business operations
and facilitates comparisons to our historical operating results.
For a full reconciliation of Adjusted EBITDA and Adjusted EPS to
the most comparable GAAP financial measures, please see the
attachments to this earnings release.
|
Schedule
1
|
|
BIOSCRIP, INC. AND
SUBSIDIARIES
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(in thousands, except
for share amounts)
|
|
|
June 30,
2015
|
|
December 31,
2014
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
1,172
|
|
$
740
|
|
Receivables, less
allowance for doubtful accounts of $72,332 and $66,500 as of June
30, 2015 and December 31, 2014, respectively
|
131,471
|
|
140,810
|
|
Inventory
|
42,364
|
|
37,215
|
|
Prepaid expenses and
other current assets
|
10,396
|
|
9,450
|
|
Total current
assets
|
185,403
|
|
188,215
|
|
Property and
equipment, net
|
34,906
|
|
38,171
|
|
Goodwill
|
335,323
|
|
573,323
|
|
Intangible assets,
net
|
7,290
|
|
10,269
|
|
Deferred financing
costs
|
13,035
|
|
13,463
|
|
Other non-current
assets
|
1,192
|
|
1,272
|
|
Total
assets
|
$
577,149
|
|
$
824,713
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Current portion of
long-term debt
|
$
238
|
|
$
5,395
|
|
Accounts
payable
|
77,085
|
|
90,032
|
|
Claims
payable
|
4,816
|
|
8,162
|
|
Amounts due to plan
sponsors
|
4,254
|
|
5,779
|
|
Accrued
interest
|
6,705
|
|
6,853
|
|
Accrued expenses and
other current liabilities
|
40,923
|
|
46,092
|
|
Total current
liabilities
|
134,021
|
|
162,313
|
|
Long-term debt, net
of current portion
|
418,619
|
|
418,408
|
|
Deferred
taxes
|
2,924
|
|
19,058
|
|
Other non-current
liabilities
|
6,891
|
|
8,129
|
|
Total
liabilities
|
562,455
|
|
607,908
|
|
Series A convertible
preferred stock, $.0001 par value; 825,000 shares authorized;
625,000 shares issued and outstanding; and, $64,758 liquidation
preference as of June 30, 2015. No preferred stock was authorized
or outstanding as of December 31, 2014.
|
57,988
|
|
-
|
|
Stockholders'
equity
|
|
|
|
|
Preferred stock,
$.0001 par value; 4,175,000 and 5,000,000 shares authorized as of
June 30, 2015 and December 31, 2014, respectively; no shares issued
and outstanding as of June 30, 2015 and December 31, 2014,
respectively
|
-
|
|
-
|
|
Common stock, $.0001
par value; 125,000,000 shares authorized; 71,376,164 and 71,274,064
shares issued and 68,730,871 and 68,636,965 shares outstanding as
of June 30, 2015 and December 31, 2014, respectively
|
8
|
|
8
|
|
Treasury stock,
2,645,293 and 2,637,099 shares at cost as of June 30, 2015 and
December 31, 2014, respectively
|
(10,715)
|
|
(10,679)
|
|
Additional paid-in
capital
|
534,100
|
|
529,682
|
|
Accumulated
deficit
|
(566,687)
|
|
(302,206)
|
|
Total
stockholders' equity (deficit)
|
(43,294)
|
|
216,805
|
|
Total liabilities
and stockholders' equity
|
$
577,149
|
|
$
824,713
|
|
Schedule
2
|
|
BIOSCRIP, INC. AND
SUBSIDIARIES
|
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(in thousands, except
per share amounts)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Product
revenue
|
|
$ 241,020
|
|
$ 225,277
|
|
$ 480,067
|
|
$ 441,180
|
|
Service
revenue
|
|
21,343
|
|
21,848
|
|
43,977
|
|
45,238
|
|
Total
revenue
|
|
262,363
|
|
247,125
|
|
524,044
|
|
486,418
|
|
|
|
|
|
|
|
|
|
|
Cost of product
revenue
|
|
176,763
|
|
161,658
|
|
350,710
|
|
313,398
|
|
Cost of service
revenue
|
|
19,634
|
|
20,111
|
|
40,895
|
|
42,564
|
|
Total cost of
revenue
|
|
196,397
|
|
181,769
|
|
391,605
|
|
355,962
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
65,966
|
|
65,356
|
|
132,439
|
|
130,456
|
|
% of
revenues
|
|
25.1%
|
|
26.4%
|
|
25.3%
|
|
26.8%
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
60,367
|
|
57,244
|
|
118,140
|
|
116,424
|
|
Change in fair value
of contingent consideration
|
|
(93)
|
|
(4,646)
|
|
(72)
|
|
(6,855)
|
|
Bad debt
expense
|
|
15,146
|
|
8,360
|
|
23,466
|
|
14,961
|
|
Impairment of
goodwill
|
|
238,000
|
|
-
|
|
238,000
|
|
-
|
|
Acquisition and
integration expenses
|
|
259
|
|
5,333
|
|
479
|
|
11,832
|
|
Restructuring and
other expenses
|
|
4,803
|
|
3,858
|
|
8,266
|
|
8,450
|
|
Amortization of
intangibles
|
|
1,489
|
|
1,620
|
|
2,979
|
|
3,323
|
|
Loss from
continuing operations
|
|
(254,005)
|
|
(6,413)
|
|
(258,819)
|
|
(17,679)
|
|
Interest expense,
net
|
|
9,080
|
|
9,135
|
|
18,243
|
|
19,634
|
|
Loss from
continuing operations, before income taxes
|
|
(263,085)
|
|
(15,548)
|
|
(277,062)
|
|
(37,313)
|
|
Income tax expense
(benefit)
|
|
(19,921)
|
|
3,063
|
|
(17,993)
|
|
6,554
|
|
Loss from
continuing operations, net of income taxes
|
|
(243,164)
|
|
(18,611)
|
|
(259,069)
|
|
(43,867)
|
|
Loss from
discontinued operations, net of income taxes
|
|
(1,644)
|
|
(1,207)
|
|
(5,412)
|
|
(1,265)
|
|
Net
loss
|
|
$ (244,808)
|
|
$ (19,818)
|
|
$(264,481)
|
|
$ (45,132)
|
|
Accrued dividends on
preferred stock
|
|
(1,805)
|
|
-
|
|
(2,258)
|
|
-
|
|
Deemed dividend on
preferred stock
|
|
(2,186)
|
|
-
|
|
(3,350)
|
|
-
|
|
Loss attributable
to common stockholders
|
|
$ (248,799)
|
|
$ (19,818)
|
|
$(270,089)
|
|
$ (45,132)
|
|
|
|
|
|
|
|
|
|
|
Loss per common
share:
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations, basic and diluted
|
|
$
(3.60)
|
|
$
(0.27)
|
|
$
(3.85)
|
|
$ (0.64)
|
|
Loss from
discontinued operations, basic and diluted
|
|
(0.02)
|
|
(0.02)
|
|
(0.08)
|
|
(0.02)
|
|
Net loss, basic
and diluted
|
|
$
(3.62)
|
|
$
(0.29)
|
|
$
(3.93)
|
|
$ (0.66)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding, basic and diluted
|
|
68,698
|
|
68,468
|
|
68,668
|
|
68,354
|
|
Schedule
3
|
|
BIOSCRIP, INC. AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF STOCKHOLDERS'
EQUITY
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
Total
|
|
Preferred
|
|
Common
|
|
Treasury
|
|
Paid-In
|
|
Accumulated
|
|
Stockholders'
|
|
Stock
|
|
Stock
|
|
Stock
|
|
Capital
|
|
Deficit
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at
December 31, 2014
|
$
-
|
|
$
8
|
|
$ (10,679)
|
|
$ 529,682
|
|
$ (302,206)
|
|
$ 216,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Series A
convertible preferred stock
and warrants
|
-
|
|
-
|
|
-
|
|
6,570
|
|
-
|
|
6,570
|
|
Accrued dividends on
preferred stock
|
-
|
|
-
|
|
-
|
|
(2,258)
|
|
-
|
|
(2,258)
|
|
Deemed dividend on
preferred stock
|
-
|
|
-
|
|
-
|
|
(3,350)
|
|
-
|
|
(3,350)
|
|
Compensation under
employee stock compensation plan
|
-
|
|
-
|
|
-
|
|
3,454
|
|
-
|
|
3,454
|
|
Surrender of stock to
satisfy minimum tax withholding
|
-
|
|
-
|
|
(36)
|
|
2
|
|
-
|
|
(34)
|
|
Net loss
|
-
|
|
-
|
|
-
|
|
-
|
|
(264,481)
|
|
(264,481)
|
|
Balances at June
30, 2015
|
$
-
|
|
$
8
|
|
$ (10,715)
|
|
$ 534,100
|
|
$ (566,687)
|
|
$ (43,294)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
Total
|
|
Preferred
|
|
Common
|
|
Treasury
|
|
Paid-In
|
|
Accumulated
|
|
Stockholders'
|
|
Stock
|
|
Stock
|
|
Stock
|
|
Capital
|
|
Deficit
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at
December 31, 2013
|
$
-
|
|
$
7
|
|
$ (10,311)
|
|
$ 519,625
|
|
$ (154,738)
|
|
$ 354,583
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of stock
options
|
-
|
|
1
|
|
-
|
|
905
|
|
-
|
|
906
|
|
Compensation under
employee stock compensation plan
|
-
|
|
-
|
|
-
|
|
4,665
|
|
-
|
|
4,665
|
|
Net loss
|
-
|
|
-
|
|
-
|
|
-
|
|
(45,132)
|
|
(45,132)
|
|
Balances at March
31, 2014
|
$
-
|
|
$
8
|
|
$ (10,311)
|
|
$ 525,195
|
|
$ (199,870)
|
|
$ 315,022
|
|
Schedule
4
|
|
BIOSCRIP, INC AND
SUBSIDIARIES
|
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(in
thousands)
|
|
|
Six Months Ended
June 30,
|
|
2015
|
|
2014
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net loss
|
$
(264,481)
|
|
$
(45,132)
|
|
Less: Loss from
discontinued operations, net of income taxes
|
(5,412)
|
|
(1,265)
|
|
Loss from continuing
operations, net of income taxes
|
(259,069)
|
|
(43,867)
|
|
Adjustments to
reconcile (loss) from continuing operations, net of income taxes to
net cash provided by (used in) operating activities:
|
|
|
|
|
Depreciation
|
8,434
|
|
7,794
|
|
Amortization of
intangibles
|
2,979
|
|
3,323
|
|
Impairment of
goodwill
|
238,000
|
|
-
|
|
Amortization of
deferred financing costs and debt discount
|
1,792
|
|
2,745
|
|
Change in fair value
of contingent consideration
|
(72)
|
|
(6,855)
|
|
Change in deferred
income tax
|
(15,834)
|
|
6,358
|
|
Compensation under
stock-based compensation plans
|
2,819
|
|
4,884
|
|
Loss on disposal of
fixed assets
|
628
|
|
-
|
|
Changes in assets and
liabilities, net of acquired business:
|
|
|
|
|
Receivables, net of
bad debt expense
|
10,299
|
|
(19,019)
|
|
Inventory
|
(5,149)
|
|
(58)
|
|
Prepaid expenses and
other assets
|
(613)
|
|
3,745
|
|
Accounts
payable
|
(12,912)
|
|
6,105
|
|
Claims
payable
|
(3,346)
|
|
1,475
|
|
Amounts due to plan
sponsors
|
(1,524)
|
|
816
|
|
Accrued
interest
|
(148)
|
|
4,764
|
|
Accrued expenses and
other liabilities
|
(8,335)
|
|
1,116
|
|
Net cash used in
operating activities from continuing operations
|
(42,051)
|
|
(26,674)
|
|
Net cash used in
operating activities from discontinued operations
|
(4,110)
|
|
(4,304)
|
|
Net cash used in
operating activities
|
(46,161)
|
|
(30,978)
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchases of property
and equipment, net
|
(5,797)
|
|
(6,925)
|
|
Cash consideration
paid for acquisitions, net of cash acquired
|
-
|
|
(454)
|
|
Net cash used in
investing activities from continuing operations
|
(5,797)
|
|
(7,379)
|
|
Net cash provided by
investing activities from discontinued operations
|
-
|
|
57,688
|
|
Net cash provided
by (used in) investing activities
|
(5,797)
|
|
50,309
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
issuance of convertible preferred stock and warrants, net of
issuance costs
|
58,951
|
|
-
|
|
Proceeds from senior
notes due 2021, net of fees paid to lenders
|
-
|
|
193,868
|
|
Deferred and other
financing costs
|
(1,218)
|
|
(1,161)
|
|
Borrowings on line of
credit
|
129,163
|
|
85,400
|
|
Repayments on line of
credit
|
(134,163)
|
|
(125,403)
|
|
Principal payments on
long-term debt
|
-
|
|
(172,243)
|
|
Repayments of capital
leases
|
(345)
|
|
(151)
|
|
Net proceeds from
exercise of employee stock compensation plans
|
2
|
|
905
|
|
Net cash provided
by (used in) financing activities from continuing
operations
|
52,390
|
|
(18,785)
|
|
Net change in cash
and cash equivalents
|
432
|
|
546
|
|
Cash and cash
equivalents - beginning of period
|
740
|
|
1,001
|
|
Cash and cash
equivalents - end of period
|
$
1,172
|
|
$
1,547
|
|
DISCLOSURE OF CASH
FLOW INFORMATION:
|
|
|
|
|
Cash paid during the
period for interest
|
$
18,931
|
|
$
12,232
|
|
Cash paid during the
period for income taxes
|
$
515
|
|
$
349
|
|
Schedule
5
|
|
BIOSCRIP,
INC
|
|
|
Reconciliation
between GAAP and Non-GAAP Measures
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Results of
Operations:
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Infusion Services -
product revenue
|
$
241,020
|
|
$
225,277
|
|
$
480,067
|
|
$
441,180
|
|
Infusion Services -
service revenue
|
5,957
|
|
5,271
|
|
11,187
|
|
10,437
|
|
Total Infusion
Services revenue
|
246,977
|
|
230,548
|
|
491,254
|
|
451,617
|
|
PBM Services -
service revenue
|
15,386
|
|
16,577
|
|
32,790
|
|
34,801
|
|
Total
revenue
|
$
262,363
|
|
$
247,125
|
|
$
524,044
|
|
$
486,418
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by
Segment before corporate overhead:
|
|
|
|
|
|
|
|
|
Infusion
Services
|
$
4,140
|
|
$
16,194
|
|
$
16,839
|
|
$
31,155
|
|
PBM
Services
|
1,737
|
|
1,837
|
|
3,126
|
|
3,512
|
|
Total Segment
Adjusted EBITDA
|
5,877
|
|
18,031
|
|
19,965
|
|
34,667
|
|
|
|
|
|
|
|
|
|
Corporate
overhead
|
(8,411)
|
|
(7,016)
|
|
(16,179)
|
|
(14,492)
|
|
|
|
|
|
|
|
|
|
Consolidated Adjusted
EBITDA
|
(2,534)
|
|
11,015
|
|
3,786
|
|
20,175
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(9,080)
|
|
(9,135)
|
|
(18,243)
|
|
(19,634)
|
|
Income tax (expense)
benefit
|
19,921
|
|
(3,063)
|
|
17,993
|
|
(6,554)
|
|
Depreciation
|
(4,130)
|
|
(3,958)
|
|
(8,434)
|
|
(7,794)
|
|
Loss on sale of
assets
|
(628)
|
|
-
|
|
(628)
|
|
-
|
|
Amortization of
intangibles
|
(1,489)
|
|
(1,620)
|
|
(2,979)
|
|
(3,323)
|
|
Impairment of
goodwill
|
(238,000)
|
|
-
|
|
(238,000)
|
|
-
|
|
Stock-based
compensation expense
|
(1,162)
|
|
(1,998)
|
|
(2,819)
|
|
(4,884)
|
|
Acquisition and
integration expenses
|
(259)
|
|
(5,333)
|
|
(479)
|
|
(11,832)
|
|
Restructuring and
other expenses and investments (1)
|
(5,803)
|
|
(4,519)
|
|
(9,266)
|
|
(10,021)
|
|
Loss from
continuing operations, net of income taxes
|
$ (243,164)
|
|
$
(18,611)
|
|
$ (259,069)
|
|
$
(43,867)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Operating Data
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
2015
|
|
2014
|
|
Total
Assets:
|
|
|
|
|
|
|
|
|
Infusion
Services
|
|
|
|
|
$
510,566
|
|
$
755,955
|
|
PBM
Services
|
|
|
|
|
26,702
|
|
29,147
|
|
Corporate
unallocated
|
|
|
|
|
39,881
|
|
39,611
|
|
Total
Assets
|
|
|
|
|
$
577,149
|
|
$
824,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Restructuring and other expenses and investments include costs
associated with restructuring such as employee severance and other
benefit-related costs, third party consulting costs,
facility-related costs and certain other costs; transitional costs
such as training, redundant salaries, retention bonuses for certain
critical personnel, certain excess facility costs for locations not
yet abandoned, professional fees and other costs related to
contract terminations and closed branches which are not classified
as restructuring; and, in 2014, investments in start-up branch
locations.
|
|
Schedule
6
|
|
BIOSCRIP,
INC
|
|
|
Reconciliation
between GAAP and Non-GAAP Earnings Per Share
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2015
1
|
|
2014
1
|
|
2015
1
|
|
20141
|
|
Net loss from
continuing operations, net of income taxes
|
$ (243,164)
|
|
$ (18,611)
|
|
$ (259,069)
|
|
$ (43,867)
|
|
Accrued dividends on
preferred stock
|
(1,805)
|
|
-
|
|
(2,258)
|
|
-
|
|
Deemed dividends on
preferred stock
|
(2,186)
|
|
-
|
|
(3,350)
|
|
-
|
|
Loss attributable to
common stockholders, from continuing operations
|
$ (247,155)
|
|
$ (18,611)
|
|
$ (264,677)
|
|
$ (43,867)
|
|
Non-GAAP adjustments,
net of income tax:
|
|
|
|
|
|
|
|
|
Restructuring and
other expenses 2
|
5,803
|
|
4,519
|
|
9,266
|
|
10,021
|
|
Impairment of
goodwill
|
238,000
|
|
-
|
|
238,000
|
|
-
|
|
Loss on sale of
assets
|
628
|
|
-
|
|
628
|
|
-
|
|
Acquisition and
integration expenses
|
259
|
|
5,333
|
|
479
|
|
11,832
|
|
Amortization of
intangibles
|
1,489
|
|
1,620
|
|
2,979
|
|
3,323
|
|
Compensation under
stock-based compensation plans
|
1,162
|
|
1,998
|
|
2,819
|
|
4,884
|
|
Non-GAAP net income
(loss) from continuing operations
|
$
186
|
|
$
(5,141)
|
|
$ (10,506)
|
|
$ (13,807)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share
attributable to common stockholders, from continuing operations,
basic and diluted
|
$
(3.60)
|
|
$
(0.27)
|
|
$
(3.85)
|
|
$
(0.64)
|
|
Non-GAAP adjustments,
net of income tax:
|
|
|
|
|
|
|
|
|
Restructuring and
other expenses3
|
0.08
|
|
0.07
|
|
0.13
|
|
0.15
|
|
Impairment of
goodwill
|
3.46
|
|
-
|
|
3.47
|
|
-
|
|
Loss on sale of
assets
|
0.01
|
|
-
|
|
0.01
|
|
-
|
|
Acquisition and
integration expenses
|
0.00
|
|
0.08
|
|
0.01
|
|
0.17
|
|
Amortization of
intangibles
|
0.02
|
|
0.02
|
|
0.04
|
|
0.05
|
|
Compensation under
stock-based compensation plans
|
0.02
|
|
0.03
|
|
0.04
|
|
0.07
|
|
Non-GAAP loss per
share from continuing operations, basic and diluted
|
$
0.00
|
|
$
(0.07)
|
|
$
(0.15)
|
|
$
(0.20)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding, basic and diluted
|
68,698
|
|
68,468
|
|
68,668
|
|
68,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
For the three and six
months ended June 30, 2015 and 2014, non-GAAP net loss from
continuing operations adjustments are net of tax, calculated using
a year-to-date effective tax rate method. However, there is
no tax impact for the three and six months ended June 30, 2015 and
2014 as the Company was in an overall taxable loss position.
The Company has recorded a full valuation allowance on its deferred
tax assets and, as a result, no tax benefit is being recognized for
the non-GAAP net loss from continuing operations.
|
|
2
|
Restructuring and
other expenses and include costs associated with restructuring such
as employee severance and other benefit-related costs, third party
consulting costs, facility-related costs and certain other costs;
transitional costs such as training, redundant salaries, retention
bonuses for certain critical personnel, certain excess facility
costs for locations not yet abandoned, professional fees and other
costs related to contract terminations and closed branches which
are not classified as restructuring; and, in 2014,
investments in start-up branch locations.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bioscrip-reports-second-quarter-2015-financial-results-300125878.html
SOURCE BioScrip, Inc.