Boston, MA 05/12/2014 (wallstreetpr) – BioScript Inc. (NASDAQ:BIOS) first quarter results reflect the company’s effort in achieving a viable strategic platform in the home infusion industry, as well as generating strong cash collections. The quarter saw the company reach double digit organic growth in infusion Services with further growth expected through the expanded operating footprint.
Revenue Grow with new Acquisitions
BioScript completed the integration of its infusion locations into a single operating platform which has already seen the realization of improved efficiencies in business and product optimization. Cash collection efforts continue to yield financial flexibility sure to facilitate execution of long-term plans. BioScript Inc. (NASDAQ:BIOS) is now focused on implementing initiatives sure to drive organic growth in core businesses.
Revenue growth in the quarter was primarily driven by the acquisitions of HomeChoice and CarePoint which contributed a significant amount of revenues. Ongoing strong double digit growth in Organic growth also continues to have a major impact in the company’s revenue. Total revenue for the quarter was consequently upbeat at $239.6 million compared to $181.1 million reported last year.
BioScript Q1 Financials
With the spin-off of the company’s Home Health business, BioScript was essentially left with two main segments of viz infusion Services and PBM services. As a result of the spin-off, the company’s net loss from continuing operations widened to 17 cents a share wider than last year by a penny. Infusion segment accounted for 92% of the total revenue at $221.4 million representing a 43.4% year over year growth. PBM Services accounted for 8% of total revenues at $18.2 million representing a 31.9% downfall from last year. Decline in PBM revenue was as a result of a termination of a large low margin contract.
BioScript Inc. (NASDAQ:BIOS)’s cost of product revenues increased by 43.9% to $215.9 million with the cost of service revenues declining by23.7% to $23.9 million. BioScript infusion franchise is in line to grow through organic and inorganic means. Recent acquisitions and sell outs are expected to be accretive of the company’s top line. With Infusion services expected to deliver double digit organic revenue growth, BioScript Inc. (NASDAQ:BIOS) expects its 2014 revenue to be in the range of between $940 million and $980 million.
