BioScrip Inc. (BIOS)

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BioScrip Reports 2011 First Quarter Financial Results

ELMSFORD, N.Y., May 03, 2011 (BUSINESS WIRE) -- BioScrip, Inc. (NASDAQ: BIOS) today announced 2011 first quarter financial results. First quarter revenue for the period ended March 31, 2011, was $439.3 million with net income of $2.9 million, or $0.05 per diluted share. Adjusted EBITDA for the first quarter was $16.6 million.

First Quarter Highlights

Revenue was $439.3 million, an increase of $104.2 million or 31.1% compared to prior year;
Gross profit was $77.3 million or 17.6% of sales, compared to $38.9 million or 11.6% of sales in the prior year;
Adjusted EBITDA generated by the segments before allocation of corporate expenses was $25.1 million, compared to $10.8 million last year;
Adjusted EBITDA was $16.6 million, compared to $2.7 million in the prior year;
Net income was $2.9 million, or $0.05 per diluted share, compared to prior year net loss of $7.2 million, or $0.18 per share;
Reduced debt by $28.8 million in the first quarter and in compliance with all debt covenants;
Cash provided by operating activities was $31.7 million.

Rick Smith, President and Chief Executive Officer of BioScrip, stated, "We are beginning to realize early results of the restructuring efforts put in place last year, particularly in reducing our overall expenses. As a result, the first quarter benefited from operating cash flow of $31.7 million and a reduction in debt of $28.8 million. Margins were up sequentially as a result of the actions taken under our strategic assessment, including focusing on improving revenue mix, supply chain initiatives and other cost reductions measures. While there is still more work to do, we believe that we are making progress in the right direction."

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