BioScrip reports Q2 revenue jump
ELMSFORD, N.Y. — BioScrip on Wednesday posted $155.9 million in second-quarter revenue, up 18.5% compared with the prior year.
"The second-quarter results demonstrate our progress in executing on our strategic plan," BioScrip president and CEO Rick Smith said. "We were able to close on the divestiture of the noncore pharmacy services assets and redeploy a portion of the proceeds towards the acquisition of InfuScience, while delivering sequential improvement on our adjusted EBITDA."
On July 31, BioScrip acquired privately held InfuScience for $38 million in cash. Headquartered in Gurnee, Ill., InfuScience acquires, develops and operates businesses providing alternate site infusion pharmacy services. InfuScience generates approximately $40 million in annual revenue and has five infusion centers located in Eagan, Minn.; Omaha, Neb.; Chantilly, Va.; Charleston, S.C.; and Savannah, Ga.
Smith continued, "The InfuScience transaction is consistent with our stated goal of building our infusion business through strategic and opportunistic acquisitions, which meet our financial criteria and build our national presence. We are pleased to have the InfuScience team join us and believe their focus on clinical excellence and high-touch service model are consistent with BioScrip's customer-centric approach."
Infusion services segment revenue was $111 million, up 23.5%, primarily due to volume growth. Home health services segment revenue for second quarter 2012 was $16.9 million, down 4.6% because of reimbursement reductions from Medicare and the state of Tennessee TennCare program. Meanwhile, PBM services segment revenue for the second quarter of 2012 was $28.1 million, up 16.7% thanks to the addition of a new Managed Medicare contract in late 2011.