BioScrip reports Q4, full-year sales results
ELMSFORD, N.Y. — Specialty pharmacy provider BioScrip had sales of $450.4 million in fourth quarter 2010 and $1.6 billion for the year as a whole, according to financial results released Friday.
Sales for the quarter were $108.8 million higher than in fourth quarter 2009, while sales for the fiscal year were $300 million higher than in fiscal year 2009. However, the company still had net losses of $67.1 million for the quarter and $69.1 million for the year.
“2010 was a challenging year for BioScrip,” the company's president and CEO Rick Smith said. “During the year, revenue and margins were impacted by pricing concessions on various specialty drugs, reimbursement pressures, the new industrywide [average wholesale price] standard and the overall impact of the weak economic environment. As a result, we commenced a strategic assessment of our business lines and overhead structure to position BioScrip for the future.”
Highlights for the year included the acquisition of CHS, which Smith said bolstered the company’s position in infusion and home services.
“We believe there are significant opportunities for BioScrip to improve operating performance and cash-flow generation,” Smith said.