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Option Care(OPCH) - 2024 Q3 - Quarterly Results
OPCHOption Care(OPCH)2024-10-30 10:58

Financial Performance - Net revenue for Q3 2024 was 1,278.5million,a17.01,278.5 million, a 17.0% increase from 1,093.0 million in Q3 2023[2] - Gross profit for Q3 2024 was 256.7million,representing20.1256.7 million, representing 20.1% of net revenue, compared to 254.3 million or 23.3% of net revenue in Q3 2023[2] - Net income for Q3 2024 was 53.9million,down4.353.9 million, down 4.3% from 56.3 million in Q3 2023, with diluted earnings per share remaining at 0.31[2]−AdjustednetincomeforQ32024was0.31[2] - Adjusted net income for Q3 2024 was 70.7 million, a decrease of 3.2% from 73.1millioninQ32023[2]−AdjustedEBITDAforQ32024was73.1 million in Q3 2023[2] - Adjusted EBITDA for Q3 2024 was 115.6 million, up 5.3% from 109.8millioninQ32023[2]−NetincomefortheninemonthsendedSeptember30,2024,was109.8 million in Q3 2023[2] - Net income for the nine months ended September 30, 2024, was 151,690,000, a decrease of 27.8% compared to 209,913,000forthesameperiodin2023[14]−EBITDAfortheninemonthsendedSeptember30,2024,was209,913,000 for the same period in 2023[14] - EBITDA for the nine months ended September 30, 2024, was 286,729,000, down 21.4% from 365,056,000intheprioryear[15]−AdjustednetincomefortheninemonthsendedSeptember30,2024,was365,056,000 in the prior year[15] - Adjusted net income for the nine months ended September 30, 2024, was 197,329,000, an increase of 3.7% compared to 190,621,000forthesameperiodin2023[15]−Thecompany’sdilutedearningspersharefortheninemonthsendedSeptember30,2024,was190,621,000 for the same period in 2023[15] - The company’s diluted earnings per share for the nine months ended September 30, 2024, was 0.87, down from 1.16inthesameperiodof2023[15]−Thecompany’sadjustedearningspersharefortheninemonthsendedSeptember30,2024,was1.16 in the same period of 2023[15] - The company’s adjusted earnings per share for the nine months ended September 30, 2024, was 1.14, compared to 1.05forthesameperiodin2023,reflectinganincreaseof8.61.05 for the same period in 2023, reflecting an increase of 8.6%[15] Cash Flow and Liquidity - Cash flow from operations for Q3 2024 was 160.4 million, significantly higher than 61.0millioninQ32023[2]−CashandcashequivalentsattheendofQ32024were61.0 million in Q3 2023[2] - Cash and cash equivalents at the end of Q3 2024 were 483.0 million, an increase from 343.8millionattheendof2023[10]−NetcashprovidedbyoperatingactivitiesfortheninemonthsendedSeptember30,2024,was343.8 million at the end of 2023[10] - Net cash provided by operating activities for the nine months ended September 30, 2024, was 287,270,000, compared to 320,326,000inthesameperiodof2023,reflectingadecreaseof10.3320,326,000 in the same period of 2023, reflecting a decrease of 10.3%[14] - Cash and cash equivalents at the end of the period increased to 483,026,000 from 386,489,000,representingagrowthof25.0386,489,000, representing a growth of 25.0% year-over-year[14] Investment and Stock Activity - The company repurchased approximately 41.9 million of stock in Q3 2024[2] - The company reported a net cash used in investing activities of 25,266,000fortheninemonthsendedSeptember30,2024,adecreasefrom25,266,000 for the nine months ended September 30, 2024, a decrease from 40,725,000 in the prior year[14] Operational Challenges - Supply chain disruptions related to intravenous solution bags are anticipated to negatively impact Q4 2024 financial results[2] - The company experienced a significant increase in accounts payable, which rose to 164,754,000from164,754,000 from 50,726,000, indicating a change in working capital dynamics[14] - The company’s interest expense for the nine months ended September 30, 2024, was 38,150,000,slightlydownfrom38,150,000, slightly down from 38,816,000 in the previous year[15] Future Outlook - The company expects full year 2024 net revenue to be between 4.9billionand4.9 billion and 4.95 billion[3]