BioScrip boosts sales, narrows losses in Q2

Specialty pharmacy provider posts profit for first half of FY2011

ELMSFORD, N.Y. — Specialty pharmacy provider BioSrip had sales of $441.4 million and a loss of $2.3 million during second quarter 2011, the company said.

The sales figure for the quarter, which ended June 30, represented a 7.1% increase over second quarter 2010's $412 million. This included a rise in pharmacy services revenue to $332.1 million, from $305.4 million in second quarter 2010, and an increase in infusion and home health services revenue to $109.3 million, from $106.7 million the year before. The quarter's losses represented a decrease of about $0.8 million compared with second quarter 2010.

"Overall, we are making positive steps forward in establishing ourselves as a recognized national provider of infusion and pharmacy services, and the initiatives we put in place with managed care payers over the last year are beginning to produce results," BioScrip president and CEO Rick Smith said. "While there is still more work to be done, we are pleased to see progress as we look forward to the second half of the year."

For the first six months of fiscal 2011, sales were $880.7 million, compared with $747.1 million in second quarter 2010. Profits for the first six months were $0.6 million, compared with a loss of $4 million during the first six months of 2010.

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