ELMSFORD, N.Y. Bioscrip had revenues of $1.3 billion in 2009, a decline from $1.4 billion in 2008, the specialty pharmacy company said in a financial report Friday.
At the same time, profits for the year were $54.1 million, compared with a loss of $74 million in 2008 that stemmed from a $93.9 million goodwill impairment charge and intangible asset write-off that year.
Sales for fourth quarter 2009 were $341.6 million, compared with $366.6 million in fourth quarter 2008. The company attributed the decline in revenues for the quarter and the year as a whole to declines in lower-margin business resulting from the elimination of the Medicare Competitive Acquisition Program, the termination of organ transplant and HIV/AIDS contracts with United Health Group and an industry-wide AWP settlement.
With exception to the lower-margin business declines, revenues from higher-margin business for the quarter were 7.9% higher than in fourth quarter 2008. Profits for the quarter were $40.7 million, compared with a loss of $76.6 million in fourth quarter 2008 stemming from the impairment charge.
“Our 2009 results reflect the continued success of our strategy, to be the industry’s clinical leader in infusion, oral and injectable technologies and care-management programs,” BioScrip chairman and CEO Richard Friedman said in a statement. “The pending acquisition of [CHS] will enhance our position as the largest independent specialty pharmacy and leading provider of home healthcare services.”