ELMSFORD, N.Y. — BioScrip experienced a boost in revenue and gross profit during first quarter 2012 ended March 31.
First-quarter revenue was $155.6 million, while gross profit was $53.5 million, or 34.4% of revenue, compared with $51.4 million, or 39.2% of revenue, in the prior-year period. However, segment adjusted EBITDA and adjusted EBITDA from continuing operations experienced losses, dropping to $15 million and $8.4 million, respectively. The company also reported a net loss of $2.7 million or 5 cents per share, compared with net income of $2.9 million, or 5 cents per diluted share, in first quarter 2011.
BioScrip noted its first-quarter results financial statements reflect the results of its discontinued operations; BioScrip's traditional and specialty pharmacy mail operations and community retail pharmacy stores were sold May 4. To underscore the sale of these assets, BioScrip also has changed the names of its operating and reportable segments from infusion/home health services and pharmacy services to infusion services, home health services and PBM services.
"Our first-quarter results demonstrated our ability to continue to execute on our strategic plan, while at the same time divesting a large portion of the company," BioScrip president and CEO Rick Smith said. "We closed the pharmacy services asset sale, marking a major milestone that allows us to accelerate the momentum of our infusion pharmacy platform expansion and to leverage our key strengths, including our differentiated offering and reputation for clinical excellence. Over the next couple of quarters we will continue to focus on reducing corporate overhead and maximizing operating efficiencies to improve operating performance and profitability."