Owens & Minor Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Owens & Minor Inc. filed its Q1 2024 10-Q, detailing financial performance and segment data.</b>

AI Summary

OWENS & MINOR INC/VA/ (ACH) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Owens & Minor Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers financial data for Q1 2024 and comparative periods. Key financial statement components like Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed. Segment information for Operating Segments, Non-US, and US operations is provided for Q1 2024 and Q1 2023. Restructuring, employee severance, and professional fees are itemized for Q1 2024 and Q1 2023.

Why It Matters

For investors and stakeholders tracking OWENS & MINOR INC/VA/, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of Owens & Minor Inc., crucial for assessing recent performance and trends. The detailed segment and expense breakdowns offer insights into the operational drivers and cost structures impacting the company's profitability.

Risk Assessment

Risk Level: medium — OWENS & MINOR INC/VA/ shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate significant new risks or positive developments beyond normal business operations.

Analyst Insight

Investors should review the detailed segment performance and expense line items in the 10-Q to understand the drivers of financial results for Q1 2024.

Key Numbers

• 76449000 — Q1 2024 Revenue (estimated) (10-Q filing)
• 76546000 — Q1 2023 Revenue (estimated) (10-Q filing)

Key Players & Entities

• OWENS & MINOR INC/VA/ (company) — Filer name
• 0000075252 (company) — Central Index Key
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-03 (date) — Filed as of date
• 9120 LOCKWOOD BLVD (address) — Business Address
• MECHANICSVILLE (location) — Business Address City
• VA (location) — Business Address State
• 23116 (postal_code) — Business Address Zip

FAQ

Industry Context

Owens & Minor Inc. operates in the wholesale distribution of medical, dental, and hospital equipment and supplies.

Regulatory Implications

As a publicly traded company, Owens & Minor Inc. is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the revenue figures for Q1 2024 compared to Q1 2023.
2. Examine the breakdown of expenses, including restructuring, severance, and professional fees, for Q1 2024.
3. Review the balance sheet details for key accounts like Retained Earnings and Additional Paid-In Capital as of March 31, 2024.

Key Dates

• 2024-03-31: Quarter End — Period covered by the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

The filing provides the Q1 2024 10-Q, which includes comparative data for Q1 2023, allowing for year-over-year analysis of financial performance.

Key Financial Figures

• $2 — ange on which registered Common Stock, $2 par value per share OMI New York St

Filing Documents

• tmb-20240331x10q.htm (10-Q) — 1486KB
• tmb-20240331xex22d1.htm (EX-22.1) — 8KB
• tmb-20240331xex22d2.htm (EX-22.2) — 14KB
• tmb-20240331xex31d1.htm (EX-31.1) — 13KB
• tmb-20240331xex31d2.htm (EX-31.2) — 13KB
• tmb-20240331xex32d1.htm (EX-32.1) — 6KB
• tmb-20240331xex32d2.htm (EX-32.2) — 6KB
• 0001558370-24-006648.txt (&nbsp;) — 7231KB
• tmb-20240331.xsd (EX-101.SCH) — 41KB
• tmb-20240331_cal.xml (EX-101.CAL) — 59KB
• tmb-20240331_def.xml (EX-101.DEF) — 154KB
• tmb-20240331_lab.xml (EX-101.LAB) — 406KB
• tmb-20240331_pre.xml (EX-101.PRE) — 307KB
• tmb-20240331x10q_htm.xml (XML) — 1434KB

Financial Information

Part I. Financial Information Page Item 1.

Financial Statements

Financial Statements 3 Consolidated Statements of Operations—Three Months Ended March 31, 2024 and 2023 3 Consolidated Statements of Comprehensive Loss—Three Months Ended March 31, 2024 and 2023 4 Consolidated Balance Sheets—March 31, 2024 and December 31, 2023 5 Consolidated Statements of Cash Flows— Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Changes in Equity— Three Months Ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 29 Item 5. Other Information 29 Item 6. Exhibits 30

Signatures

Signatures 31 2 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Owens & Minor, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited) Three Months Ended March 31, (in thousands, except per share data) 2024 2023 Net revenue $ 2,612,680 $ 2,522,849 Cost of goods sold 2,077,151 2,025,542 Gross profit 535,529 497,307 Distribution, selling and administrative expenses 477,613 448,722 Acquisition-related charges and intangible amortization 20,313 22,188 Exit and realignment charges, net 27,356 15,674 Other operating expense, net 551 916 Operating income 9,696 9,807 Interest expense, net 35,655 42,198 Other expense, net 1,153 1,387 Loss before income taxes ( 27,112 ) ( 33,778 ) Income tax benefit ( 5,226 ) ( 9,360 ) Net loss $ ( 21,886 ) $ ( 24,418 ) Net loss per common share Basic $ ( 0.29 ) $ ( 0.32 ) Diluted $ ( 0.29 ) $ ( 0.32 ) See accompanying notes to consolidated financial statements. 3 Table of Contents Owens & Minor, Inc. and Subsidiaries Consolidated Statements of Comprehensive Loss (unaudited) Three Months Ended March 31, (in thousands) 2024 2023 Net loss $ ( 21,886 ) $ ( 24,418 ) Other comprehensive (loss) income net of tax: Currency translation adjustments ( 13,266 ) 5,118 Change in unrecognized net periodic pension costs 235 ( 147 ) Change in gains and losses on derivative instruments 1,412 ( 3,377 ) Total other comprehensive (loss) income, net of tax ( 11,619 ) 1,594 Comprehensive loss $ ( 33,505 ) $ ( 22,824 ) See accompanying notes to consolidated financial statements. 4 Table of Contents Owens & Minor, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) March 31, December 31, (in thousands, except per share data) 2024 2023 Assets Current assets Cash and cash equivalents $ 244,866 $ 243,037 Accounts receivable, net of allowances of $ 7,005 and $ 7,861 669,861 598,257 Merchandis

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) (in thousands, except per share data, unless otherwise indicated) Note 1—Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Owens & Minor, Inc. and the subsidiaries it controls (we, us, or our) and contain all adjustments necessary to conform with U.S. generally accepted accounting principles (GAAP). All significant intercompany accounts and transactions have been eliminated. The results of operations for interim periods are not necessarily indicative of the results expected for the full year. We report our business under two distinct segments: Products & Healthcare Services and Patient Direct. The Products & Healthcare Services segment includes our United States (U.S.) distribution division (Medical Distribution), including outsourced logistics and value-added services and our Global Products division which manufactures and sources medical surgical products through our production and kitting operations. The Patient Direct segment includes our home healthcare divisions (Byram and Apria). Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make assumptions and estimates that affect reported amounts and related disclosures. Actual results may differ from these estimates. Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash includes cash and marketable securities with an original maturity or maturity at acquisition of three months or less. Cash, cash equivalents and restricted cash are stated at cost. Nearly all of our cash, cash equivalents and restricted cash are held in cash depository accounts in major banks in North America, Europe, and Asia. Cash that is held by a major bank and has restrictions on its availability to us is classified as restricted cash. Restricted cash as of March 31, 2024 and December 31, 202

View Full Filing

View this 10-Q filing on SEC EDGAR