Option Care Health, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Option Care Health, Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

Option Care Health, Inc. (OPCH) filed a Annual Report (10-K) with the SEC on February 22, 2024. Option Care Health, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company's principal executive offices are located at 3000 Lakeside Dr, Suite 300N, Bannockburn, IL 60015. Option Care Health, Inc. was formerly known as BioScrip, Inc. and MIM CORP. The company is incorporated in Delaware (DE). The filing covers the fiscal year from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking Option Care Health, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Option Care Health's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and outlook. Understanding the company's historical structure, including its former names (BioScrip, Inc. and MIM CORP), provides context for its evolution and potential strategic shifts.

Risk Assessment

Risk Level: low — Option Care Health, Inc. shows low risk based on this filing. The risk level is assessed as low because the filing is a standard annual report (10-K) and does not contain immediate, significant negative disclosures, but rather a comprehensive review of the past fiscal year.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K filing to understand Option Care Health's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-22 — Filing Date (As of date)
• 10-K — Form Type (SEC filing type)
• 0001014739-24-000009 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• Option Care Health, Inc. (company) — Filer name
• BioScrip, Inc. (company) — Former company name
• MIM CORP (company) — Former company name
• 3000 Lakeside Dr, Suite 300N, Bannockburn, IL 60015 (location) — Business address
• DE (location) — State of incorporation
• 2023-12-31 (date) — Fiscal year end
• 2024-02-22 (date) — Filing date

FAQ

Industry Context

Option Care Health operates in the home health care services industry, providing specialized infusion and nursing services in patients' homes.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and debt levels.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Examine management's discussion and analysis (MD&A) for insights into operational performance and strategic initiatives.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023. Previous filings would have been for earlier periods.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share OPCH Nasdaq Global

Filing Documents

• bios-20231231.htm (10-K) — 1578KB
• ex1016-formofletteragreeme.htm (EX-10.16) — 10KB
• opch-ex211x20231231x10k.htm (EX-21.1) — 48KB
• opch-ex231x20231231x10k.htm (EX-23.1) — 2KB
• opch-ex311x20231231x10k.htm (EX-31.1) — 8KB
• opch-ex312x20231231x10k.htm (EX-31.2) — 8KB
• opch-ex321x20231231x10k.htm (EX-32.1) — 4KB
• opch-ex322x20231231x10k.htm (EX-32.2) — 4KB
• ex97-requiredexecutivecomp.htm (EX-97) — 24KB
• bios-20231231_g1.jpg (GRAPHIC) — 245KB
• bios-20231231_g2.jpg (GRAPHIC) — 284KB
• image_0a.jpg (GRAPHIC) — 7KB
• 0001014739-24-000009.txt (&nbsp;) — 10490KB
• bios-20231231.xsd (EX-101.SCH) — 55KB
• bios-20231231_cal.xml (EX-101.CAL) — 104KB
• bios-20231231_def.xml (EX-101.DEF) — 339KB
• bios-20231231_lab.xml (EX-101.LAB) — 926KB
• bios-20231231_pre.xml (EX-101.PRE) — 595KB
• bios-20231231_htm.xml (XML) — 1236KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. Reserved 31 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 74 Item 9A.

Controls and Procedures

Controls and Procedures 74 Item 9B. Other Information 76 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 76 PART III Item 10. Directors, Executive Officers and Corporate Governance 76 Item 11.

Executive Compensation

Executive Compensation 76 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 76 Item 13. Certain Relationships and Related Transactions, and Director Independence 76 Item 14. Principal Accountant Fees and Services 76 PART IV Item 15. Exhibits and Financial Statement Schedules 77 Item 16. Form 10-K Summary 79

SIGNATURES

SIGNATURES 80 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K ("Annual Report") contains statements not purely historical and which may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding our expectations, beliefs, future plans and strategies, anticipated events or trends concerning matters that are not historical facts or that necessarily depend upon future events. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "project," "predict," "potential," "intend," and similar expressions. This Annual Report contains, among others, forward-looking statements based upon current expectations that involve numerous risks and uncertainties, including those described in Item 1A. "Risk Factors". Investors are cautioned that any such forward-looking statements are not guarantees of future performance, involve risks and uncertainties and that actual results may differ materially from those possible results discussed in the forward-looking statements as a result of various factors. Do not place undue reliance on such forward-looking statements as they speak only as of the date they are made. Except as required by law, Option Care Health, Inc. assumes no obligation to publicly update or revise any forward-looking statement even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. 3 Table of Contents PART I

Business

Item 1. Business Overview Option Care Health, Inc. ("Option Care Health", "we", "us", "our", or the "Company") is the largest independent provider of home and alternate site infusion services through its national network of 177 locations in 43 states. Option Care Health draws on over 40 years of clinical care experience to offer patient-centered, cost-effective infusion therapy. Option Care Health's infusion services include the clinical management of infusion therapy, nursing support and care coordination. Option Care Health's multidisciplinary team of more than 4,500 clinicians, including pharmacists, pharmacy technicians, nurses and dietitians, are able to provide infusion service coverage for nearly all patients across the United States ("U.S.") needing treatment for complex and chronic medical conditions. On April 7, 2015, HC Group Holdings II, Inc. ("HC II") and its sole shareholder, HC Group Holdings I, LLC. ("HC I"), collectively acquired Walgreens Infusion Services, Inc. and its subsidiaries from Walgreen Co., and the business was rebranded as Option Care, Inc. ("Option Care"). On March 14, 2019, HC I and HC II entered into a definitive agreement to merge with and into a wholly-owned subsidiary of BioScrip, Inc. ("BioScrip") (the "Merger"), a national provider of infusion and home care management solutions, which was completed on August 6, 2019 (the "Merger Date"). Following the close of the Merger, BioScrip was rebranded as Option Care Health, Inc. Option Care Health contracts with managed care organizations, third-party payers, hospitals, physicians and other referral sources to provide pharmaceuticals and complex compounded solutions to patients for intravenous delivery in the patients' homes or other nonhospital settings. Our services are provided in coordination with, and under the direction of, the patient's physician. Our multidisciplinary team of clinicians, including pharmacists, nurses, dietitians and respiratory therapists, work with the phy

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View this 10-K filing on SEC EDGAR