Option Care Health, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Option Care Health, Inc. (OPCH) filed its Q1 2024 10-Q, detailing financial performance and corporate structure.</b>

AI Summary

Option Care Health, Inc. (OPCH) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Option Care Health, Inc. filed a 10-Q report for the period ending March 31, 2024. The company was formerly known as BioScrip, Inc. and MIM CORP. The filing includes data related to common stock, preferred stock, and treasury stock. Financial data includes retained earnings and accumulated other comprehensive income. The report details revenue from contracts with customers, including risks related to largest payers and government healthcare programs.

Why It Matters

For investors and stakeholders tracking Option Care Health, Inc., this filing contains several important signals. This filing provides investors with the latest quarterly financial performance and operational details of Option Care Health, Inc. Understanding the company's financial health, including revenue streams and stock information, is crucial for investment decisions.

Risk Assessment

Risk Level: medium — Option Care Health, Inc. shows moderate risk based on this filing. The company's reliance on 'LargestPayerMember' and 'GovernmentHealthcareProgramsMember' for revenue introduces concentration risk, as indicated in the filing.

Analyst Insight

Investors should analyze the revenue breakdown and customer concentration risks to assess the stability of Option Care Health's earnings.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-04-23 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period)

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 (location) — Business and mailing address
• BANNOCKBURN (location) — City for business and mailing address
• IL (location) — State for business and mailing address
• 60015 (location) — ZIP code for business and mailing address

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: Revenue is subject to concentration risk from the largest payer and government healthcare programs.

Industry Context

Option Care Health operates in the home health care services industry, providing specialized services to patients in their homes.

Regulatory Implications

As a publicly traded company, Option Care Health is subject to SEC regulations and reporting requirements, including the filing of 10-Q reports.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for revenue, expenses, and profitability trends.
2. Analyze the risk factors section for potential challenges and their impact on the company's operations.
3. Compare the current quarter's performance against historical data and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-23: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition and performance.)

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

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

Filing Documents

• bios-20240331.htm (10-Q) — 744KB
• ex101-optioncarexexecutive.htm (EX-10.1) — 41KB
• ex102-optioncarexexecutive.htm (EX-10.2) — 35KB
• ex103-optioncarexexecutive.htm (EX-10.3) — 37KB
• ex104-optioncarexdirectorx.htm (EX-10.4) — 24KB
• opch-ex311x2024033110xq.htm (EX-31.1) — 8KB
• opch-ex312x2024033110xq.htm (EX-31.2) — 8KB
• opch-ex321x2024033110xq.htm (EX-32.1) — 4KB
• opch-ex322x2024033110xq.htm (EX-32.2) — 4KB
• bios-20240331_g1.jpg (GRAPHIC) — 15KB
• image_0.jpg (GRAPHIC) — 122KB
• image_0a.jpg (GRAPHIC) — 122KB
• 0001014739-24-000022.txt (&nbsp;) — 5213KB
• bios-20240331.xsd (EX-101.SCH) — 32KB
• bios-20240331_cal.xml (EX-101.CAL) — 65KB
• bios-20240331_def.xml (EX-101.DEF) — 149KB
• bios-20240331_lab.xml (EX-101.LAB) — 496KB
• bios-20240331_pre.xml (EX-101.PRE) — 335KB
• bios-20240331_htm.xml (XML) — 507KB

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets 5 Unaudited Condensed Consolidated Statements of Comprehensive Income 6 Unaudited Condensed Consolidated Statements of Cash Flows 7 Unaudited Condensed Consolidated Statements of Stockholders' Equity 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 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 28 Item 4.

Controls and Procedures

Controls and Procedures 28 PART II Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

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

SIGNATURES

SIGNATURES 30 2 Unless the context requires otherwise, references in this Quarterly Report on Form 10-Q (this "Form 10-Q") to "Option Care Health," the "Company," "we," "us" and "our" refer to Option Care Health, Inc. and its consolidated subsidiaries.

Forward-Looking Statements

Forward-Looking Statements This Form 10-Q includes forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including, without limitation, statements concerning our expectations regarding industry and macroeconomic trends and our operating performance. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," "may," "should," "will" and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. If any of these risks materialize, or if any of our assumptions underlying forward-looking statements prove incorrect, actual results and developments may differ materially from those made in or suggested by the forward-looking statements contained in this Form 10-Q. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, those set forth in Item 1A, "Risk Factors," of Part I of our Annual Report on Form 10-K for the year ended December 31, 2023 (our "Form 10-K") filed with the U.S. Securities and Exchange Commission (the "SEC"). Although we have attempted to identify important risk factors, there may be other risk factors not presently known to us or that we presently believe are not material that could cause actual results and developments to differ materially from those made in or sugg

Financial Statements

Item 1. Financial Statements 4 Table of Contents OPTION CARE HEALTH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS) March 31, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 219,513 $ 343,849 Accounts receivable, net 573,650 377,658 Inventories 241,948 274,004 Prepaid expenses and other current assets 94,603 98,744 Total current assets 1,129,714 1,094,255 NONCURRENT ASSETS: Property and equipment, net 120,969 120,630 Operating lease right-of-use asset 87,789 84,159 Intangible assets, net 19,317 20,092 Referral sources, net 307,482 315,304 Goodwill 1,540,246 1,540,246 Other noncurrent assets 44,045 42,349 Total noncurrent assets 2,119,848 2,122,780 TOTAL ASSETS $ 3,249,562 $ 3,217,035 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 485,736 $ 426,513 Accrued compensation and employee benefits 42,624 92,508 Accrued expenses and other current liabilities 83,383 75,010 Current portion of operating lease liability 19,209 18,278 Current portion of long-term debt 6,000 6,000 Total current liabilities 636,952 618,309 NONCURRENT LIABILITIES: Long-term debt, net of discount, deferred financing costs and current portion 1,056,282 1,056,650 Operating lease liability, net of current portion 89,207 85,484 Deferred income taxes 37,884 34,920 Other noncurrent liabilities 89 — Total noncurrent liabilities 1,183,462 1,177,054 Total liabilities 1,820,414 1,795,363 STOCKHOLDERS' EQUITY: Preferred stock; $ 0.0001 par value; 12,500,000 shares authorized, no shares outstanding as of March 31, 2024 and December 31, 2023 — — Common stock; $ 0.0001 par value: 250,000,000 shares authorized, 183,397,817 shares issued and 173,816,056 shares outstanding as of March 31, 2024; 182,905,559 shares issued and 174,575,537 shares outstanding as of December 31, 2023 18 18 Treasury stock; 9,581,761 and 8,330,022 shares outstanding, at cost,

View Full Filing

View this 10-Q filing on SEC EDGAR