Option Care Health Files Q3 2024 10-Q

Ticker: OPCH · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 1014739

Sentiment: neutral

Topics: 10-Q, healthcare, financials

TL;DR

Option Care Health's Q3 2024 10-Q is in. Financials and operations detailed.

AI Summary

Option Care Health, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial figures and business segments are presented, reflecting the company's ongoing activities in the home health care services sector.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Option Care Health, Inc., crucial for understanding the company's current health and future prospects in the home health care market.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is September 30, 2024.

What is the company's primary industry?

Option Care Health, Inc. operates in the SERVICES-HOME HEALTH CARE SERVICES sector, with SIC code 8082.

When was Option Care Health, Inc. previously known as BioScrip, Inc.?

The company's name was changed from BioScrip, Inc. on March 14, 2005.

What is the company's state of incorporation?

Option Care Health, Inc. is incorporated in Delaware (DE).

What is the fiscal year end for Option Care Health, Inc.?

The fiscal year end for Option Care Health, Inc. is December 31 (1231).

Filing Stats: 4,684 words · 19 min read · ~16 pages · Grade level 14.2 · Accepted 2024-10-30 16:00:49

Key Financial Figures

Filing Documents

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 32 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 5. Other Information 34 Item 6. Exhibits 35

SIGNATURES

SIGNATURES 35 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) September 30, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 483,026 $ 343,849 Accounts receivable, net 428,951 377,658 Inventories 310,599 274,004 Prepaid expenses and other current assets 98,798 98,744 Total current assets 1,321,374 1,094,255 NONCURRENT ASSETS: Property and equipment, net 125,911 120,630 Operating lease right-of-use asset 89,210 84,159 Intangible assets, net 17,768 20,092 Referral sources, net 291,839 315,304 Goodwill 1,540,246 1,540,246 Other noncurrent assets 41,379 42,349 Total noncurrent assets 2,106,353 2,122,780 TOTAL ASSETS $ 3,427,727 $ 3,217,035 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 591,971 $ 426,513 Accrued compensation and employee benefits 60,835 92,508 Accrued expenses and other current liabilities 81,893 75,010 Current portion of operating lease liability 22,013 18,278 Current portion of long-term debt 6,512 6,000 Total current liabilities 763,224 618,309 NONCURRENT LIABILITIES: Long-term debt, net of discount, deferred financing costs and current portion 1,105,106 1,056,650 Operating lease liability, net of current portion 87,879 85,484 Deferred income taxes 45,008 34,920 Other noncurrent liabilities 279 — Total noncurrent liabilities 1,238,272 1,177,054 Total liabilities 2,001,496 1,795,363 STOCKHOLDERS' EQUITY: Preferred stock; $ 0.0001 par value; 12,500,000 shares authorized, no shares outstanding as of September 30, 2024 and December 31, 2023 — — Common stock; $ 0.0001 par value: 250,000,000 shares authorized, 183,793,536 shares issued and 170,146,331 shares outstanding as of September 30, 2024; 182,905,559 shares issued and 174,575,537 shares outstanding as of December 31, 2023 18 18 Treasury stock; 13,647,205 and 8,330,022 shares outstand

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