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Net sales for the third quarter of 2023 were $1,093. 0 million, an increase of 7. 1% from the third quarter of 2022.
Gross profit increased 16. 6% to $254. 3 million, representing 23. 3% of revenue.
Net source of revenue increased 45. 0% to $56. 3 million, or $0. 31 in core earnings consistent with participation.
Adjusted EBITDA increased 28. 2% to $109. 8 million.
Option Care Health Inc (NASDAQ: OPCH), the nation’s largest independent provider of home and selective infusion services, announced its financial results for the third quarter ended September 30, 2023, October 25, 2023. The company reported strong financial performance, with significant increases in net sales, gross margin and net profit.
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Option Care Health Inc (NASDAQ:OPCH) reported net sales of $1,093. 0 million for the third quarter of 2023, up 7. 1% from $1,020. 9 million at the same time last year. Gross margin also saw a significant increase, expanding 16. 6% to $254. 3 million. or 23. 3% of net sales, to $218. 0 million, or 21. 4% of net sales, in the third quarter of 2022.
The Company’s net source of revenue increased 45. 0% to $56. 3 million, or $0. 31 of fundamental earnings consistent with participation, compared to the net source of revenue of $38. 8 million, or $0. 21 of fundamental earnings consistent with participation, in the third quarter of 2022. Adjusted EBITDA also saw a very significant increase, up 28. 2% to $109. 8 million from $85. 6 million in the third quarter of 2022.
However, money from operations decreased to $61. 0 million from $87. 0 million in the third quarter of 2022. The Company’s money and money equivalents were $386. 5 million at the end of the third quarter of 2023.
The Option Care Health team continues to provide exceptional clinical effects and ordinary patient care, which contributed to strong monetary effects in the third quarter. I’m excited to build on this momentum as we close out the year and look to the future to see the effect the team will have in the context of post-acute and outpatient care for years to come. “- John C. Rademacher, Chief Executive Officer
For the full year 2023, Option Care Health expects to generate net sales of $4. 23 billion to $4. 28 billion, adjusted EBITDA of $420 million to $425 million, and operating money of at least $350 million. The company also expects an effective tax rate of approximately 27% and net interest expense of approximately $52. 0 million to $54. 0 million.
As of September 30, 2023, Option Care Health’s total existing assets were $1116. 3 million, with money and money equivalents of $386. 5 million. The company’s overall liabilities were $1803. 5 million, with existing liabilities of $624. 1 million.
Net cash flows from the Company’s operations for the nine months ended September 30, 2023 were presented in the condensed consolidated cash flow statements. However, exact figures were provided in the publication of the results.
Option Care Health’s strong monetary functionality in the third quarter of 2023 reflects its commitment to delivering exceptional clinical outcomes and patient care. As the company continues to capitalize on this momentum, investors can expect potentially physically powerful monetary effects in the future.
This article was first published on GuruFocus.