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Bioscrip Inc. has a market cap of $289 million; its shares were traded at around $5.44 with a P/E ratio of 17.8 and P/S ratio of 0.2.
Highlight of Business Operations:Infusion/Home Health Services segment revenue for the three months ended June 30, 2011 was $109.3 million, compared to revenue of $106.7 million for the same period in 2010, an increase of $2.7 million, or 2.5%. Product revenue increased $3.9 million, or 4.6%, as a result of growth in several therapies, mostly factor therapy, due to an increase in marketing and sales efforts. Service revenue decreased by $1.3 million, or 6.1%, as a result of a 5.22% decrease in Medicare home health rates for the calendar year 2011, decreases in other reimbursement rates and changes in certain reimbursement structures.
Infusion/Home Health Services segment revenue for the six months ended June 30, 2011 was $219.8 million, compared to revenue of $152.8 million for the same period in 2010, an increase of $67.0 million, or 43.9%. Product revenue increased $52.0 million, or 40.4%, as a result of incremental revenue contributed by the legacy Critical Homecare Solutions, Inc. (“CHS”) business, which was acquired March 25, 2010. Excluding revenue associated with the acquired CHS business, our product revenue increased $2.5 million, or 3.0%, over the prior period as a result of volume growth. Service revenue increased $15.0 million, or 62.8%, as a result of incremental revenue contributed by the legacy CHS business, which was acquired in March 2010.
Cost of Revenue and Gross Profit. Cost of revenue for the three months ended June 30, 2011 was $365.2 million compared to $338.5 million for the same period in 2010. Gross profit for the three months ended June 30, 2011 was $76.2 million compared to $73.5 million for the same period in 2010, an increase of $2.7 million, or 3.7%. Gross profit as a percentage of revenue decreased to 17.3% in the three months ended June 30, 2011 from 17.8% in the three months ended June 30, 2010. This decrease was mainly the result of reduced reimbursement rates from moving patients served from an out-of-network provider status to a contracted relationship.
Cost of revenue for the six months ended June 30, 2011 was $727.2 million compared to $634.7 million for the same period in 2010. Gross profit for the six months ended June 30, 2011 was $153.5 million compared to $112.4 million for the same period in 2010, an increase of $41.0 million, or 36.5%. Gross profit as a percentage of revenue increased to 17.4% in the six months ended June 30, 2011 from 15.0% in the six months ended June 30, 2010. The increase in gross profit and in gross profit as a percentage of revenue was primarily the result of the acquisition of CHS and purchasing synergies generated post-acquisition. In addition, the gross profit percentage increased due to our continued focus on those revenue sources which contribute to gross margin improvement.
Interest Expense, Net. Net interest expense was $7.2 million for the three months ended June 30, 2011, compared to $8.2 million for the same period in 2010. The decrease in interest expense was due to a lower average debt balance compared to prior year and more favorable terms from the amended and restated senior secured facility entered into on December 28, 2010. Interest expense for the three months ended June 30, 2011 included $6.0 million of interest expense related to our $225.0 million of senior unsecured notes and $1.1 million related to the $150.0 million senior secured revolving credit facility.
Net interest expense was $14.4 million for the six months ended June 30, 2011, compared to $11.4 million for the same period in 2010. The increase in interest expense was due to a full six months of interest in 2011 on the debt instruments primarily used to finance the CHS acquisition. Interest expense for the six months ended June 30, 2011 included $12.0 million of interest expense related to our $225.0 million of senior unsecured notes and $2.4 million related to the $150.0 million senior secured revolving credit facility.
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