BioScrip Inc. (BIOS, Financial) filed Quarterly Report for the period ended 2012-03-31.
Bioscrip Inc has a market cap of $416.7 million; its shares were traded at around $7.67 with a P/E ratio of 18.3 and P/S ratio of 0.2.
Home Health Services segment revenue for the three months ended March 31, 2012 was $16.7 million, compared to revenue of $17.2 million for the same period in 2011, a decrease of $0.5 million, or 2.9%. This change in service revenue resulted from a decrease in Medicare home health rates for the calendar year 2012 and TennCare's 4.25% decrease in reimbursement rates as of July 31, 2011 and January 1, 2012.
PBM Services segment revenue for the three months ended March 31, 2012 was $29.9 million compared to revenue of $21.9 million for the same period in 2011, an increase of $8.0 million, or 36.4%. This increase in service revenue of $8.0 million, or 36.4%, was due primarily to an increase in volume from the funded business, partially offset by a rate reduction on the discount cash card business.
Cost of Revenue and Gross Profit. Cost of revenue for the three months ended March 31, 2012 was $102.1 million compared to $79.5 million for the same period in 2011. Gross profit for the three months ended March 31, 2012 was $53.5 million compared to $51.4 million for the same period in 2011, an increase of $2.2 million, or 4.2%. The increase in gross profit dollars was due to growth in the volume of revenue in the Infusion Services segment and growth in the PBM Services segment's business.
Selling, General and Administrative Expenses. Selling, general and administrative expenses ("SG&A") for the three months ended March 31, 2012 were $44.7 million, or 28.7% of total revenue, compared to $41.4 million, or 31.6% of total revenue, for the same period in 2010. The increase in SG&A was primarily due to an increase of $1.6 million in brokers' fees related to growth in our discount cash card programs and a $1.2 million increase in salaries and employee benefits due to volume growth in the Infusion Services and Home Health Services segments. As volumes in the Infusion Services segment expand, we continue to see a leverage of our cost structure which results in reduced SG&A as a percentage of revenue.
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Bioscrip Inc has a market cap of $416.7 million; its shares were traded at around $7.67 with a P/E ratio of 18.3 and P/S ratio of 0.2.
Highlight of Business Operations:
Infusion segment revenue for the three months ended March 31, 2012 was $109.1 million, compared to revenue of $91.7 million for the same period in 2011, an increase of $17.3 million, or 18.9%. Product revenue increased $17.0 million, or 19.0%, as a result of overall volume growth. Service revenue increased $0.3 million, or 15.8%, as a result of a related increase in the volume of infusion nursing visits.Home Health Services segment revenue for the three months ended March 31, 2012 was $16.7 million, compared to revenue of $17.2 million for the same period in 2011, a decrease of $0.5 million, or 2.9%. This change in service revenue resulted from a decrease in Medicare home health rates for the calendar year 2012 and TennCare's 4.25% decrease in reimbursement rates as of July 31, 2011 and January 1, 2012.
PBM Services segment revenue for the three months ended March 31, 2012 was $29.9 million compared to revenue of $21.9 million for the same period in 2011, an increase of $8.0 million, or 36.4%. This increase in service revenue of $8.0 million, or 36.4%, was due primarily to an increase in volume from the funded business, partially offset by a rate reduction on the discount cash card business.
Cost of Revenue and Gross Profit. Cost of revenue for the three months ended March 31, 2012 was $102.1 million compared to $79.5 million for the same period in 2011. Gross profit for the three months ended March 31, 2012 was $53.5 million compared to $51.4 million for the same period in 2011, an increase of $2.2 million, or 4.2%. The increase in gross profit dollars was due to growth in the volume of revenue in the Infusion Services segment and growth in the PBM Services segment's business.
Selling, General and Administrative Expenses. Selling, general and administrative expenses ("SG&A") for the three months ended March 31, 2012 were $44.7 million, or 28.7% of total revenue, compared to $41.4 million, or 31.6% of total revenue, for the same period in 2010. The increase in SG&A was primarily due to an increase of $1.6 million in brokers' fees related to growth in our discount cash card programs and a $1.2 million increase in salaries and employee benefits due to volume growth in the Infusion Services and Home Health Services segments. As volumes in the Infusion Services segment expand, we continue to see a leverage of our cost structure which results in reduced SG&A as a percentage of revenue.
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