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BioScrip, Inc. (BIOS) announced its results on Friday for the third quarter ended September 30, 2009.
Revenue for the third quarter of 2009 totaled $333.5 million, compared to $359.4 million for the same period a year ago. Revenue declines were expected due to the previously announced elimination of the Medicare Competitive Acquisition Program ("CAP") effective December 31, 2008 and the termination of the United Health Group ("UHG") organ transplant and HIV/AIDS contracts, partially offset by increased sales of higher margin infusion therapies and other specialty sales.
Net income for the third quarter was $5.7 million, or $0.14 per diluted share. These results compare to net income of $1.4 million, or $0.04 per share, in the third quarter of 2008. This beat analysts' estimate for net income of $0.10 per share.
Stanley Rosenbaum, CFO of BioScrip, commented, "We increased our Q3 gross margins as a result of improved product mix, elimination of lower margin business and improved supply chain programs."
Richard Smith, President and COO of BioScrip, added, "We are focused on generating a higher quality of revenue and operating income for our business. This objective will be met by successfully positioning ourselves for expansion of our national reach and local presence. We have established an aggressive agenda this year, and we are making good progress on our priorities and achieving our goals."
Richard Friedman, Chairman and CEO of BioScrip, explained, "Our strategy is providing us with a competitive edge in the marketplace. The results that we have achieved this year validate the value of our clinical model. We are delivering higher margins, higher profits and increased value to our customers and shareholders."
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