During Wednesday’s afternoon trade, Shares of BioScrip Inc (NASDAQ:BIOS), surged 17.45% to $2.49.
BioScrip, Inc. (BIOS) declared 2015 third quarter financial results.
Third Quarter Highlights
- Merged Adjusted EBITDA was $6.2 million, primarily due to the early positive contributions of BioScrip’s formerly declared plan to reduce costs and focus on its core infusion business;
- Revenue from ongoing operations of $247.2 million, an enhance of $15.8 million, or 6.8%, over the preceding year period, driven by strong product revenue growth in core and chronic infusion therapies;
- Gross profit was $63.1 million, an enhance of 3.9% over $60.8 million in the third quarter of last year. As a percentage of revenue, gross profit for the quarter was 25.5%, contrast to 26.3% over the preceding year period. On a sequential basis, gross profit improved 30 basis points; and
- Net loss from ongoing operations was $24.2 million, or $0.38 loss per share.
“Our core infusion business delivered improved performance through strong revenue growth, reduced expenses and raised operating cash flow,�? said Rick Smith, Chief Executive Officer of BioScrip. “We were also able to realize meaningful cost savings through a range of targeted initiatives, counting workforce reductions, supply chain optimization and the successful sale of our non-core PBM business. We are happy with the early progress we have made on our Financial Improvement Plan, and expect to see additional benefits through the remainder of the year.�?
As the Company stated in August 2015, its Financial Improvement Plan is focused on reducing costs, improving margins, and reorganizing the Company’s structure around a more focused core infusion business. During the quarter the Company:
- Substantially accomplished the declared targeted workforce reduction and remains on track to deliver the predictable $19 million in annual cost savings;
- Made progress towards additional supply chain programs that are predictable to add $3 million in annual savings in 2016;
- Accomplished the sale of the non-core PBM business for $25 million in gross cash proceeds;
- Initiated programs to take place January 1, 2016, that are predictable to reduce corporate costs by $5 million annually;
- Initiated cost reduction programs totaling $5 million in projected annual cost savings to take effect in January 2016 from other targeted areas counting nursing, travel, office expense, and technology improved applications; and
- Continued to transition certain chronic, non-core infusion therapies to various alliance pharmacy providers, which, when fully realized, are anticipated to improve Adjusted EBITDA by about $4 million annually.
BioScrip, Inc. provides home infusion and other home care services, and pharmacy benefit administration (PBM) services in the United States. It operates in two segments, Infusion Services and PBM Services.
Shares of MannKind Corporation (NASDAQ:MNKD), declined -7.12% to $3.00, during its current trading session.
MannKind Corporation (MNKD.TA) will release its 2015 third-quarter financial results on Monday, November 9, 2015, and its administration will host a conference call to talk about the third-quarter financial results and other Company developments at 5:00 PM (Eastern Time) on November 9, 2015.
Presenting from the Company will be its Chief Executive Officer, Hakan Edstrom and Chief Financial Officer, Matthew Pfeffer.
MannKind Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic products for diabetes in the United States. Its lead product is AFREZZA inhalation powder, insulin to control high blood sugar in adult patients with type 1 and type 2 diabetes. MannKind Corporation was founded in 1991 and is headquartered in Valencia, California.
Finally, Shares of Valeant Pharmaceuticals Intl Inc(NYSE:VRX), declined -4.08% and is now trading at $93.87, after the U.S. Senates Special Committee on Aging launched a bipartisan investigation into four pharmaceutical companies counting Valeant.
The probe will focus on pharmaceutical drug pricing, following recent allegations that Valeant collaborated with specialty pharmacy Philidor to vastly inflated prices.
The committee has requested information from Valeant, in addition to Turing Pharmaceuticals, Retrophin (RTRX), and Rodelis Therapeutics. A tentative hearing has been planned for December 9.
Valeant Pharmaceuticals International, Inc. develops, manufactures, and markets pharmaceuticals, over-the-counter products, and medical devices worldwide. The company offers Solodyn to treat red and pus-filled pimples of acne in patients, in addition to Ziana, Acanya, Atralin, Retin- A Micro, and ONEXTON gel; Wellbutrin XL for major depressive disorder in adults; Jublia for onychomycosis of the toenails; Xenazine for chorea; Targretin for Cutaneous T-Cell Lymphoma; Arestin, a subgingival sustained-release antibiotic; and PROVENGE for the treatment of prostate cancer.