Option Care Health, Inc.: Option Care Health Announces Financial Results for the First Quarter Ended March 31, 2026

BANNOCKBURN, Ill., April 30, 2026 (GLOBE NEWSWIRE) -- Option Care Health, Inc. (the "Company" or "Option Care Health") (Nasdaq: OPCH), the nation's largest independent provider of home and alternate site infusion services, announced today financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights
(year-over-year comparisons unless otherwise noted)

• Net revenue of $1,350.7 million, up 1.3%
• GAAP Net income of $45.3 million, down 3.0%
• GAAP diluted earnings per share of $0.29, up 3.6%
• Adjusted EBITDA of $104.8 million, down 6.3%
• Adjusted diluted earnings per share of $0.40, flat to the first quarter of 2025
• Cash used in operating activities of $12.1 million
• Repurchased $17.5 million of stock in the quarter
• Revolving credit facility expanded from $400 million to $850 million
  
  

"The first quarter reflected a mixed performance for our business, and we are not satisfied with our revenue growth momentum," commented John C. Rademacher, President & Chief Executive Officer, Option Care Health. "Our team continues to provide high-quality care for patients and deepen relationships with key stakeholders and our foundation remains strong. We are an execution-driven organization and are taking decisive actions to re-accelerate our growth trajectory and position us for greater long-term value creation."

Updated Full Year 2026 Financial Guidance
For the full year 2026, Option Care Health now expects to generate:

• Net revenue of $5.675 billion to $5.775 billion
• Adjusted diluted earnings per share of $1.82 to $1.92
• Adjusted EBITDA of $480 million to $505 million
• Cash provided by operating activities of at least $320 million
  
  

Conference Call

Option Care Health will host a conference call to discuss its results on Thursday, April 30, 2026, at 8:30 a.m. ET. The conference call can be accessed via a live audio webcast that will be available online at investors.optioncarehealth.com. A replay of the call will be available at the same web link for 90 days after the call.

About Option Care Health

Option Care Health is the nation's largest independent provider of home and alternate site infusion services. With over 8,000 team members, including more than 5,000 clinicians, we work compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through our clinical leadership, expertise and national scale, Option Care Health is reimagining the infusion care experience for patients, customers and team members. To learn more, please visit our website at optioncarehealth.com

Investor Contact

Nicole Maggio
Senior Vice President, Corporate Controller
[e-mail]

Forward-Looking Statements - Safe Harbor

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements the Company may make regarding future revenues, future earnings, other future financial results, regulatory developments, market developments, new products and growth strategies and the effects of any of the foregoing on its future results of operations or financial condition.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. The Company's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause the Company's actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: changes in laws, regulations or trade policies applicable to its business model; loss of relationships with managed care organizations and other non-governmental third party payers; changes in the pharmaceutical industry, including limiting or discontinuing research, development, production and marketing of pharmaceuticals compatible with its services; changes in market conditions and receptivity to its services and offerings; and pending and future litigation or potential liability for claims not covered by insurance. For a detailed discussion of the risk factors that could affect its actual results, please refer to the risk factors identified in the Company's SEC reports as filed with the SEC.

Any forward-looking statement made by the Company in this press release is based only on information currently available to it and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Note Regarding Use of Non-GAAP Financial Measures

In addition to reporting financial information in accordance with generally accepted accounting principles (GAAP), the Company is also reporting Adjusted net income, Adjusted EBITDA and Adjusted diluted earnings per share ("EPS"), which are non-GAAP financial measures. These adjusted measures are not measurements of financial performance under GAAP and should not be used in isolation or as a substitute or alternative to net income, EPS, or any other performance measure derived in accordance with GAAP, or as a substitute or alternative to cash flow from operating activities or a measure of the Company's liquidity. In addition, the Company's definitions of Adjusted net income, Adjusted EBITDA, and Adjusted diluted EPS may not be comparable to similarly titled non-GAAP financial measures reported by other companies. As defined by the Company: (i) Adjusted net income represents net income before intangible asset amortization expense, stock-based compensation expense, loss on extinguishment of debt, and restructuring, acquisition, integration and other expenses, net of tax adjustments, (ii) Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, stock-based compensation expense, loss on extinguishment of debt, and restructuring, acquisition, integration and other expenses, and (iii) Adjusted diluted EPS represents Adjusted net income divided by weighted average common shares outstanding, diluted. As part of restructuring, acquisition, integration and other expenses, the Company may incur significant charges such as the write down of certain long-lived assets, temporary redundant expenses, professional fees, certain litigation expenses and reserves related to acquired businesses, potential retention and severance costs and potential accelerated payments or termination costs for certain of its contractual obligations. Management believes that these adjusted measures provide useful supplemental information regarding the performance of Option Care Health's business operations and facilitate comparisons to the Company's historical operating results. The Company has not reconciled Adjusted EBITDA guidance to net income or Adjusted diluted EPS guidance to GAAP diluted EPS as management believes creation of this reconciliation would not be practicable due to the uncertainty regarding, and potential variability of, material reconciling items. Full reconciliations of each historical adjusted measure to the most comparable GAAP financial measure are set forth below.

Schedule 1

OPTION CARE HEALTH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)(UNAUDITED)

	March 31, 2026				December 31, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	-	177,321			-	232,624
Accounts receivable, net		516,436				473,566
Inventories		415,686				471,149
Prepaid expenses and other current assets		85,664				87,629
Total current assets		1,195,107				1,264,968
NONCURRENT ASSETS:
Property and equipment, net		139,939				139,236
Intangible assets, net		21,063				21,897
Referral sources, net		278,845				287,281
Goodwill		1,606,743				1,606,743
Other noncurrent assets		138,403				135,644
Total noncurrent assets		2,184,993				2,190,801
TOTAL ASSETS	-	3,380,100			-	3,455,769
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	-	545,016			-	639,829
Other current liabilities		184,729				189,519
Total current liabilities		729,745				829,348
NONCURRENT LIABILITIES:
Long-term debt, net of discount, deferred financing costs and current portion		1,153,040				1,154,052
Other noncurrent liabilities		146,246				145,976
Total noncurrent liabilities		1,299,286				1,300,028
Total liabilities		2,029,031				2,129,376
STOCKHOLDERS' EQUITY		1,351,069				1,326,393
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	-	3,380,100			-	3,455,769

Schedule 2

OPTION CARE HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)(UNAUDITED)

	Three Months Ended March 31,
		2026				2025
NET REVENUE	-	1,350,654			-	1,332,972
COST OF REVENUE		1,088,640				1,069,920
GROSS PROFIT		262,014				263,052
OPERATING COSTS AND EXPENSES:
Selling, general and administrative expenses		169,955				162,808
Restructuring, acquisition and integration costs		4,607				5,310
Depreciation and amortization expense		14,907				15,746
Total operating expenses		189,469				183,864
OPERATING INCOME		72,545				79,188
OTHER INCOME (EXPENSE):
Interest expense, net		(13,304	-			(13,231	-
Other, net		1,762				(2,401	-
Total other (expense) income		(11,542	-			(15,632	-
INCOME BEFORE INCOME TAXES		61,003				63,556
INCOME TAX EXPENSE		15,660				16,814
NET INCOME	-	45,343			-	46,742
Earnings per share, basic	-	0.29			-	0.28
Earnings per share, diluted	-	0.29			-	0.28
Weighted average common shares outstanding, basic		156,653				165,460
Weighted average common shares outstanding, diluted		158,209				166,804

Schedule 3

OPTION CARE HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)(UNAUDITED)

	Three Months Ended March 31,
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	-	45,343			-	46,742
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization expense		15,655				16,373
Other adjustments		16,625				17,642
Changes in operating assets and liabilities:
Accounts receivable, net		(42,870	-			(56,788	-
Inventories		55,463				21,790
Prepaid expenses and other current assets		1,233				28,444
Accounts payable		(93,246	-			(88,101	-
Accrued compensation and employee benefits		(20,982	-			(14,458	-
Other		10,669				21,142
Net cash used in operating activities		(12,110	-			(7,214	-
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment		(9,046	-			(9,371	-
Business acquisitions, net of cash acquired		-				(117,322	-
Other investing activities		(274	-			-
Net cash used in investing activities		(9,320	-			(126,693	-
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of company stock and related excise taxes		(17,539	-			(100,222	-
Other financing activities		(16,334	-			(7,064	-
Net cash used in financing activities		(33,873	-			(107,286	-
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(55,303	-			(241,193	-
Cash and cash equivalents - beginning of period		232,624				412,565
CASH AND CASH EQUIVALENTS - END OF PERIOD	-	177,321			-	171,372

Schedule 4

OPTION CARE HEALTH, INC.
QUARTERLY RECONCILIATION BETWEEN GAAP AND NON-GAAP MEASURES
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)(UNAUDITED)

	Three Months Ended March 31,
		2026				2025
Net income	-	45,343			-	46,742
Interest expense, net		13,304				13,231
Income tax expense		15,660				16,814
Depreciation and amortization expense		15,655				16,373
EBITDA		89,962				93,160
EBITDA adjustments
Stock-based incentive compensation expense		10,199				8,801
Restructuring, acquisition, integration and other (1)		4,609				9,806
Adjusted EBITDA	-	104,770			-	111,767
Net income	-	45,343			-	46,742
Intangible asset amortization expense		9,270				9,097
Stock-based incentive compensation expense		10,199				8,801
Restructuring, acquisition, integration and other (1)		4,609				9,806
Total pre-tax adjustments		24,078				27,704
Tax adjustments (2)		(6,188	-			(7,342	-
Adjusted net income	-	63,233			-	67,104
Earnings per share, diluted	-	0.29			-	0.28
Adjusted earnings per share, diluted	-	0.40			-	0.40
Weighted average common shares outstanding, diluted		158,209				166,804

(1) Restructuring, acquisition, integration and other includes $4,607 and $5,310 of operating expenses for the three months ended March 31, 2026 and 2025, respectively.

(2) Tax adjustments for the three months ended March 31, 2026 and 2025 includes the estimated income tax effect on non-GAAP adjustments based on the effective tax rate.