BioScrip, Inc., the specialty pharmacy and pharmacy services provider, had a double dose of good news today with the announcement of exceptional second quarter revenue and earnings figures. Consolidated revenue grew to $348.4 million, an 18.2% increase over the same period last year. Specialty Services revenue shot up to $298.2 million, a 25.3% over the prior year. Even more impressive was quarterly net income, which grew to $1.6 million, compared to $.5 million last year. Net income was helped along by the company’s healthy control over operating expenses, which shrunk as a percentage of revenue to 9.3% from 10.3% over the same period a year ago.
BioScrip’s Chairman and CEO, Richard H. Friedman, stated, “Our second quarter results, including a $3.2 million sequential increase in quarterly operating income, demonstrate our positive sales growth trends and the significant progress we have made toward improving our operating performance. As we work to evolve the paradigm under which patients receive care for chronic conditions, we remain confident in the strength of our market position and the demand for our products and services among pharmaceutical manufacturers and healthcare payors. We are also encouraged by the initial market response to our stand-alone specialty services programs that allow us to leverage our core specialty operational and sales infrastructures while providing higher margins as compared to drug distribution.”
BioScrip distributes prescription drugs, coordinates customer benefits, and provides specialized therapy management services for people with certain chronic health conditions, particularly those treated with biotech injectable medications, as well as those afflicted with potentially life threatening or debilitating diseases or genetic disorders requiring specialty medications.
The company operates over 30 pharmacies around the country under the BioScrip name. In addition, BioScrip is upgrading its technology systems infrastructure and new systems implementation, and anticipates that its first stores will go online in the fall of 2008, with full implementation by June 2009.
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