Why Owens & Minor (OMI) Shares Are Plunging Today - Owens & Minor (NYSE:OMI)

Owens & Minor Inc OMI expects Q3 GAAP EPS of $0.15 - $0.17 and adjusted EPS of $0.39 - $0.41, below the consensus of $0.51.
The company has also updated its FY22 adjusted EPS guidance of $2.50 - $2.60, down from the previous guidance of $2.85 - $3.15.
OMI expects adjusted EBITDA of $527-$537 million, compared to the earlier forecast of $570-$610 million.
The company said the Patient Direct segment continues to perform well. The Products & Healthcare Services segment is facing more pressures than previously expected, with unfavorable macroeconomic conditions that show no signs of abating, elevated customer stocking levels, and continued lower-than-expected hospital procedure volume.
The company also appointed Andrew Long as EVP, CEO of the Products & Healthcare Services segment, replacing Jeffrey Jochims, who will leave the company.
Long has served as the Company's EVP and CFO since joining the Company in November 2019. In addition, Alexander Bruni has been promoted to EVP and CFO, replacing Long.
Alex Bruni joined Owens & Minor in April 2020 and has served as SVP of Finance, first leading corporate FP&A, then progressing to become the finance leader of the Products & Healthcare Services segment and, most recently, the Patient Direct segment.
Price Action: OMI shares are down 19.50% at $18.69 during the premarket session on the last check Wednesday.

Owens & Minor Shares Plummet On Reduced Annual Forecasts