Owens & Minor Inc (NYSE OMI) reported Q3 adjusted EPS of $0.44, up from $0.41 a year ago and beating the consensus of $0.35.
Q3 revenues increased 3.8% Y/Y to $2.59 billion, almost in line with the consensus of $2.58 billion.
Patient Direct revenue of $648 million, up 9.1% Y/Y. Products & Healthcare Services revenue of $1.9 billion was negatively impacted by the decline in personal protective equipment (PPE) sales volumes and prices, partially offset by strong sales growth excluding PPE.
Adjusted EBITDA reached $134.7 million from $127.5 million a year ago.
"Patient Direct continues to outperform the market, demonstrating the enduring strength of our go-to-market strategies and service offerings. Our Medical Distribution division again produced mid-single-digit growth and continues to win new business. While the volatility of demand and pricing for PPE appears to be diminishing, we remain cautious on the long-term trajectory," said Edward Pesicka, President and CEO.
Guidance: Owens & Minor sees FY23 adjusted EPS of $1.30-$1.40 versus the prior range of $1.30-$1.55 versus consensus of $1.36.
The company expects FY23 revenue of $10.3 billion-$10.4 billion versus the prior range of $10.2 billion-$10.5 billion versus consensus of $10.37 billion.
Owens & Minor forecasts FY23 adjusted EBITDA of $535 million-$555 million versus the prior range of $535 million-$575 million.
Price Action: OMI shares are down 5.61% at $14.64 premarket on the last check Friday.
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