Owens & Minor Inc (NYSE OMI) reported Q1 adjusted EPS of $0.05, down from $0.96 a year ago, vs. consensus of $(0.09). Q1 revenues marginally increased to $2.52 billion, up from $2.41 billion, vs. $2.40 analyst consensus.
"Our Patient Direct segment continues to outperform the market and once again was a significant driver of our year-over-year top-line growth and margin expansion during the quarter," said Edward Pesicka, President & CEO.
"In our Products & Healthcare Services segment, we continued to experience pressure, including destocking during the quarter, however, we were pleased with our Medical Distribution division's ability to navigate a challenging environment and produce solid results for the quarter," Pesicka added.
Adjusted EBITDA fell to $108.7 million from $122.6 million a year ago. Patient Direct revenue of $607 million, up 10.4% Y/Y on a pro forma basis
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.
Guidance: Owens & Minor raised FY23 revenue outlook to $10.2 billion-$10.6 billion compared to prior guidance of $10.1 billion-$10.5 billion versus the consensus of $10.17 billion.
The company expects adjusted EPS of $1.30 - $1.65, up from prior guidance of $1.15 - $1.65, vs. the consensus of $1.22.
Price Action: OMI shares are up 40.4% at $19.02 on the last check Friday.
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