Charges put BioScrip in the red for Q4
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- March
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BioScrip Inc., the pharmacy benefits management company in Elmsford, lost $76.6 million, or $1.98 a share, in the fourth quarter due to a charge to reflect a drop in the value of the company’s stock.
The results compare with a profit of $2.5 million, or 6 cents a share, for the fourth quarter of 2007.
But the results for the fourth quarter of 2008 included an $80.2 million charge. Without the charge, the company would have reported a profit of $3.6 million, or 9 cents.
Richard H. Friedman, BioScrip’s chairman and chief executive said in a statement released by the company: “Our operating performance is in-line with our expectations and continues to be driven by solid organic growth at our specialty pharmacies, demonstrating the underlying strength and consistency of our business.
“We strengthened and expanded our infusion capabilities over the last year and will continue to focus on strategic growth areas as we increase our national footprint in 2009. We believe that this will yield positive results in 2009,” he said.
Revenues rose 18.6 percent to $366 million from $309.2 million.
BioScrip shares were trading at $1.59, up 22 this morning. But they have lost 77 percent of their value the past year.
This entry was posted
on Tuesday, March 3rd, 2009 at 10:18 am by Mike Bieger.
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