Full Press Release Details
BioScrip Reports Fourth Quarter and Full
Year 2018 Financial Results
DENVER, CO, March 15, 2019 - BioScrip,
Inc. (NASDAQ: BIOS) ("BioScrip" or the "Company"), the largest independent national provider of infusion and
home care management solutions, today announced its fourth quarter and full year 2018 financial results.
Fourth Quarter 2018 Highlights
Daniel E. Greenleaf, President and Chief
Executive Officer, commented, "BioScrip delivered record comparable net revenue growth of almost 8% in the fourth quarter
of 2018. Excluding the bad debt adjustment, we achieved adjusted EBITDA of $52.6 million for the year, which was slightly below
the low-end of our expectations due to slower than anticipated revenue growth in the month of December. However, we commenced 2019
on a very strong note, with gross revenue growth of approximately 9% in both January and February, and March gross revenue to date
trending at similar levels."
Mr. Greenleaf continued, "This morning
BioScrip and Option Care jointly announced a definitive merger agreement, which will create the nation's preeminent home
infusion company and transform the industry. The combined company will have a national footprint of more than 150 locations in
46 states and revenue exceeding $2.6 billion, as well as improved financial strength and flexibility through an optimized capital
structure. We are extremely excited about the value this combination will create for all of our combined stakeholders and patients
and look forward to closing the transaction."
Given the pending combination announced
today with Option Care, the Company will not be providing updated 2019 BioScrip financial guidance.
Conference Call and Presentation
BioScrip will host a conference call and
live webcast on March 15, 2019, at 9:00 a.m. Eastern Time, to discuss the definitive merger agreement with Option Care as well
as its fourth quarter and full year 2018 financial results. Interested parties may participate by dialing 877-423-9820 (U.S.)
or by accessing a link under the "Investors" section on the Company's website at www.bioscrip.com.
A copy of the merger agreement investor
presentation will be available under the "Investors" section of the Company's website at www.bioscrip.com.
An audio webcast and archive will be available
within two hours of the call's completion under the "Investors" section of the Company's website.
ADDITIONAL INFORMATION AND WHERE
BioScrip, Inc. ("BioScrip"
or the "Company") will file with the Securities and Exchange Commission ("SEC") a proxy statement in connection
with the proposed transaction. The proxy statement will contain important information about the proposed transaction and related
matters. INVESTORS AND SECURITY HOLDERS ARE URGED AND ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT
WILL CONTAIN IMPORTANT INFORMATION. The proxy statement and other relevant materials (when they become available) and any other
documents filed by the Company with the SEC may be obtained free of charge at the SEC's website, at www.sec.gov. In addition,
security holders will be able to obtain free copies of the proxy statement and other relevant materials from the Company by contacting
Investor Relations by mail at 1600 Broadway, Suite 700, Denver, CO 80202, Attn: Investor Relations, by telephone at (720) 697-5200,
or by going to the Company's Investor Relations page on its corporate web site at https://investors.bioscrip.com.
PARTICIPANTS IN THE SOLICITATION
The Company and its directors and executive
officers may be deemed to be participants in the solicitation of proxies from stockholders in connection with the matters discussed
above. Information about the Company's directors and executive officers is set forth in the Proxy Statement on Schedule 14A
for the Company's 2018 annual meeting of stockholders, which was filed with the SEC on April 4, 2018. This document can be
obtained free of charge from the sources indicated above. Information regarding the ownership of the Company's directors
and executive officers in the Company's securities is included in the Company's SEC filings on Forms 3, 4, and 5, which
can be found through the SEC's website at www.sec.gov. Other information regarding the participants in the proxy solicitation
and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the preliminary
proxy statement and the definitive proxy statement and other relevant materials to be filed with the SEC when they become available.
About BioScrip, Inc.
BioScrip, Inc. is the largest independent
national provider of infusion and home care management solutions, with approximately 2,100 teammates and nearly 70 service locations
across the U.S. BioScrip partners with physicians, hospital systems, payors, pharmaceutical manufacturers and skilled nursing facilities
to provide patients access to post-acute care services. BioScrip operates with a commitment to bring customer-focused pharmacy
and related healthcare infusion therapy services into the home or alternate-site setting. By collaborating with the full spectrum
of healthcare professionals and the patient, BioScrip provides cost-effective care that is driven by clinical excellence, customer
service, and values that promote positive outcomes and an enhanced quality of life for those it serves.
| Stephen Deitsch | Kalle Ahl, CFA |
| Chief Financial Officer & Treasurer | The Equity Group |
| T: (720) 697-5200 | T: (212) 836-9614 |
| stephen.deitsch@bioscrip.com | kahl@equityny.com |
Forward-Looking Statements -
This communication, in addition to historical
information, contains "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995)
regarding, among other things, future events or the future financial performance of BioScrip and Option Care. All statements other
than statements of historical facts are forward-looking statements. In addition, words such as "anticipate," "believe,"
"contemplate," "continue," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "seek,"
"should," "target," "will," "would," or the negative of these words, and words
and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking
statements. Forward-looking statements relating to the proposed transaction include, but are not limited to: statements about the
benefits of the proposed transaction between BioScrip and Option Care, including future financial and operating results; BioScrip's
and Option Cares plans, objectives, expectations and intentions; the expected timing of completion of the proposed transaction;
and other statements relating to the acquisition that are not historical facts. Forward-looking statements are based on information
currently available to BioScrip and Option Care and involve estimates, expectations and projections. Investors are cautioned that
all such forward-looking statements are subject to risks and uncertainties (both known and unknown), and many factors could cause
actual events or results to differ materially from those indicated by such forward-looking statements. With respect to the proposed
transaction between BioScrip and Option Care, these factors could include, but are not limited to: the risk that BioScrip or Option
Care may be unable to obtain governmental and regulatory approvals required for the transaction, or that required governmental
and regulatory approvals may delay the transaction or result in the imposition of conditions that could reduce the anticipated
benefits from the proposed transaction or cause the parties to abandon the proposed transaction; the risk that a condition to closing
of the transaction may not be satisfied; the length of time necessary to consummate the proposed transaction, which may be longer
than anticipated for various reasons; the risk that the businesses will not be integrated successfully; the risk that the cost
savings, synergies and growth from the proposed transaction may not be fully realized or may take longer to realize than expected;
the diversion of management time on transaction-related issues; the effect of future regulatory or legislative actions on the companies
or the industries in which they operate; the risk that the credit ratings of the combined company or its subsidiaries may be different
from what the companies expect; economic and foreign exchange rate volatility; and the other risks contained in BioScrip's
most recently filed Annual Report on Form 10-K.
Many of these risks, uncertainties and
assumptions are beyond BioScrip's ability to control or predict. Because of these risks, uncertainties and assumptions, you
should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the
information currently available to the parties on the date they are made, and neither BioScrip nor Option Care undertakes any obligation
to update publicly or revise any forward-looking statements to reflect events or circumstances that may arise after the date of
this communication. Nothing in this communication is intended, or is to be construed, as a profit forecast or to be interpreted
to mean that earnings per BioScrip share for the current or any future financial years or those of the combined company, will necessarily
match or exceed the historical published earnings per BioScrip share, as applicable. Neither BioScrip nor Option Care gives any
assurance (1) that either BioScrip or Option Care will achieve its expectations, or (2) concerning any result or the timing thereof,
in each case, with respect to any regulatory action, administrative proceedings, government investigations, litigation, warning
letters, consent decrees, cost reductions, business strategies, earnings or revenue trends or future financial results. All subsequent
written and oral forward-looking statements concerning BioScrip, Option Care, the proposed transaction, the combined company or
other matters and attributable to BioScrip or Option Care or any person acting on their behalf are expressly qualified in their
entirety by the cautionary statements above.
Note Regarding Use of Non-GAAP Financial