Owens & Minor Reports Second Quarter 2023 Financial Results
August 07, 2023 at 09:47 am EDT
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RICHMOND - Owens & Minor, Inc. (NYSE: OMI) today reported financial results for the second quarter ended June 30, 2023.
Second Quarter Key Highlights
Consolidated revenue of $2.56 billion
Net loss per common share of $(0.37) and adjusted net income per common share of $0.18
$49.3 million in debt pay down and $269 million reduction in net debt
'The second quarter of 2023 shows a continuation of our Patient Direct segment's exceptional performance, with another quarter of double-digit growth and strength across the major categories that we serve. Our Products and Healthcare Services segment demonstrated resilience during the quarter with sales growth in the Medical Distribution division, but the segment experienced continued revenue headwinds in our higher margin Global Products division. In addition, the progress we have made in the Operating Model Realignment Program is encouraging, and we are beginning to see financial benefits from the work already completed,' said Edward A. Pesicka, President & Chief Executive Officer of Owens & Minor.
Pesicka concluded, 'The fluid acute care market continues to impact our Surgical & Infection Prevention (S&IP) products within the Product and Healthcare Services segment, and as a result we remain cautious for the remainder of the year. The continued strength of the Patient Direct segment, combined with overall strong operating cash flow provides flexibility to invest and strengthen our balance sheet.'
Safe Harbor
This release is intended to be disclosure through methods reasonably designed to provide broad, non-exclusionary distribution to the public in compliance with the SEC's Fair Disclosure Regulation. This release contains certain 'forward-looking' statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the statements in this release regarding our future prospects and performance, including our expectations with respect to our 2023 financial performance, our Operating Model Realignment Program and other cost-saving initiatives, future indebtedness and growth, industry trends, as well as statements related to our expectations regarding the performance of its business, including the results of our Operating Model Realignment Program and our ability to address macro and market conditions. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Investors should refer to Owens & Minor's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC including the sections captioned 'Cautionary Note Regarding Forward-Looking Statements' and 'Item 1A. Risk Factors,' and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with or furnished to the SEC, for a discussion of certain known risk factors that could cause the Company's actual results to differ materially from its current estimates. These filings are available at www.owens-minor.com. Given these risks and uncertainties, Owens & Minor can give no assurance that any forward-looking statements will, in fact, transpire and, therefore, cautions investors not to place undue reliance on them. Owens & Minor specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
About Owens & Minor
Owens & Minor, Inc. (NYSE: OMI) is a Fortune 500 global healthcare solutions company integrating product manufacturing and delivery, home health supply and perioperative services to support care through the hospital and into the home. Owens & Minor drives visibility, control and efficiency for patients, providers and healthcare professionals across the supply chain with proprietary technology and solutions, an extensive product portfolio, an Americas-based manufacturing footprint for personal protective equipment and surgical products, as well as a robust portfolio of products and services for patients managing chronic and acute conditions in the home setting. Operating continuously since 1882 from its headquarters in Richmond, Va., Owens & Minor is a 140-year-old company powered by more than 20,000 global teammates.
Owens & Minor, Inc. is a global healthcare solutions company providing essential products and services that support care from the hospital to the home. The Company operates through two segments: Products & Healthcare Services and Patient Direct. The Products & Healthcare Services segment offers a comprehensive portfolio of products and services to healthcare providers and manufacturers. Its portfolio of medical and surgical supplies includes branded products purchased from manufacturers and its own proprietary products. Its service offerings to healthcare providers include supplier management, analytics, inventory management, and clinical supply management. It also offers a variety of programs providing outsourced logistics and marketing solutions to its suppliers as well. The Patient Direct segment provides delivery of disposable medical supplies sold directly to patients and home health agencies and a provider of integrated home healthcare equipment and related services.
OWENS & MINOR, INC. 
