BioScrip Reports Third Quarter 2017 Financial Results
– Net revenue of
– Net revenue and adjusted EBITDA reduced
– Net loss from continuing operations of
– Adjusted EBITDA of
– Operating cash use of
– Discontinued operations cash use of
– Liquidity of
– Full year revenue guidance updated to
“BioScrip delivered adjusted EBITDA of
2017 Guidance
The Company has updated its revenue guidance for the full year 2017 to a range of
Conference Call and Presentation
A replay of the conference call will be available two hours after the call's completion by dialing 855-859-2056 (US) and entering conference call ID number 1115410. An audio webcast and archive will also be available two hours after the call’s completion under the “Investors" section of the Company's website.
About
Investor Contacts:
Chief Financial Officer & Treasurer
T: (720) 697-5200
stephen.deitsch@bioscrip.com
ICR, Inc.
T: (646) 277-1266
david.clair@icrinc.com
Forward-Looking Statements – Safe Harbor
This press release includes statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the statements regarding 2017 guidance, projections of certain measures of the Company's results of operations, projections of future levels of certain charges and expenses, expectations of Home Solutions cost synergies and incremental cost structure improvements and other statements regarding the Company's financial improvement plan and strategy and anticipated effects of the Cures Act and the UnitedHealthcare contract. You can identify these statements by the fact that they do not relate strictly to historical or current facts. In some cases, forward-looking statements can be identified by words such as "may," "should," "could," "anticipate," "estimate," "expect," "project," "outlook," "aim," "intend," "plan," "believe," "predict," "potential," "continue" or comparable terms. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. Important factors that could cause actual results to differ materially from those in the forward-looking statement include but are not limited to risks associated with: the Company’s ability to successfully integrate the Home Solutions business into its existing businesses; the Company’s ability to grow its core Infusion revenues; the Company's ability to continue to execute its financial improvement plan to reduce operating costs and focus its business on its Infusion Services segment; the Company’s ability to evaluate opportunities for improvement and implement solutions as part of its strategic review process; the Company’s ability to comply with the covenants in its debt agreements or obtain amendments to such covenants; the UnitedHealthcare contract termination, including potential accounting charges and impacts on other contract provisions and their associated revenue; the success of the Company’s initiatives to mitigate the impact of the Cures Act on its business; reductions in federal, state and commercial reimbursement for the Company's products and services; increased government regulation related to the health care and insurance industries; as well as the risks described in the Company's periodic filings with the
Note Regarding Use of Non-GAAP Financial Measures
In addition to reporting financial information in accordance with generally accepted accounting principles (GAAP), the Company is also reporting Adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be used in isolation or as a substitute or alternative to net income, operating income or any other performance measure derived in accordance with GAAP, or as a substitute or alternative to cash flow from operating activities or a measure of the Company’s liquidity. In addition, the Company's definition of Adjusted EBITDA may not be comparable to similarly titled non-GAAP financial measures reported by other companies. Adjusted EBITDA, as defined by the Company, represents net income before net interest expense, income tax expense, depreciation and amortization, impairment of goodwill, stock-based compensation expense, and restructuring, integration and other expenses. As part of restructuring, the Company may incur significant charges such as the write down of certain long−lived assets, temporary redundant expenses, retraining expenses, potential cash bonus payments and potential accelerated payments or terminated costs for certain of its contractual obligations. Management believes that Adjusted EBITDA provides useful supplemental information regarding the performance of BioScrip’s business operations and facilitates comparisons to the Company’s historical operating results. For a full reconciliation of Adjusted EBITDA to the most comparable GAAP financial measure, please see the attachment to this earnings release.
Schedule 1 | ||||||||
BIOSCRIP, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands, except for share amounts) | ||||||||
(unaudited) | ||||||||
September 30, 2017 | December 31, 2016 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 33,013 | $ | 9,569 | ||||
Restricted cash | 4,950 | - | ||||||
Receivables, less allowance for doubtful accounts of $46,820 and $44,730 | ||||||||
as of September 30, 2017 and December 31, 2016, respectively | 89,215 | 111,811 | ||||||
Inventory | 27,775 | 36,165 | ||||||
Prepaid expenses and other current assets | 15,222 | 18,507 | ||||||
Total current assets | 170,175 | 176,052 | ||||||
Property and equipment, net | 28,726 | 32,535 | ||||||
Goodwill | 367,198 | 365,947 | ||||||
Intangible assets, net | 21,734 | 31,043 | ||||||
Other non-current assets | 2,415 | 2,163 | ||||||
Total assets | $ | 590,248 | $ | 607,740 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
Current liabilities | ||||||||
Current portion of long-term debt | $ | 1,828 | $ | 18,521 | ||||
Accounts payable | 42,691 | 59,134 | ||||||
Amounts due to plan sponsors | 4,890 | 3,799 | ||||||
Accrued interest | 3,198 | 6,705 | ||||||
Accrued expenses and other current liabilities | 36,419 | 42,191 | ||||||
Total current liabilities | 89,026 | 130,350 | ||||||
Long-term debt, net of current portion | 476,753 | 433,413 | ||||||
Deferred taxes | 4,150 | 2,281 | ||||||
Other non-current liabilities | 18,879 | 1,257 | ||||||
Total liabilities | 588,808 | 567,301 | ||||||
Series A convertible preferred stock, $.0001 par value; 825,000 shares authorized; | ||||||||
21,645 shares issued and outstanding as of September 30, 2017 and December 31, 2016; | ||||||||
and $2,833 and $2,603 liquidation preference as of September 30, 2017 and | ||||||||
December 31, 2016, respectively | 2,732 | 2,462 | ||||||
Series C convertible preferred stock, $.0001 par value; 625,000 shares authorized; | ||||||||
614,177 shares issued and outstanding as of September 30, 2017 and December 31, 2016; | ||||||||
and $82,173 and $75,491 liquidation preference as of September 30, 2017 and | ||||||||
December 31, 2016, respectively | 76,706 | 69,540 | ||||||
Stockholders' (deficit) equity | ||||||||
Preferred stock, $.0001 par value; 5,000,000 shares authorized; no shares issued and | ||||||||
outstanding as of September 30, 2017 and December 31, 2016, respectively | - | - | ||||||
Common stock, $.0001 par value; 250,000,000 shares authorized; 127,520,628 and | ||||||||
117,682,543 shares issued and outstanding as of September 30, 2017 and | ||||||||
December 31, 2016, respectively | 13 | 12 | ||||||
Treasury stock, 5,106 and no shares outstanding as of September 30, 2017 and | ||||||||
December 31, 2016, respectively | (16 | ) | - | |||||
Additional paid-in capital | 626,567 | 611,844 | ||||||
Accumulated deficit | (704,562 | ) | (643,419 | ) | ||||
Total stockholders' deficit | (77,998 | ) | (31,563 | ) | ||||
Total liabilities and stockholders' deficit | $ | 590,248 | $ | 607,740 | ||||
Schedule 2 | |||||||||||||||||
BIOSCRIP, INC. AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ending September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Net revenue | $ | 198,692 | $ | 224,542 | $ | 634,608 | $ | 695,466 | |||||||||
Cost of revenue (excluding depreciation expense) | 131,516 | 161,957 | 433,538 | 504,485 | |||||||||||||
Gross profit | 67,176 | 62,585 | 201,070 | 190,981 | |||||||||||||
% of revenues | 33.8 | % | 27.9 | % | 31.7 | % | 27.5 | % | |||||||||
Other operating expenses | 38,325 | 42,729 | 125,169 | 123,006 | |||||||||||||
Bad debt expense | 6,600 | 7,727 | 19,987 | 19,598 | |||||||||||||
General and administrative expenses | 9,784 | 9,948 | 29,287 | 30,413 | |||||||||||||
Restructuring, acquisition, integration, and other expenses, net | 4,037 | 2,368 | 11,171 | 9,326 | |||||||||||||
Change in fair value of equity linked liabilities | 1,080 | - | 1,080 | - | |||||||||||||
Depreciation and amortization expense | 6,552 | 4,166 | 20,329 | 12,956 | |||||||||||||
Interest expense | 13,175 | 9,331 | 38,635 | 28,212 | |||||||||||||
Loss on extinguishment of debt | - | - | 13,453 | - | |||||||||||||
(Gain) loss on dispositions | (33 | ) | (3,015 | ) | 652 | (3,954 | ) | ||||||||||
Loss from continuing operations, before income taxes | (12,344 | ) | (10,669 | ) | (58,693 | ) | (28,576 | ) | |||||||||
Income tax expense | 60 | 421 | 1,397 | 593 | |||||||||||||
Loss from continuing operations, net of income taxes | (12,404 | ) | (11,090 | ) | (60,090 | ) | (29,169 | ) | |||||||||
(Loss) income from discontinued operations, net of income taxes | (113 | ) | (174 | ) | (1,053 | ) | 134 | ||||||||||
Net loss | $ | (12,517 | ) | $ | (11,264 | ) | $ | (61,143 | ) | $ | (29,035 | ) | |||||
Accrued dividends on preferred stock | (2,394 | ) | (2,138 | ) | (6,911 | ) | (6,192 | ) | |||||||||
Deemed dividend on preferred stock | (175 | ) | (173 | ) | (525 | ) | (518 | ) | |||||||||
Loss attributable to common stockholders | $ | (15,086 | ) | $ | (13,575 | ) | $ | (68,579 | ) | $ | (35,745 | ) | |||||
Denominator - Basic and Diluted: | |||||||||||||||||
Weighted average number of common shares outstanding | 127,488 | 114,826 | 122,519 | 85,701 | |||||||||||||
Loss from continuing operations, basic and diluted | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.55 | ) | $ | (0.42 | ) | |||||
Income from discontinued operations, basic and diluted | - | - | (0.01 | ) | - | ||||||||||||
Loss per common share, basic and diluted | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.56 | ) | $ | (0.42 | ) | |||||
Schedule 3 | ||||||||||||||||
BIOSCRIP, INC. AND SUBSIDIARIES | ||||||||||||||||
QUARTERLY RECONCILIATION BETWEEN GAAP AND NON-GAAP MEASURES | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
9/30/2017 | 9/30/2016 | 9/30/2017 | 9/30/2016 | |||||||||||||
Loss from continuing operations, net of income taxes | (12,404 | ) | (11,090 | ) | (60,090 | ) | (29,169 | ) | ||||||||
Interest expense | (13,175 | ) | (9,331 | ) | (38,635 | ) | (28,212 | ) | ||||||||
Change in fair value of equity linked liabilities | (1,080 | ) | - | (1,080 | ) | - | ||||||||||
Gain (loss) on dispositions | 33 | 3,015 | (652 | ) | 3,954 | |||||||||||
Loss on extinguishment of debt | - | - | (13,453 | ) | - | |||||||||||
Income tax expense | (60 | ) | (421 | ) | (1,397 | ) | (593 | ) | ||||||||
Depreciation and amortization expense | (6,552 | ) | (4,166 | ) | (20,329 | ) | (12,956 | ) | ||||||||
Stock-based compensation expense | (545 | ) | (1,358 | ) | (1,573 | ) | (3,347 | ) | ||||||||
Restructuring, acquisition, integration, and other expenses, net (1) | (4,037 | ) | (2,368 | ) | (11,171 | ) | (9,326 | ) | ||||||||
Consolidated Adjusted EBITDA | $ | 13,012 | $ | 3,539 | $ | 28,200 | $ | 21,311 | ||||||||
(1) Restructuring, acquisition, integration and other expenses, net include costs associated with restructuring, acquisition, and integration initiatives such as employee severance costs, certain legal and professional fees, redundant wage costs, impacts recorded from the change in contingent consideration obligations, and other costs related to contract terminations and closed locations. | ||||||||||||||||
Schedule 4 | ||||||||||||||||||||||||||||||||
BIOSCRIP, INC AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
CONSOLIDATED CONDENSED CASH FLOWS | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
3/31/2017 | 6/30/2017 | 9/30/2017 | 9/30/2017 | 3/31/2016 | 6/30/2016 | 9/30/2016 | 9/30/2016 | |||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||
Net loss from continuing operations | $ | (18,991 | ) | $ | (28,695 | ) | $ | (12,404 | ) | $ | (60,090 | ) | $ | (9,770 | ) | $ | (8,309 | ) | $ | (11,090 | ) | $ | (29,169 | ) | ||||||||
Receivables, net of bad debt expense | 2,333 | 6,388 | 13,875 | 22,596 | (4,417 | ) | 3,136 | 8,001 | 6,720 | |||||||||||||||||||||||
Inventory | 5,616 | 1,727 | (346 | ) | 6,997 | 13,867 | (3,330 | ) | 2,265 | 12,802 | ||||||||||||||||||||||
Prepaid expenses and other assets | 3,601 | 1,868 | (2,436 | ) | 3,033 | 7,897 | (7,575 | ) | 8,839 | 9,161 | ||||||||||||||||||||||
Accounts payable | (11,688 | ) | (1,065 | ) | (4,539 | ) | (17,292 | ) | (11,995 | ) | (4,195 | ) | (15,058 | ) | (31,248 | ) | ||||||||||||||||
Accrued interest | (1,157 | ) | 1,188 | (3,538 | ) | (3,507 | ) | (4,630 | ) | 4,438 | (4,437 | ) | (4,629 | ) | ||||||||||||||||||
Accrued expenses and other liabilities | 244 | 1,497 | (1,389 | ) | 352 | (2,227 | ) | (851 | ) | (4,302 | ) | (7,380 | ) | |||||||||||||||||||
Non-Cash Adjustments: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 6,988 | 6,789 | 6,552 | 20,329 | 4,538 | 4,252 | 4,166 | 12,956 | ||||||||||||||||||||||||
Loss on extinguishment of debt | - | 13,453 | - | 13,453 | - | - | - | - | ||||||||||||||||||||||||
Deferred taxes | 619 | 604 | 646 | 1,869 | 174 | 178 | 184 | 536 | ||||||||||||||||||||||||
Other Non-Cash | 1,839 | 2,748 | 3,330 | 7,917 | 1,589 | 1,554 | (5,342 | ) | (2,199 | ) | ||||||||||||||||||||||
Operating Cash Flow (Use) | (10,596 | ) | 6,502 | (249 | ) | (4,343 | ) | (4,974 | ) | (10,702 | ) | (16,774 | ) | (32,450 | ) | |||||||||||||||||
Discontinued operations | (437 | ) | (503 | ) | (5,613 | ) | (6,553 | ) | (5,989 | ) | 76 | (175 | ) | (6,088 | ) | |||||||||||||||||
Cash consideration paid for acquisition | - | - | - | - | - | - | (67,516 | ) | (67,516 | ) | ||||||||||||||||||||||
Capital expenditures | (1,684 | ) | (2,608 | ) | (753 | ) | (5,045 | ) | (2,429 | ) | (3,037 | ) | (2,578 | ) | (8,044 | ) | ||||||||||||||||
Investment in restricted cash | (5,132 | ) | 77 | 105 | (4,950 | ) | - | 27 | (27 | ) | - | |||||||||||||||||||||
Proceeds from dispositions | - | - | - | - | 1,105 | - | 3,072 | 4,177 | ||||||||||||||||||||||||
Proceeds from equity offering, net | - | - | - | - | - | 83,267 | - | 83,267 | ||||||||||||||||||||||||
Proceeds from priming credit agreement, net of expenses | 23,060 | - | - | 23,060 | - | - | - | - | ||||||||||||||||||||||||
Fees attributable to extinguishment of debt | - | (311 | ) | (669 | ) | (980 | ) | - | - | - | - | |||||||||||||||||||||
Net proceeds from equity issuance, net of issuance costs | 5,052 | 15,724 | - | 20,776 | - | - | - | - | ||||||||||||||||||||||||
Proceeds from borrowing on long-term debt | 563 | 293,883 | - | 294,446 | - | - | - | - | ||||||||||||||||||||||||
Principal payments of long-term debt | (3,137 | ) | (233,633 | ) | - | (236,770 | ) | (3,137 | ) | (3,137 | ) | (3,137 | ) | (9,411 | ) | |||||||||||||||||
Revolver borrowings (repayments) | (1,000 | ) | (54,300 | ) | - | (55,300 | ) | 8,000 | (23,000 | ) | 39,000 | 24,000 | ||||||||||||||||||||
Other | (289 | ) | (267 | ) | (341 | ) | (897 | ) | (104 | ) | (118 | ) | (455 | ) | (677 | ) | ||||||||||||||||
Total All Cash Flow | $ | 6,400 | $ | 24,564 | $ | (7,520 | ) | $ | 23,444 | $ | (7,528 | ) | $ | 43,376 | $ | (48,590 | ) | $ | (12,742 | ) | ||||||||||||
Schedule 5 | |||||||
BIOSCRIP, INC AND SUBSIDIARIES | |||||||
FULL YEAR 2017 GUIDANCE | |||||||
(dollars in millions, except EPS) | |||||||
Low End | High End | ||||||
of Range | of Range | ||||||
Revenues | $ | 805.0 | $ | 810.0 | |||
Adjusted EBITDA | 42.0 | 44.0 | |||||
adjusted ebitda margin | 5.2 | % | 5.4 | % | |||
Stock Compensation | 2.5 | 2.0 | |||||
Depreciation & Amortization | 27.0 | 25.0 | |||||
Interest Expense, net | 53.0 | 52.0 | |||||
Restructuring Costs | 12.0 | 11.5 | |||||
Change in Fair Value of Equity Linked Liabilities | 2.5 | 2.0 | |||||
Loss on Extinguishment of Debt | 13.5 | 13.5 | |||||
Income Tax Expense | 3.0 | 2.0 | |||||
Preferred Stock Dividends | 9.4 | 9.4 | |||||
Net Loss - Continuing Ops | $ | (80.9 | ) | $ | (73.4 | ) | |
Diluted Loss Per Common Share | $ | (0.66 | ) | $ | (0.60 | ) | |
weighted-average diluted shares | 123,000 | 123,000 |
Schedule 6 | ||||||||||||||||
BIOSCRIP, INC. AND SUBSIDIARIES | ||||||||||||||||
QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
3/31/2017 | 6/30/2017 | 9/30/2017 | 9/30/2017 | |||||||||||||
Net revenue | $ | 217,810 | $ | 218,106 | $ | 198,692 | $ | 634,608 | ||||||||
Cost of revenue (excluding depreciation expense) | 152,226 | 149,796 | 131,516 | 433,538 | ||||||||||||
Gross profit | 65,584 | 68,310 | 67,176 | 201,070 | ||||||||||||
% of revenues | 30.1 | % | 31.3 | % | 33.8 | % | 31.7 | % | ||||||||
Other operating expenses | 44,358 | 42,486 | 38,325 | 125,169 | ||||||||||||
Bad debt expense | 7,164 | 6,223 | 6,600 | 19,987 | ||||||||||||
General and administrative expenses | 9,478 | 10,025 | 9,784 | 29,287 | ||||||||||||
Restructuring, acquisition, integration, and other expenses, net | 3,223 | 3,911 | 4,037 | 11,171 | ||||||||||||
Change in fair value of equity linked liabilities | - | - | 1,080 | 1,080 | ||||||||||||
Depreciation and amortization expense | 6,988 | 6,789 | 6,552 | 20,329 | ||||||||||||
Interest expense, net | 12,745 | 12,715 | 13,175 | 38,635 | ||||||||||||
Loss on extinguishment of debt | - | 13,453 | - | 13,453 | ||||||||||||
Loss on dispositions | - | 685 | (33 | ) | 652 | |||||||||||
Loss from continuing operations, before income taxes | (18,372 | ) | (27,977 | ) | (12,344 | ) | (58,693 | ) | ||||||||
Income tax expense | 619 | 718 | 60 | 1,397 | ||||||||||||
Loss from continuing operations, net of income taxes | (18,991 | ) | (28,695 | ) | (12,404 | ) | (60,090 | ) | ||||||||
Loss from discontinued operations, net of income taxes | (437 | ) | (503 | ) | (113 | ) | (1,053 | ) | ||||||||
Net loss | $ | (19,428 | ) | $ | (29,198 | ) | $ | (12,517 | ) | $ | (61,143 | ) | ||||
Accrued dividends on preferred stock | (2,214 | ) | (2,303 | ) | (2,394 | ) | (6,911 | ) | ||||||||
Deemed dividends on preferred stock | (175 | ) | (175 | ) | (175 | ) | (525 | ) | ||||||||
Loss attributable to common stockholders | $ | (21,817 | ) | $ | (31,676 | ) | $ | (15,086 | ) | $ | (68,579 | ) | ||||
Loss per common share: | ||||||||||||||||
Denominator - Basic and Diluted: | ||||||||||||||||
Weighted average number of common shares outstanding | 118,783 | 121,189 | 127,488 | 122,519 | ||||||||||||
Loss from continuing operations, basic and diluted | $ | (0.18 | ) | $ | (0.26 | ) | $ | (0.12 | ) | $ | (0.55 | ) | ||||
Income from discontinued operations, basic and diluted | - | - | - | (0.01 | ) | |||||||||||
Net loss per common share, basic and diluted | $ | (0.18 | ) | $ | (0.26 | ) | $ | (0.12 | ) | $ | (0.56 | ) | ||||
Schedule 7 | ||||||||||||||||||||
BIOSCRIP, INC. AND SUBSIDIARIES | ||||||||||||||||||||
QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
3/31/2016 | 6/30/2016 | 9/30/2016 | 12/31/2016 | 12/31/2016 | ||||||||||||||||
Net revenue | $ | 238,462 | $ | 232,462 | $ | 224,542 | $ | 240,123 | $ | 935,589 | ||||||||||
Cost of revenue (excluding depreciation expense) | 174,230 | 168,298 | 161,957 | 165,473 | 669,958 | |||||||||||||||
Gross profit | 64,232 | 64,164 | 62,585 | 74,650 | 265,631 | |||||||||||||||
% of revenues | 26.9 | % | 27.6 | % | 27.9 | % | 31.1 | % | 28.4 | % | ||||||||||
Other operating expenses | 39,658 | 40,619 | 42,729 | 47,712 | 170,718 | |||||||||||||||
Bad debt expense | 7,592 | 4,279 | 7,727 | 7,201 | 26,799 | |||||||||||||||
General and administrative expenses | 11,051 | 9,414 | 9,948 | 8,812 | 39,225 | |||||||||||||||
Change in fair value of equity linked liabilities | - | - | - | (10,450 | ) | (10,450 | ) | |||||||||||||
Restructuring, acquisition, integration, and other expenses, net | 2,667 | 4,291 | 2,368 | 6,533 | 15,859 | |||||||||||||||
Depreciation and amortization expense | 4,538 | 4,252 | 4,166 | 8,595 | 21,551 | |||||||||||||||
Interest expense, net | 9,412 | 9,469 | 9,331 | 10,023 | 38,235 | |||||||||||||||
(Gain) on dispositions | (939 | ) | - | (3,015 | ) | - | (3,954 | ) | ||||||||||||
Loss from continuing operations, before income taxes | (9,747 | ) | (8,160 | ) | (10,669 | ) | (3,776 | ) | (32,352 | ) | ||||||||||
Income tax expense | 23 | 149 | 421 | 1,422 | 2,015 | |||||||||||||||
Loss from continuing operations, net of income taxes | (9,770 | ) | (8,309 | ) | (11,090 | ) | (5,198 | ) | (34,367 | ) | ||||||||||
Income (loss) from discontinued operations, net of income taxes | 233 | 75 | (174 | ) | (7,273 | ) | (7,139 | ) | ||||||||||||
Net loss | $ | (9,537 | ) | $ | (8,234 | ) | $ | (11,264 | ) | $ | (12,471 | ) | $ | (41,506 | ) | |||||
Accrued dividends on preferred stock | (1,998 | ) | (2,056 | ) | (2,138 | ) | (2,200 | ) | (8,392 | ) | ||||||||||
Deemed dividends on preferred stock | (172 | ) | (173 | ) | (173 | ) | (174 | ) | (692 | ) | ||||||||||
Loss attributable to common stockholders | $ | (11,707 | ) | $ | (10,463 | ) | $ | (13,575 | ) | $ | (14,845 | ) | $ | (50,590 | ) | |||||
Loss per common share: | ||||||||||||||||||||
Denominator - Basic and Diluted: | ||||||||||||||||||||
Weighted average number of common shares outstanding | 68,771 | 73,186 | 114,826 | 117,683 | 93,740 | |||||||||||||||
Loss from continuing operations, basic and diluted | $ | (0.17 | ) | $ | (0.14 | ) | $ | (0.12 | ) | $ | (0.06 | ) | $ | (0.46 | ) | |||||
Income from discontinued operations, basic and diluted | - | - | - | (0.06 | ) | (0.08 | ) | |||||||||||||
Net loss per common share, basic and diluted | $ | (0.17 | ) | $ | (0.14 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.54 | ) | |||||
Source: BioScrip, Inc.