Q2 2024 Owens & Minor Inc Earnings Call Transcript
Key Points
- Owens & Minor Inc (OMI) reported a 4% year-over-year revenue growth in the second quarter, reaching $2.7 billion.
- The company’s products and healthcare services segment generated $2 billion in revenue, reflecting a 4% improvement over the previous year.
- Patient direct segment posted $660 million in revenue, a 4% year-over-year improvement, driven by strong growth in diabetes and sleep supplies.
- Gross profit for the second quarter was $544 million, reflecting margin expansion of 11 basis points compared to the same period last year.
- Owens & Minor Inc (OMI) announced a definitive agreement to acquire Rotech Healthcare Holdings, Inc., aligning with their strategy to strengthen and expand their patient direct business.
- GAAP net loss for the quarter was $31.9 million, compared to a net loss of $28.2 million in the same quarter last year.
- The company recorded a one-time tax charge of $17 million related to past transfer pricing methodology, impacting their financial results.
- Certain respiratory therapies such as NIV and oxygen were below expectations in the patient direct segment.
- Distribution, selling, and administrative expenses increased to $469 million from $455 million in the second quarter of the previous year.
- The company faces headwinds from rising shipping costs, which could impact their profitability in the back half of the year.
Good day, and thank you for standing by. Welcome to the Owens & Minor second-quarter 2024 earnings conference call. Please be advised that today's conference call is being recorded.
I would now like to hand the conference over to your first speaker today, Jackie Marcus, Investor Relations. Jackie, you may begin.
Thank you, operator. Hello, everyone, and welcome to the Owens & Minor second-quarter 2024 earnings call. Our comments on the call will be focused on the financial results for the second quarter of 2024 as well as our outlook for 2024, both of which are included in today's press release.
The press release along with the supplemental slides are posted on the Investor Relations section of our website. Please note that during this call, we will make forward-looking statements. The matters addressed in these statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied here today. Please refer to
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