On Monday, Owens & Minor Inc. (NYSE:OMI) reported the third quarter of 2024 adjusted EPS of $0.42, down from $0.44 reported a year ago, beating the consensus of $0.41.
The company reported sales of $2.72 billion, up 5% year-over-year, beating the consensus of $2.68 billion.
Patient Direct revenue of $687 million, up 6% year-over-year, driven by strength in several categories led by diabetes and sleep supplies.
Products & Healthcare Services revenue of $2.0 billion, up 5%, driven primarily by strong same-store sales in the Medical Distribution division and one additional sales day.
Third quarter 2024 operating income of $24 million and adjusted operating income of $84 million. Adjusted EBITDA increased 5% to $142 million.
"Our third quarter results demonstrated our ability to deliver on our commitments both near-term as well as on our strategic initiatives. Our Patient Direct segment continues to perform well in the growing home-based care space while we continue investing to support long-term profitable growth. In our Products & Healthcare Services segment, we continue to see solid top-line results, especially within our Medical Distribution division supported by recent wins and deepened relationships with our existing customers," said Edward A. Pesicka, President & Chief Executive Officer of Owens & Minor.
Guidance: Owens & Minor see full-year 2024 revenue of $10.6 billion-$10.8 billion compared to the prior guidance of $10.5 billion-$10.9 billion and consensus of $10.713 billion.
The healthcare logistics company expects 2024 adjusted EPS of $1.45-$1.55, compared to prior guidance of $1.40-$1.70 and the consensus of $1.60.
Pesicka concluded, "Looking ahead, we are confident in our ability to show good sequential growth and cash flow from the third to fourth quarter, which positions us well as we enter 2025. Each of the segments should benefit from seasonality and investments of the last several quarters as we finish 2024 and look to the future."
Price Action: OMI stock is down 8.27% at $12.26 at the last check on Monday.
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