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RICHMOND - On Monday, Owens & Minor Inc . (NYSE:OMI) reported second-quarter adjusted earnings that fell short of analyst expectations, as the healthcare solutions provider moves forward with plans to divest its Products & Healthcare Services (NASDAQ:HCSG) segment.
The company’s stock fell 1.83% in after hours trading following the announcement.
The company reported adjusted earnings per share of $0.26 for the second quarter, missing the analyst estimate of $0.29. Revenue from continuing operations, which primarily represents the Patient Direct segment, came in at $681.9 million, up 3.3% compared to $660.4 million in the same quarter last year.
"We are in the final stages of our robust process for the divestiture of the Products & Healthcare Services segment, and, as a result, have classified this segment as discontinued operations," said Ed Pesicka, Owens & Minor’s Chief Executive Officer. "I am excited about the opportunities ahead as we transition into a focused, pure-play Patient Direct business."
The company’s adjusted EBITDA from continuing operations increased to $96.6 million in the second quarter, compared to $91.1 million in the prior-year period. Owens & Minor has classified its Products & Healthcare Services segment as discontinued operations in connection with its likely sale.
The quarter was marked by significant one-time expenses, including an $80 million transaction breakage fee related to the termination of the previously announced Rotech acquisition, as well as $18.3 million in transaction financing fees.
"Building on the momentum gained since we entered the Patient Direct space eight years ago, and supported by favorable demographic trends and meaningful scale, we are confident in our ability to lead as the market continues to evolve," Pesicka added.
The company plans to provide its 2025 financial outlook for continuing operations during its earnings conference call.
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