Owens & Minor (NYSE:OMI) today posted third-quarter results that beat the overall consensus on Wall Street.
The Richmond, Virginia-based orthopedic device maker posted profits of $12.5 million, or 16¢ per share, on sales of $2.5 billion for the three months ended Sept. 30, for a bottom-line loss of 71.7% on sales loss of 0.2% compared with Q3 2021.
Adjusted to exclude one-time items, earnings per share were 41¢, 2¢ ahead of The Street, where analysts were looking for sales of $2.4 billion.
“In the third quarter we saw greater than expected macro-economic and industry-related forces that continue to challenge our Products & Healthcare Services segment and as the quarter progressed, we saw more of our acute care customers delay reorders utilizing their stockpiled items,” President and CEO Edward Pesicka said in a news release. “To better address these challenges and capitalize on opportunities, we are accelerating execution of key initiatives to improve the segment’s performance.”
The company said Patient Direct revenue was up 142% to $594 million, or 11.4% on a pro forma basis for the $1.6 billion Apria acquisition that closed in March.
Owens & Minor expects revenue for fiscal 2022 to be in the range of $9.8 billion to $10 billion to reflect contributions in excess of $900 million from Apria.
Shares of OMI were at a standstill in premarket trading.