Owens & Minor (NYSE:OMI) shares rose today on second-quarter results that included a big three months for its Patient Direct business.
Shares of OMI ticked up 1% at $18.96 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 0.2%.
The Richmond, Virginia-based company posted losses of $28.2 million in the quarter. That equals 37¢ per share on sales of $2.6 billion for the three months ended June 30, 2023.
Owens & Minor took a big hit on its bottom line, having produced profits of $28.6 million in the same period last year. However, the company recorded sales growth of 2.5%.
Adjusted to exclude one-time items, the company reported net income of $14.2 million and earnings per share totaling 18¢.How the quarter played out for Owens & Minor
Owens & Minor’s Patient Direct business brought in $633 million in the quarter, repr…