RICHMOND, Va. - Owens & Minor, Inc. (NYSE:OMI) reported third-quarter earnings that exceeded analyst expectations, with revenue growing 5% year-over-year, driven by solid demand in its Patient Direct and Medical Distribution segments.
OMI shares were up 0.75% following the announcement Monday.
The healthcare solutions company posted adjusted earnings per share of $0.42, beating the analyst consensus of $0.41. Revenue for the quarter came in at $2.72 billion, surpassing estimates of $2.68 billion and representing a 5% increase from the same period last year.
Owens & Minor's Patient Direct segment saw revenue rise 6% to $687 million compared to the third quarter of 2023, fueled by strength in diabetes and sleep supplies. The Products & Healthcare Services (NASDAQ:HCSG) segment revenue grew 5% to $2.0 billion, driven primarily by strong same-store sales in Medical Distribution.
"Our third quarter results demonstrated our ability to deliver on our commitments both near-term as well as on our strategic initiatives," said Edward A. Pesicka, President & CEO of Owens & Minor.
The company reported a GAAP net loss of $13 million, or -$0.17 per share, for the quarter. Adjusted EBITDA increased 5% year-over-year to $142 million.
Owens & Minor reduced its total debt by $198 million in the third quarter, including full redemption of its 2024 senior notes.
For the full year 2024, the company narrowed its guidance, now expecting adjusted EPS between $1.45 and $1.55, compared to the analyst consensus of $1.59. Revenue is projected to be in the range of $10.6 billion to $10.8 billion.
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