On Friday, Owens & Minor Inc. (NYSE:OMI) reported that the second quarter of 2024 adjusted EPS of $0.36, double the $0.18 reported a year ago, beating the consensus of $0.33.
The company reported sales of $2.671 billion, up 4% year-over-year, almost in line with the consensus of $2.646 billion.
Patient Direct revenue of $660 million, up 4% compared to the second quarter of 2023, driven by continued strong growth in diabetes and sleep supplies.
Related: Healthcare Logistics Service Firm Owens & Minor To Buy Home-Based Care Equipment Firm For $1.4B, Sees Better Than Expected Q2 Earnings.
Products & Healthcare Services revenue of $2.0 billion, up 4% compared to the second quarter of 2023, driven by strong same-store sales and new wins in the Medical Distribution division.
Operating income of $20.3 million and adjusted operating income of $76.3 million increased by 87% and 23%, respectively, in the second quarter of 2024.
Adjusted EBITDA increased 12% to $127 million, with an operating cash flow of $116 million for the second quarter of 2024.
"Our second-quarter performance is consistent with our expectations, as we are in the early stages of implementing our long-term strategy discussed at Investor Day in December 2023. Our previous investments in our Products & Healthcare Services segment yielded positive results and generated top-line growth in our Medical Distribution division. Our Patient Direct segment performed in line with our expectations, and we expect the segment to benefit from seasonality and recent organic investments during the back half of the year," said Edward Pesicka, President & CEO.
Guidance: Owens & Minor reaffirms 2024 revenue guidance of $10.5 billion-$10.9 billion versus the consensus of $10.665 billion.
The company expects 2024 adjusted EPS of $1.40-$1.70 versus the consensus of $1.55.
Price Action: OMI stock was trading lower by 3.90% to $15.78 premarket at the last check on Friday.
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