BioScrip Inc (NASDAQ:BIOS) has registered a per share net loss of 19 cents in 3Q15 as compared to the 45 cents a share in 3Q15 which is indication that it is bouncing back. On an average, the company reported a per share net loss of 38 cents against the previous year. It registered revenue of $247.2 million in the quarter against the @239 million estimates by Zacks Investment Research.
The improvement in the revenues has come with the chronic, nutrition and organic business of the company registering a good performance and registered a $6.4 million growth while the administration expenses dipped to $53.6 million. By the end of the quarter, the company had cash assets worth $29.4 million as compared to $0.74 million in the same period in 2014.
Working extensively on reducing the workforce, BioScrip Inc (NASDAQ:BIOS) is expected to save $19 million. The company is also adopting strategies to lower the corporate costs to the tune of $5 million every year and other areas are also been looked into for cutting costs. $ million net savings are estimated from the nursing, travel, office, technology and other expenses with effect from January 2016. An additional $3 million saving is also being extracted from the supply chain programs of the company.
The company management is also exploring opportunities of setting partnerships, sale or acquisition for achieving growth targets in the long run.
BioScrip had revealed during the 2Q15 result declaration that the company’s EBITDA guidance would be kept at $50-60 million in 2016. According to the released company report of the 3Q15, it has kept the revenue projections in the range of $730 million and $760 million for FY16.
Analysts Are Optimistic
According to Zacks, the company saw a mixed 3Q15 earnings report. The revenue growth is on track on the company has well exceeded the analyst estimates which comes as an encouraging news. The strategic growth plans of BioScrip Inc (NASDAQ:BIOS) are improving the company’s financial position in the market and it is on the verge of becoming a major company in this industry. The company is taking every possible step to improve the supply chain programs, lower the expenses and adoption of improved programs in the operations. This has given a boost to the investor sentiment and raised the hopes of the analysts.