LOUISVILLE, Ky.--(BUSINESS WIRE)--PharMerica Corporation (the “Corporation”, PharMerica” or the “Company”) (NYSE:PMC), a national provider of institutional, specialty home infusion, hospital and specialty pharmacy services, today reported its financial results for the first quarter ended March 31, 2017.
| 1Q’17 Results |
Comparison to |
Comparison to |
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| Revenue | $566.8 million | Increase of 8.1% | Increase of 6.1% | ||||||
| Gross profit | $87.9 million | Increase of 7.2% | Increase of 5.0% | ||||||
|
Selling, general and administrative |
$63.5 million | Increase of 11.4% | Increase of 15.9% | ||||||
| Net income | $3.5 million | Decrease of 14.6% | Decrease of 54.5% | ||||||
| Diluted earnings per common share | $0.11 | Decrease of 15.4% | Decrease of 56.0% | ||||||
| Adjusted EBITDA | $31.3 million | Increase of 3.3% | Decrease of 12.1% | ||||||
|
Adjusted diluted earnings per share |
$0.42 | Decrease of 6.7% | Decrease of 27.6% | ||||||
Greg Weishar, PharMerica Corporation’s Chief Executive Officer, said, “We posted a great first quarter; showing sequential growth in revenue and gross profit as well as growth in Adjusted EBITDA versus the first quarter of 2016. We believe we are well positioned to deliver on 2017 financial objectives.
“The Company recently completed two acquisitions: CareMed Specialty Pharmacy (CareMed) and Home Care Solutions. CareMed provides comprehensive specialty pharmacy services on a national basis and Home Care Solutions expands the Company’s home infusion business into the large Chicago market.
“These acquisitions provide a solid start toward the Company’s goal of acquiring $200 million in annualized revenues for the year.
“Also, the acquisitions further bolster the progress we are making with respect to the Company’s diversification strategy. We are confident we will achieve, on an annualized run rate, revenues in excess of one billion dollars by the end of the year and are quickly approaching our long-range goal of Diversified Business revenues equaling 50% of total revenues.
Mr. Weishar concluded “In summary, we are pleased with this quarter’s results and believe we are on track to achieving 2017 financial objectives which we are confident will drive shareholder value.”
