Owens & Minor described “robust profit growth and exceptional operating cash flow” in reporting its 2023 fourth-quarter and full-year financial results.
In a Feb. 20 news announcement, the global health care solutions company — which owns the Apria and Byram Healthcare brands — reported consolidated revenue of $10.3 billion for the full year and said it delivered $741 million in operating cash flow.
Owens & Minor President/CEO Edward A. Pesicka said the profit growth and cash flow “allowed us to further strengthen our balance sheet. Our Patient Direct segment continued to outperform the market, showcasing the ongoing effectiveness of our go-to-market strategies on top of the healthy demand for home-based care. Our Products and Healthcare Services segment displayed meaningful sequential revenue and profit improvements resulting from our intense focus and execution of our strategic initiatives.”
In the fourth quarter of 2023, Owens & Minor reported consolidated revenue of $2.7 billion. That’s an 8% increase compared to 2022 fourth-quarter numbers. Owens & Minor attributed the gain to “strong growth in a number of product categories.”
Looking forward to 2024, Owens & Minor said it anticipates revenue for the year to be in the $10.5 billion to $10.9 billion range, with adjusted EBITDA for the year to be in the range of $550 million to $590 million.
