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Owens Minor Inc (OMI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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OMI Quarterly Reports

Owens Minor Inc

CIK: 75252 Ticker: OMI


Owens & Minor Reports Second Quarter 2022 Financial Results
Continued strength in Patient Direct with strong organic growth and acquisition synergies on track
Delivered Q2 adjusted EBITDA of $156 million
Weaker economic conditions and hospital volumes lead to new FY22 Adj. EPS outlook of $2.85-$3.15


RICHMOND, VA – August 3, 2022 – Owens & Minor, Inc. (NYSE-OMI)
today reported financial results for the second quarter ended June 30, 2022, as summarized in the table below.

"I am very pleased with our performance in the second quarter, where the strength of our business model and the O&M business system helped us in the face of external conditions that continued to deteriorate over the quarter,” said Edward A. Pesicka, President and Chief Executive Officer.

"Our Patient Direct segment again executed very well and continues to grow as a percentage of total company profitability, and quarterly results were driven by the consistent strength in our Byram business that once again saw growth outpace the market. Apria also delivered a strong quarter and integration synergies are on track. We are strategically positioned very well to continue capitalizing on shifting preferences toward the home. In the Products & Healthcare Services segment, our differentiated, vertically integrated business model has enabled us to provide industry leading customer service levels as we continue to achieve high quality wins," Pesicka added.

"Looking to the balance of the year, we have considered the accelerating macroeconomic headwinds, as well as the unique labor and product availability challenges within acute care resulting in lower overall hospital volume. In recognition of these factors, we have revised our full year 2022 outlook. However, in our view, the economic landscape and industry-specific challenges will eventually improve, returning hospital procedure volumes to normalized levels. Because we have the right strategy and operating model, as well as a proven business system, I am confident in our ability to successfully manage through these challenges over time," Pesicka concluded.

Financial Summary (1)
($ in millions, except per share data)2Q222Q21YTD
2022
YTD
2021
Revenue$2,500$2,489$4,907$4,816
Operating income, GAAP$75.1$96.9$136.1$243.6
Adj. Operating Income, Non-GAAP$113.6$115.5$218.5$278.2
Net income, GAAP$28.6$65.9$67.9$135.5
Adj. Net Income, Non-GAAP$58.3$80.1$131.0$191.5
Adj. EBITDA, Non-GAAP$155.6$127.7$274.1$303.2
Net income per common share, GAAP$0.37$0.87$0.89$1.80
Adj. Net Income per share, Non-GAAP(2)
$0.76$1.06$1.72$2.54
(1) Reconciliations of the differences between the non-GAAP financial measures presented in this release and their most directly comparable GAAP financial measures are included in the tables below.
(2) Adjusted Net Income per share, Non-GAAP for Q2 2022 was unfavorably impacted as compared to prior year by foreign currency translation in the amount of $0.05 and $0.08 for the 2022 year-to-date period.



1

The following information was filed by Owens Minor Inc (OMI) on Wednesday, August 3, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Owens Minor Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Changes In Accumulated Loss By Component (Details)
Acquisition
Acquisition (Tables)
Acquisition - Estimated Fair Value Of The Assets Acquired And Liabilities (Details)
Acquisition - Narrative (Details)
Acquisition - Pro Forma (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Debt (Details)
Derivatives
Derivatives (Tables)
Derivatives - Narrative (Details)
Derivatives - Summary Of The Effect Of Cash Flow Hedge (Details)
Derivatives - Summary Of The Terms And Fair Value Of Our Outstanding Derivative Financial Instruments (Details)
Exit And Realignment Costs
Exit And Realignment Costs (Tables)
Exit And Realignment Costs - Accrual For Exit And Realignment Costs (Details)
Exit And Realignment Costs - Exit And Realignment Charges By Segment (Details)
Exit And Realignment Costs - Narrative (Details)
Fair Value
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Changes In Carrying Amount Of Goodwill (Details)
Goodwill And Intangible Assets - Intangible Assets Subject To Amortization (Details)
Goodwill And Intangible Assets - Narrative (Details)
Income Taxes
Income Taxes - Narrative (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Net Income Per Common Share
Net Income Per Common Share (Tables)
Net Income Per Common Share - Summary Of Calculation Of Net Income Per Common Share (Details)
Recent Accounting Pronouncements
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Components Of Net Periodic Benefit Cost (Details)
Retirement Plans - Components Of Net Periodic Benefit Cost - Narrative (Details)
Segment Information
Segment Information (Tables)
Segment Information - Consolidated Total Assets (Details)
Segment Information - Financial Information By Segment (Details)
Segment Information - Net Revenue By Geographic Area (Details)
Shareholders' Equity
Shareholders' Equity - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Schedule Of Cash, Cash Equivalents And Restricted Cash (Details)
Ticker: OMI
CIK: 75252
Form Type: 10-Q Quarterly Report
Accession Number: 0000075252-22-000050
Submitted to the SEC: Wed Aug 03 2022 4:08:56 PM EST
Accepted by the SEC: Wed Aug 03 2022
Period: Thursday, June 30, 2022
Industry: Wholesale Medical Dental And Hospital Equipment And Supplies

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