BioScrip reports spike in revenue in Q1

ELMSFORD, N.Y. BioScrip had losses of $7.2 million for the first quarter, due in part to $5.5 million in expenses related to the March acquisition of Critical Homecare Solutions and $1.5 million in bad debt expense related to the competitive acquisition program that was terminated in 2008, the specialty pharmacy company said Friday.

Still, revenues increased by nearly $10 million to $335.1 million, compared with $325.7 million in first quarter 2009, when the company had an income of $3.3 million. Gross profits for the quarter also increased to $38.9 million, from $36 million the year before.

“We are on target to achieve our planned cost synergies and have identified additional cost of goods savings,” Bioscrip chairman and CEO Richard Friedman said. “Furthermore, we are seeing tangible results from our cross-selling efforts and continue to believe that the combined platform positions BioScrip to be a leading national, specialty pharmacy provider.”