![]() Segment adjusted EBITDA of $115.0 million increased 2% from $113.2 million in the prior-year period primarily due to higher profit margin in the company's direct sourcing business compared to the prior-year period driven by lower logistics and product costs partially offset by an increase in expenses in support of the GPO program and supply chain co-management business. Products revenue of $50.6 million decreased 14% from $58.9 million in the prior-year period primarily due to continued excess market supply and members' and other customers' inventory levels which contributed to lower demand and pricing in the current year period. As the company anticipated, the overall group purchasing program was impacted by an increase in aggregate blended administrative fee share due to current market dynamics. Net administrative fees revenue of $149.0 million decreased 1% from $150.0 million in the prior-year period driven by a decline in the non-acute, or "Continuum of Care", group purchasing organization ("GPO") program due to lower than anticipated member purchasing in certain categories partially offset by a slight increase in purchasing in the acute GPO program. Supply Chain Services segment net revenue of $210.8 million decreased 4% from $219.7 million in the prior-year period, primarily reflecting lower products revenue in the first quarter of fiscal 2024, as described below. ![]() (For the fiscal first quarter of 2024 as compared with the fiscal first quarter of 2023) Adjusted EPS of $0.54 increased 15% from $0.47 in the prior-year period primarily as a result of the same factors that impacted adjusted EBITDA as well as a decrease in depreciation and amortization expense and an increase in interest income partially offset by an increase in the non-GAAP estimated effective income tax rate from 26% to 27%. Refer to Supply Chain Services and Performance Services sections below for further discussion on the factors that impacted each segment during the quarter.Īdjusted net income of $64.9 million increased 15% from $56.2 million in the prior-year period. GAAP diluted EPS of $0.37 increased 3% from $0.36 in the prior-year period due to a decrease in the portion of net income attributable to non-controlling interests as well as the aforementioned drivers affecting GAAP net income quarter-over-quarter.Īdjusted EBITDA of $105.7 million increased 5% from $101.1 million in the prior-year period primarily due to increases in each segment's adjusted EBITDA. GAAP net income of $42.4 million decreased 1% from $43.0 million in the prior-year period primarily due to an increase in operating expenses and lower equity earnings in the current-year period offset by an increase in gross profit, primarily driven by lower logistics and products costs in the company's direct sourcing products business, and a decrease in estimated effective income tax rate compared to the prior-year period. Refer to Supply Chain Services and Performance Services sections below for further discussion on the factors that impacted each segment during the quarter. ![]() GAAP net revenue was driven by an increase in Performance Services segment revenue partially offset by a decline in direct sourcing products revenue. GAAP net revenue of $318.8 million increased 2% from $313.9 million in the prior-year period. (As compared with the three months ended September 30, 2022) Results of Operations for the Three Months Ended September 30, 2023 * Refer to Premier's Use and Definition of Non-GAAP Measures below and the supplemental financial information at the end of this release for information on the company's use of non-GAAP measures and a reconciliation of reported GAAP results to non-GAAP results.
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