Option Care Health, Inc.

Hello and welcome to the option care help first quarter 2021 earnings conference call. My name is Michelle and I will be the operator for today's conference. At this time all participants are in a listen only mode. Later we will conduct a question and answer session and during the question and answer session if you have a question please press star then one on your touch home phone. I will now turn the call over to Mike Shapiro, Chief Financial Officer. Sir, you may begin.

Good morning, and thank you for joining us for the OptionCare Health first quarter earnings call. Before we begin, please note that during this call we will make certain forward-looking statements that reflect our current views related to our future financial performance, future events, and industry and market conditions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our comments. We encourage you to review the information in the reports we filed with the SEC regarding the specific risks and uncertainties. You should also review the section entitled Forward-Looking Statements in this morning's press release. During the call, we will use non-GAAP financial measures when talking about the company's performance and financial condition. You can find additional information on these non-GAAP measures in this morning's press release posted on the Investor Relations portion of our website. With that, I'll turn the call over to John Rademacher, Chief Executive Officer.

Thanks, Mike, and good morning, everyone. The first quarter was yet another very productive quarter for the option care health team. We continue to navigate a challenging environment to ensure the patients entrusting their well-being to us receive exceptional care. Despite continued hurdles related to the pandemic, the option care health team has consistently supported our payer partners referring physicians, and most importantly our patients. And we haven't turned away one referral due to supply chain or clinical labor disruption. We have solidified our position as a dependable national partner in delivering extraordinary care. I'm very proud of the team's performance in the first quarter on many fronts. In addition to our relentless focus on patient care, We delivered strong financial results in line with our expectations and continue to achieve integration milestones, most of which are behind us at this point. We also continue to lay the foundation for sustained growth going forward, which I'll touch on in a moment. In the first quarter, we generated revenue growth of more than 7%, and through our scalable model delivered EBITDA growth of 30%. we are seeing referral patterns generally approaching pre-COVID levels, and in terms of our chronic portfolio, we are seeing referrals in many therapies ahead of pre-COVID levels. And while our chronic portfolio continues to grow at a strong pace, we also drove modest year-over-year volume growth in our acute therapies as well. Mike will unpack the financial results in a few minutes. But as you know, we are relentlessly focused on cash flow generation, and the first quarter was yet another strong quarter on that front. We have increased our cash balances every quarter since the merger, and in Q1, we increased our cash balances $10 million and drove our leverage ratio to 4.5 times, well on our way to our goal of being below four times by year end. We also continue to achieve several milestones on the integration front, which at this point primarily consists of technology platform harmonization throughout our pharmacy network and workflow optimization to improve our effectiveness. Again, we have harvested essentially all synergy-related cost opportunities and expect to complete the remaining technology milestones this year. This is significant. as it frees up resources to focus on additional opportunities and growth initiatives. To that end, as you saw in this morning's press release, we made one small acquisition recently, acquiring certain assets of BioCureRx, a regional provider of chronic infusion therapy services. While limited in the financial impact on our overall enterprise, it illustrates our ability to acquire and quickly integrate attractive assets into our scalable platform. Given our operational and financial capacity, we are spending more time on identifying and evaluating inorganic opportunities. And while we will be discerning in our efforts, we anticipate more activity on this front going forward. We also launched two new therapies in the quarter, adding to our portfolio of more than 50 limited distribution therapies. Given our focus on neuromuscular conditions, and more specifically, muscular dystrophy, we expanded our collaboration with Threpta Therapeutics and launched Amondis 45 for patients with a confirmed mutation. We also launched Uplinsa, which is a therapy for neuromyelitis optica spectrum disorder. Uplinsa demonstrates our ability to quickly scale focused clinical protocols for therapies aimed at at more limited patient populations across the country, and further broadens our therapy portfolio in neuromuscular space. Reflecting on the first quarter, as I said up front, I'm very proud of the progress and dedication of the option care health team. We delivered a very strong quarter with respect to the financial results, which gives us a high degree of confidence in the revised full-year EBITDA guidance we communicated this morning, in which we raised and tightened the range. And at the same time, we keep an eye focused on the future where we continue to strengthen our platform and lay the groundwork for sustainable growth. I've never been more optimistic in the future for OptionCare Health, and I'm very encouraged by a strong start to the year. With that, I'll turn the call over to Mike to review the financial results in a bit more detail. Mike?