Option Care Health, Inc.

standing by. Welcome to the OptionCare Health fourth quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Nicole Maggio, Senior Vice President and Corporate Controller. Please go ahead.

Good morning. Please note that today's discussion will include certain forward-looking statements that reflect our current assumptions and expectations, including those related to our future financial performance 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 expectations. We encourage you to review the information in today's press release as well as in our Form 10-K and latest Form 10-Q filed with the SEC regarding the specific risks and uncertainties. Do not undertake any duty to update any forward-looking statements except as required by law. During this 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 hosted on the investor relations portion of our website. With that, I will turn the call over to John Rademacher, President and Chief Executive Officer.

Thanks, Nicole, and good morning, everyone. We appreciate you joining us for this morning's call to review the progress the OptionCare Health team made in 2024 and discuss our outlook for 2025. As you'll recall, in early January, we preannounced our preliminary expected results for the fourth quarter and full year 2024, And as we reported this morning, our results were in line with the preliminary results as communicated. We will go into greater detail as well as provide more insights into the expectations for the current year later in the call. As we shared previously, the fourth quarter was very productive for the option care health team, and we made significant progress on our efforts to create a sustainable growth enterprise. And the fourth quarter marks the 20th consecutive quarter that we have delivered on the financial commitments we've communicated to the investor community. We delivered high teen revenue growth, which was comprised of a balanced performance across the portfolio, with considerable contribution from our rare and orphan and limited distribution portfolio of therapies. As the quarter progressed, we saw a notable improvement with respect to some of the supply chain challenges we outlined on our third quarter call. Specifically, the IV solution supply dynamics improved significantly throughout the quarter and is no longer a constraint with respect to onboarding new patients. We also invested in enhancing local responsiveness by opening two new state-of-the-art compounding pharmacies in New York City and Tampa. As I've stated on multiple occasions, We intend to continue to invest in our national integrated network of compounding pharmacies and infusion suites to help ensure high quality and responsive care for our patients and referral sources. I would also like to highlight the incredible execution by our team to work around and overcome the devastating impacts of the various natural disasters and weather events that happened at the end of the third quarter and carried into the fourth. The strength and resilience of our team and the platform was certainly tested, but through strong teamwork and collaboration with key partners across the value chain, we were able to continue to support our patients and deliver our key operational and financial results. I believe that our organic growth, along with the strength of our free cash flow, uniquely positions us to continue to deploy capital towards value creation for our shareholders. In demonstration of this, I'm pleased to share that we closed on our acquisition of Intramed Plus in late January. As discussed earlier, Intramed Plus is a highly regarded infusion provider in the southeastern United States with multiple locations and a longstanding and exceptional reputation of providing high-quality care. We are thrilled to welcome the Intramed Plus team to the Option Care Health family, and our integration efforts are well underway. This transaction is yet another example of how we believe we can bring our national scale, leading technology, and integrated pharmacy platform to local areas through acquisitions to further expand access to care. Our revised guidance, as communicated this morning, now includes the impact of the acquisition. One of the attractive aspects of the Intramed Plus acquisition is the expansion of our advanced practitioner model. which we initiated with our Wasatch infusion acquisition a few years ago. As of today, we have established a footprint of more than 175 infusion locations, including 15 sites with advanced practitioner capabilities. We believe the advanced practitioner clinical model is highly complementary to our network of compounding pharmacies, and we intend to continue enhancing and expanding our infusion site network to incorporate broader clinical capabilities. And the expansion of our advanced practitioner model remains a priority in 2025 and beyond as we look to provide the most comprehensive set of infusion care solutions to our key stakeholders. Also in the fourth quarter, we exhausted our prior share repurchase authorization, having repurchased $90 million of shares in the quarter. In early January, our board of directors approved a new $500 million authorization going forward. As we have discussed previously, given the strength of our balance sheet and cash flow generation, we have various options to deploy capital available to us. We believe deploying capital through both accretive acquisitions and share repurchase will create value over the longer term for our shareholders. Before I turn the call over to Mike, I wanted to share a few thoughts on our expectations for 2025. Despite a meaningful gross profit reset due to less favorable economics for Stellara, which we estimate at $60 to $70 million for the year, we expect to deliver overall earnings growth from 2024 through our balanced portfolio and focus on delivering value to referral sources to drive top-line growth. While the Stellara impact is unfortunate, managing through therapy portfolio dynamics is nothing new for this team. And we believe the clinical program we established to treat complex Stelara patients is a testament to the clinical capabilities and power of this national platform. In 2025, we intend to continue to invest in our pharmacy and infusion suite network, technology and clinical capabilities to help strengthen our position as a national provider with local responsiveness, further solidifying our confidence in the growth profile of this enterprise. I would like to remind you of our addition of adjusted earnings per share as a part of the metrics we provide for guidance, as we believe this provides investors with a better reflection of our business performance and capital deployment activities. With that, I'll hand the call over to Mike to provide additional details.